Informazioni sul Benchmark degli Exchange

CoinDesk Research valuta gli exchange globali di criptovalute in termini di qualità del mercato, conformità legale e sicurezza/infrastruttura. Questo rapporto trimestrale fornisce agli investitori istituzionali insight trasparenti e basati sui dati per prendere decisioni informate su partnership con exchange e sedi di trading.

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CoinDesk Exchange Benchmark · Dati aggiornati al May 2026
Rank	Exchange	Spot/Derivs	Final Score	Final Grade	Ranking Change	KYC/Transaction Risk	Legal/Regulation	Data Provision	Security	Team/Exchange	Negative Events	Market Quality	Transparency
1	Bitstamp by Robinhood	Spot	90.26	AA	1	15.0	15.0	8.3	19.2	5.0	0.0	19.1	8.6
2	Coinbase	Spot	88.58	AA	1	14.3	15.0	7.7	20.0	4.7	-3.0	20.9	9.0
3	Kraken	Both	87.77	AA	1	15.0	15.0	7.8	17.6	4.5	0.0	19.1	8.7
4	Binance	Both	87.25	AA	-3	14.3	14.3	7.3	19.2	5.0	-3.0	22.6	7.5
5	Bullish	Both	86.99	AA	2	15.0	15.0	6.4	16.0	4.8	0.0	21.0	8.7
6	crypto.com	Both	86.22	AA	-1	11.7	13.5	7.8	19.0	4.6	0.0	21.2	8.4
7	Gemini	Both	84.47	A	1	15.0	15.0	7.0	18.9	4.4	0.0	15.6	8.7
8	OKX	Both	82.85	A	-2	14.3	14.3	7.8	17.1	4.6	0.0	17.3	7.5
9	Gate	Both	81.42	A	0	13.8	14.3	6.6	17.7	4.1	0.0	17.1	7.9
10	Bybit	Both	80.79	A	0	14.3	12.2	8.0	15.7	4.1	0.0	19.7	6.9
11	Hashkey	Both	78.47	A	1	15.0	12.2	7.4	16.7	3.7	0.0	15.4	8.0
12	OSL	Spot	76.90	A	9	15.0	13.0	7.2	16.7	4.2	0.0	15.4	5.4
13	Bitget	Both	74.92	BB	0	12.6	10.9	7.1	16.9	3.5	0.0	18.3	5.7
14	LMAX Digital	Spot	74.09	BB	-3	13.8	6.8	6.8	17.1	4.8	0.0	17.0	7.8
15	Kucoin	Both	73.95	BB	10	11.7	8.2	7.9	18.9	4.0	-2.0	18.4	6.9
16	itBit	Spot	73.40	BB	6	9.9	15.0	6.4	16.9	2.8	0.0	15.9	6.5
17	Whitebit	Both	73.34	BB	-3	11.4	12.2	8.3	16.9	3.1	0.0	19.6	1.9
18	Deribit	Both	72.82	BB	-1	14.1	6.1	7.4	19.1	4.6	0.0	12.5	9.0
19	Bitfinex	Both	72.67	BB	-1	13.8	10.2	8.3	17.4	3.8	0.0	16.3	3.0
20	Coinbase International	Both	70.62	BB	–	15.0	8.2	6.6	18.3	3.9	0.0	11.1	7.6
21	Cex.io	Spot	70.07	BB	-6	13.1	8.9	6.6	15.7	4.3	0.0	13.7	7.8
22	Bitso	Spot	68.50	B	6	12.6	8.2	6.0	15.1	4.8	0.0	13.5	8.4
23	Figure Markets	Spot	68.30	B	0	15.0	11.5	6.3	16.2	4.3	0.0	6.4	8.7
24	BitVavo	Spot	68.23	B	-5	11.7	6.1	7.6	14.0	4.7	0.0	16.4	7.7
25	Luno	Spot	67.76	B	-1	12.0	8.2	7.2	15.3	4.3	0.0	12.0	8.7
26	Upbit	Spot	67.72	B	-10	8.8	13.0	6.5	13.4	4.6	-3.0	16.6	7.8
27	binanceusa	Spot	66.36	B	-7	14.4	6.1	7.3	19.4	4.4	0.0	13.0	1.7
28	Bit2Me	Spot	64.94	B	-1	12.3	6.1	4.6	13.0	4.4	0.0	18.0	6.5
29	BitMex	Both	64.79	B	2	14.3	6.1	6.6	16.8	4.6	0.0	8.5	7.9
30	CoinJar	Spot	63.47	B	-1	12.6	8.9	7.4	14.0	4.6	0.0	9.6	6.5
31	BitMart	Both	61.67	B	-1	8.7	3.9	7.5	14.9	3.0	0.0	18.9	4.7
32	Independent Reserve	Spot	60.91	B	12	11.7	6.1	4.7	15.4	4.6	0.0	12.0	6.4
33	NDAX	Spot	59.34	C	1	12.9	8.9	5.4	15.4	4.2	0.0	10.2	2.4
34	MEXC Global	Both	58.57	C	2	9.9	3.9	6.6	12.8	2.4	0.0	17.1	5.9
35	Phemex	Both	58.55	C	10	9.4	5.3	6.0	10.0	3.8	0.0	17.6	6.4
37	HTX	Both	58.28	C	-3	8.4	7.4	7.2	10.0	2.3	0.0	17.6	5.4
38	Backpack Exchange	Spot	58.24	C	-5	11.7	4.6	6.4	10.8	3.4	0.0	14.7	6.6
39	Mercado Bitcoin	Spot	57.85	C	4	12.3	5.4	6.9	12.5	4.9	0.0	11.1	4.7
40	BitBank	Spot	57.59	C	-1	11.1	6.1	6.5	16.0	3.9	0.0	13.0	0.9
41	INX One	Spot	57.27	C	-3	8.0	12.2	4.6	16.2	5.0	0.0	4.8	6.5
42	EDX Markets	Spot	57.16	C	-6	14.1	4.7	4.8	15.3	4.5	0.0	8.3	5.5
43	Bitunix	Spot	56.82	C	-1	11.7	4.7	6.5	12.3	0.5	0.0	14.7	6.4
44	Toobit	Spot	55.98	C	-3	7.2	4.6	5.5	15.0	3.3	0.0	15.1	5.3
45	Woo	Both	55.15	C	8	11.7	2.3	7.3	15.1	3.5	0.0	8.7	6.6
46	CoinEx	Both	53.71	C	1	5.1	5.9	6.5	12.8	2.4	0.0	15.4	5.7
47	Exmo	Spot	53.51	C	2	9.9	6.1	6.9	11.6	3.3	0.0	12.4	3.3
48	Bitkub	Spot	51.99	C	0	9.9	6.7	6.3	15.4	3.8	0.0	5.8	4.1
49	One Trading	Spot	50.27	C	1	14.1	5.4	5.4	14.9	3.6	0.0	1.4	5.5
50	BTCMarkets	Spot	50.07	C	5	10.2	2.3	6.4	15.4	3.4	0.0	11.5	0.9
51	LBank	Both	49.88	C	17	6.8	4.7	6.1	8.5	2.3	0.0	14.8	6.7
52	bitFlyer	Spot	48.53	C	6	11.1	13.0	6.1	5.5	3.4	0.0	8.9	0.6
53	Bithumb	Spot	48.30	C	11	8.8	6.1	6.8	13.1	3.8	-3.0	4.8	7.8
54	Korbit	Spot	46.84	C	-3	10.5	6.1	5.8	12.2	3.9	-3.0	6.3	5.0
55	bitbuy	Spot	46.28	C	1	10.8	5.4	4.1	14.9	4.0	0.0	4.8	2.3
56	Coinone	Spot	45.85	C	-2	8.3	6.1	6.7	13.8	2.6	-3.0	10.4	0.9
57	bequant	Spot	45.54	C	0	9.9	3.9	6.4	10.4	2.8	0.0	11.6	0.6
58	Poloniex	Both	45.06	C	2	5.1	0.8	7.6	5.8	2.5	0.0	17.9	5.4
59	Bitrue	Both	44.29	D	7	5.3	4.6	5.7	5.8	2.0	0.0	16.2	4.7
60	Flipster	Spot	44.02	D	2	11.1	3.9	5.8	15.4	3.2	0.0	1.6	3.0
61	BingX	Both	41.27	D	2	6.8	0.8	6.9	7.0	1.8	0.0	11.0	6.9
62	DigiFinex	Spot	41.02	D	-1	5.4	3.2	6.5	3.2	3.3	0.0	14.0	5.4
63	Cube	Spot	38.42	D	11	11.1	6.6	5.7	10.4	2.6	0.0	1.5	0.6
64	LAToken	Spot	38.03	D	5	8.1	4.6	4.9	5.8	2.5	0.0	11.5	0.6
65	AscendEX	Both	37.01	D	0	3.8	1.5	7.0	6.1	3.4	0.0	14.3	0.9
66	gopax	Spot	36.71	D	5	9.9	3.1	5.8	13.0	3.4	0.0	1.1	0.3
67	valr	Spot	36.15	D	5	6.5	3.9	7.2	3.2	3.6	0.0	11.2	0.6
68	Coinmate	Spot	36.10	D	13	5.1	8.1	5.7	9.8	3.2	0.0	3.9	0.3
69	Cryptology	Spot	36.01	D	-2	9.5	1.5	7.0	3.4	4.1	0.0	9.7	0.9
70	P2PB2B	Spot	35.99	D	3	5.1	3.1	6.3	5.4	2.1	0.0	10.7	3.3
71	Coincheck	Spot	35.88	D	7	8.7	4.6	5.2	3.7	3.7	0.0	7.7	2.3
72	coinspro	Spot	35.65	D	3	6.2	3.9	5.9	5.5	2.9	0.0	10.7	0.6
73	BTCTurk	Spot	32.70	E	4	9.3	4.6	7.2	3.9	2.2	0.0	5.2	0.3
74	indodax	Spot	32.36	E	-4	4.7	3.9	6.0	3.1	3.1	0.0	8.7	3.0
75	BitTrade	Spot	31.87	E	1	9.3	3.9	5.2	6.9	1.1	0.0	4.9	0.6
76	HitBTC	Both	31.28	E	3	6.3	0.8	7.1	3.8	1.4	0.0	11.5	0.6

Category Weightings

Market Quality

25%

The highest-weighted category. Assesses real trading efficiency through composite liquidity, volume, reference rate deviation, market maker incentives, and flash crash resilience.

Security

20%

Evaluates technical and operational defences: certifications, cold storage ratios, key management, custody quality, off-exchange settlement, hack history, and bug bounty programmes.

Legal & Regulation

15%

Scores regulatory breadth and quality across licence types, VASP status, legal entity structure, industry memberships, insurance coverage, and sanctions compliance.

KYC & Transaction Risk

15%

Measures identity verification rigour and transaction oversight: KYC/AML, withdrawal limits, transaction monitoring, market surveillance, and non-compliance penalties.

Transparency

10%

Evaluates public disclosure quality: Proof of Reserves, auditor attestations, financial audits, management transparency, asset listing procedures, and DDQ submissions.

Data Provision

10%

Assesses market data infrastructure quality: API speed, rate limits, WebSocket or FIX connectivity, historical data depth, orderbook access, and documentation standards.

Team & Exchange

Reflects leadership depth and service breadth, scoring executive credentials across CEO, CTO, CCO, and CISO roles, plus institutional and retail client offerings.

Negative Events

-3%

A deduction applied where an exchange has incurred a major (–3%) or minor (–2%) negative event within the six-month review period.

Key Principles

CoinDesk Research

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Due Diligence

DDQ forms distributed one month before publication.

November 2026 forms shared in October.

Data Integration

Full data access required for accurate scoring — volume, order book depth, and liquidity performance.

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Informazioni sul Benchmark degli Exchange

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