BrokerChooser has published a ranking of the safest cryptocurrency exchanges, and Coinbase appears to come out on top.
Coinbase ranked first among the safest exchanges
At the top of this ranking was Coinbase itself, followed by FTX, Bitstamp, Bittrex, and Gemini.
This is new research that looked at which cryptocurrency exchanges will keep their users most secure in 2022.
BrokerChooser experts analyzed the major cryptocurrency exchanges, evaluating them using four main criteria:
- Consumer protection
- Market fairness
The site says it believes that those who operate on cryptocurrency markets need more help to stay safe than those who, on the other hand, operate on traditional financial systems. It also states that it has not found comprehensive assessments of the various security features of cryptocurrency exchanges beyond the “Virtual Markets Integrity Initiative Report” published by the Office of the New York State Attorney General.
BrokerChooser claims that it has no marketing or affiliate relationships and does not earn any compensation, commissions, or incentives from the analyzed exchanges.
The safest exchange overall was found to be Coinbase, thanks to a very high score for transparency and definitely high for compliance with regulations.
FTX actually scored highest for both regulation and market fairness, but it also scored below average for transparency. For this reason, it slipped to second place, but very close to first.
Bitstamp was excellent in everything except consumer protection, where it is still just above average, while Bittrex scored highest in market fairness.
Gemini, on the other hand, scored highest in regulation, but a decidedly low score in market fairness, although its final score is the same as Bittrex’s.
These five exchanges are the only ones to have achieved an overall average score above 3.5, while only Coinbase and FTX achieved an average score above 4.
The lowest scores were obtained by OKX, Bybit, KuCoin, and Gate.io, followed by Bitfinex, Binance, MEXC Global, and Huobi Global.
Binance, in particular, scored very low on transparency.
It should be noted that U.S. exchanges, on average, scored higher, particularly with regard to regulatory compliance.
BrokerChooser’s chief legal officer, Zoltan Kormanyos, stated that:
“To help investors navigate the risky and mostly unregulated world of crypto exchanges, we have analyzed in-depth 20 of the largest crypto exchanges ranking them according to our proprietary safety methodology (see details below) ranging from regulation and market fairness to consumer protection and transparency.”