Market Quality
The highest-weighted category. Assesses real trading efficiency through composite liquidity, volume, reference rate deviation, market maker incentives, and flash crash resilience.
About the Exchange Benchmark
CoinDesk's Exchange Benchmark is the industry's most trusted institutional-grade assessment of digital asset exchanges. Established in 2019 and evolved through major market shifts, including post-FTX regulatory scrutiny and the continued institutionalization of digital asset trading, it evaluates 75 exchanges across eight risk categories and more than 100 metrics. Scores inform CoinDesk Indices exchange eligibility requirements.
Rankings
75 of 75
| Rank | Exchange | 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 | 90.26 | AA | 1 | 15.0 | 15.0 | 8.3 | 19.2 | 5.0 | 0.0 | 19.1 | 8.6 |
| 2 | Coinbase | 88.58 | AA | 1 | 14.3 | 15.0 | 7.7 | 20.0 | 4.7 | -3.0 | 20.9 | 9.0 |
| 3 | Kraken | 87.77 | AA | 1 | 15.0 | 15.0 | 7.8 | 17.6 | 4.5 | 0.0 | 19.1 | 8.7 |
| 4 | Binance | 87.25 | AA | -3 | 14.3 | 14.3 | 7.3 | 19.2 | 5.0 | -3.0 | 22.6 | 7.5 |
| 5 | Bullish | 86.99 | AA | 2 | 15.0 | 15.0 | 6.4 | 16.0 | 4.8 | 0.0 | 21.0 | 8.7 |
| 6 | crypto.com | 86.22 | AA | -1 | 11.7 | 13.5 | 7.8 | 19.0 | 4.6 | 0.0 | 21.2 | 8.4 |
| 7 | Gemini | 84.47 | A | 1 | 15.0 | 15.0 | 7.0 | 18.9 | 4.4 | 0.0 | 15.6 | 8.7 |
| 8 | OKX | 82.85 | A | -2 | 14.3 | 14.3 | 7.8 | 17.1 | 4.6 | 0.0 | 17.3 | 7.5 |
| 9 | Gate | 81.42 | A | 0 | 13.8 | 14.3 | 6.6 | 17.7 | 4.1 | 0.0 | 17.1 | 7.9 |
| 10 | Bybit | 80.79 | A | 0 | 14.3 | 12.2 | 8.0 | 15.7 | 4.1 | 0.0 | 19.7 | 6.9 |
| 11 | Hashkey | 78.47 | A | 1 | 15.0 | 12.2 | 7.4 | 16.7 | 3.7 | 0.0 | 15.4 | 8.0 |
| 12 | OSL | 76.90 | A | 9 | 15.0 | 13.0 | 7.2 | 16.7 | 4.2 | 0.0 | 15.4 | 5.4 |
| 13 | Bitget | 74.92 | BB | 0 | 12.6 | 10.9 | 7.1 | 16.9 | 3.5 | 0.0 | 18.3 | 5.7 |
| 14 | LMAX Digital | 74.09 | BB | -3 | 13.8 | 6.8 | 6.8 | 17.1 | 4.8 | 0.0 | 17.0 | 7.8 |
| 15 | Kucoin | 73.95 | BB | 10 | 11.7 | 8.2 | 7.9 | 18.9 | 4.0 | -2.0 | 18.4 | 6.9 |
| 16 | itBit | 73.40 | BB | 6 | 9.9 | 15.0 | 6.4 | 16.9 | 2.8 | 0.0 | 15.9 | 6.5 |
| 17 | Whitebit | 73.34 | BB | -3 | 11.4 | 12.2 | 8.3 | 16.9 | 3.1 | 0.0 | 19.6 | 1.9 |
| 18 | Deribit | 72.82 | BB | -1 | 14.1 | 6.1 | 7.4 | 19.1 | 4.6 | 0.0 | 12.5 | 9.0 |
| 19 | Bitfinex | 72.67 | BB | -1 | 13.8 | 10.2 | 8.3 | 17.4 | 3.8 | 0.0 | 16.3 | 3.0 |
| 20 | Coinbase International | 70.62 | BB | – | 15.0 | 8.2 | 6.6 | 18.3 | 3.9 | 0.0 | 11.1 | 7.6 |
| 21 | Cex.io | 70.07 | BB | -6 | 13.1 | 8.9 | 6.6 | 15.7 | 4.3 | 0.0 | 13.7 | 7.8 |
| 22 | Bitso | 68.50 | B | 6 | 12.6 | 8.2 | 6.0 | 15.1 | 4.8 | 0.0 | 13.5 | 8.4 |
| 23 | Figure Markets | 68.30 | B | 0 | 15.0 | 11.5 | 6.3 | 16.2 | 4.3 | 0.0 | 6.4 | 8.7 |
| 24 | BitVavo | 68.23 | B | -5 | 11.7 | 6.1 | 7.6 | 14.0 | 4.7 | 0.0 | 16.4 | 7.7 |
| 25 | Luno | 67.76 | B | -1 | 12.0 | 8.2 | 7.2 | 15.3 | 4.3 | 0.0 | 12.0 | 8.7 |
| 26 | Upbit | 67.72 | B | -10 | 8.8 | 13.0 | 6.5 | 13.4 | 4.6 | -3.0 | 16.6 | 7.8 |
| 27 | binanceusa | 66.36 | B | -7 | 14.4 | 6.1 | 7.3 | 19.4 | 4.4 | 0.0 | 13.0 | 1.7 |
| 28 | Bit2Me | 64.94 | B | -1 | 12.3 | 6.1 | 4.6 | 13.0 | 4.4 | 0.0 | 18.0 | 6.5 |
| 29 | BitMex | 64.79 | B | 2 | 14.3 | 6.1 | 6.6 | 16.8 | 4.6 | 0.0 | 8.5 | 7.9 |
| 30 | CoinJar | 63.47 | B | -1 | 12.6 | 8.9 | 7.4 | 14.0 | 4.6 | 0.0 | 9.6 | 6.5 |
| 31 | BitMart | 61.67 | B | -1 | 8.7 | 3.9 | 7.5 | 14.9 | 3.0 | 0.0 | 18.9 | 4.7 |
| 32 | Independent Reserve | 60.91 | B | 12 | 11.7 | 6.1 | 4.7 | 15.4 | 4.6 | 0.0 | 12.0 | 6.4 |
| 33 | NDAX | 59.34 | C | 1 | 12.9 | 8.9 | 5.4 | 15.4 | 4.2 | 0.0 | 10.2 | 2.4 |
| 34 | MEXC Global | 58.57 | C | 2 | 9.9 | 3.9 | 6.6 | 12.8 | 2.4 | 0.0 | 17.1 | 5.9 |
| 35 | Phemex | 58.55 | C | 10 | 9.4 | 5.3 | 6.0 | 10.0 | 3.8 | 0.0 | 17.6 | 6.4 |
| 37 | HTX | 58.28 | C | -3 | 8.4 | 7.4 | 7.2 | 10.0 | 2.3 | 0.0 | 17.6 | 5.4 |
| 38 | Backpack Exchange | 58.24 | C | -5 | 11.7 | 4.6 | 6.4 | 10.8 | 3.4 | 0.0 | 14.7 | 6.6 |
| 39 | Mercado Bitcoin | 57.85 | C | 4 | 12.3 | 5.4 | 6.9 | 12.5 | 4.9 | 0.0 | 11.1 | 4.7 |
| 40 | BitBank | 57.59 | C | -1 | 11.1 | 6.1 | 6.5 | 16.0 | 3.9 | 0.0 | 13.0 | 0.9 |
| 41 | INX One | 57.27 | C | -3 | 8.0 | 12.2 | 4.6 | 16.2 | 5.0 | 0.0 | 4.8 | 6.5 |
| 42 | EDX Markets | 57.16 | C | -6 | 14.1 | 4.7 | 4.8 | 15.3 | 4.5 | 0.0 | 8.3 | 5.5 |
| 43 | Bitunix | 56.82 | C | -1 | 11.7 | 4.7 | 6.5 | 12.3 | 0.5 | 0.0 | 14.7 | 6.4 |
| 44 | Toobit | 55.98 | C | -3 | 7.2 | 4.6 | 5.5 | 15.0 | 3.3 | 0.0 | 15.1 | 5.3 |
| 45 | Woo | 55.15 | C | 8 | 11.7 | 2.3 | 7.3 | 15.1 | 3.5 | 0.0 | 8.7 | 6.6 |
| 46 | CoinEx | 53.71 | C | 1 | 5.1 | 5.9 | 6.5 | 12.8 | 2.4 | 0.0 | 15.4 | 5.7 |
| 47 | Exmo | 53.51 | C | 2 | 9.9 | 6.1 | 6.9 | 11.6 | 3.3 | 0.0 | 12.4 | 3.3 |
| 48 | Bitkub | 51.99 | C | 0 | 9.9 | 6.7 | 6.3 | 15.4 | 3.8 | 0.0 | 5.8 | 4.1 |
| 49 | One Trading | 50.27 | C | 1 | 14.1 | 5.4 | 5.4 | 14.9 | 3.6 | 0.0 | 1.4 | 5.5 |
| 50 | BTCMarkets | 50.07 | C | 5 | 10.2 | 2.3 | 6.4 | 15.4 | 3.4 | 0.0 | 11.5 | 0.9 |
| 51 | LBank | 49.88 | C | 17 | 6.8 | 4.7 | 6.1 | 8.5 | 2.3 | 0.0 | 14.8 | 6.7 |
| 52 | bitFlyer | 48.53 | C | 6 | 11.1 | 13.0 | 6.1 | 5.5 | 3.4 | 0.0 | 8.9 | 0.6 |
| 53 | Bithumb | 48.30 | C | 11 | 8.8 | 6.1 | 6.8 | 13.1 | 3.8 | -3.0 | 4.8 | 7.8 |
| 54 | Korbit | 46.84 | C | -3 | 10.5 | 6.1 | 5.8 | 12.2 | 3.9 | -3.0 | 6.3 | 5.0 |
| 55 | bitbuy | 46.28 | C | 1 | 10.8 | 5.4 | 4.1 | 14.9 | 4.0 | 0.0 | 4.8 | 2.3 |
| 56 | Coinone | 45.85 | C | -2 | 8.3 | 6.1 | 6.7 | 13.8 | 2.6 | -3.0 | 10.4 | 0.9 |
| 57 | bequant | 45.54 | C | 0 | 9.9 | 3.9 | 6.4 | 10.4 | 2.8 | 0.0 | 11.6 | 0.6 |
| 58 | Poloniex | 45.06 | C | 2 | 5.1 | 0.8 | 7.6 | 5.8 | 2.5 | 0.0 | 17.9 | 5.4 |
| 59 | Bitrue | 44.29 | D | 7 | 5.3 | 4.6 | 5.7 | 5.8 | 2.0 | 0.0 | 16.2 | 4.7 |
| 60 | Flipster | 44.02 | D | 2 | 11.1 | 3.9 | 5.8 | 15.4 | 3.2 | 0.0 | 1.6 | 3.0 |
| 61 | BingX | 41.27 | D | 2 | 6.8 | 0.8 | 6.9 | 7.0 | 1.8 | 0.0 | 11.0 | 6.9 |
| 62 | DigiFinex | 41.02 | D | -1 | 5.4 | 3.2 | 6.5 | 3.2 | 3.3 | 0.0 | 14.0 | 5.4 |
| 63 | Cube | 38.42 | D | 11 | 11.1 | 6.6 | 5.7 | 10.4 | 2.6 | 0.0 | 1.5 | 0.6 |
| 64 | LAToken | 38.03 | D | 5 | 8.1 | 4.6 | 4.9 | 5.8 | 2.5 | 0.0 | 11.5 | 0.6 |
| 65 | AscendEX | 37.01 | D | 0 | 3.8 | 1.5 | 7.0 | 6.1 | 3.4 | 0.0 | 14.3 | 0.9 |
| 66 | gopax | 36.71 | D | 5 | 9.9 | 3.1 | 5.8 | 13.0 | 3.4 | 0.0 | 1.1 | 0.3 |
| 67 | valr | 36.15 | D | 5 | 6.5 | 3.9 | 7.2 | 3.2 | 3.6 | 0.0 | 11.2 | 0.6 |
| 68 | Coinmate | 36.10 | D | 13 | 5.1 | 8.1 | 5.7 | 9.8 | 3.2 | 0.0 | 3.9 | 0.3 |
| 69 | Cryptology | 36.01 | D | -2 | 9.5 | 1.5 | 7.0 | 3.4 | 4.1 | 0.0 | 9.7 | 0.9 |
| 70 | P2PB2B | 35.99 | D | 3 | 5.1 | 3.1 | 6.3 | 5.4 | 2.1 | 0.0 | 10.7 | 3.3 |
| 71 | Coincheck | 35.88 | D | 7 | 8.7 | 4.6 | 5.2 | 3.7 | 3.7 | 0.0 | 7.7 | 2.3 |
| 72 | coinspro | 35.65 | D | 3 | 6.2 | 3.9 | 5.9 | 5.5 | 2.9 | 0.0 | 10.7 | 0.6 |
| 73 | BTCTurk | 32.70 | E | 4 | 9.3 | 4.6 | 7.2 | 3.9 | 2.2 | 0.0 | 5.2 | 0.3 |
| 74 | indodax | 32.36 | E | -4 | 4.7 | 3.9 | 6.0 | 3.1 | 3.1 | 0.0 | 8.7 | 3.0 |
| 75 | BitTrade | 31.87 | E | 1 | 9.3 | 3.9 | 5.2 | 6.9 | 1.1 | 0.0 | 4.9 | 0.6 |
| 76 | HitBTC | 31.28 | E | 3 | 6.3 | 0.8 | 7.1 | 3.8 | 1.4 | 0.0 | 11.5 | 0.6 |
Category Weightings
Key Principles
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