How we rate crypto exchanges: the six parts
| Part | Max | How points are given | Source |
|---|---|---|---|
| MiCA licence | 3 | Authorised and passported to 25+ EEA countries: 3. Passported to 5–24: 2.5. Fewer: 2. Not found: 0 (and not listed) | ESMA register |
| Track record | 2 | Brand operating 10+ years: 2. 5–9: 1.5. 2–4: 1. Under 2: 0.5. A serious documented past incident deducts 0.5 | Provider's company information and documented incidents |
| Transparency | 1 | Published fee schedule: 0.5. Published proof of reserves: 0.5 | Provider's website |
| Identity checks | 1 | A documented identity verification (KYC) process before trading: 1 | Provider's help centre or terms |
| Account protection | 1 | Two-factor authentication: 0.5. Withdrawal address allow-list: 0.5 | Provider's website or help centre |
| Euro withdrawals | 2 | Documented euro withdrawals to a bank account: 1. Published fee of €1 or less per withdrawal: 1; up to €5: 0.5 | Provider's fee or help pages |
How we rate crypto exchanges: confirmed facts only
A part earns points only for facts we could confirm from a public source, such as the provider's own website, help centre or the ESMA register.
If a provider does not document a feature, such as proof of reserves or a withdrawal allow-list, that item earns no points, and the review shows it as "Not confirmed".
"Not confirmed" never means that a feature is missing; it means the provider has not made it easy to check, which is itself useful information for customers.
When a provider documents a feature later, the score is updated with the next check.
Score labels
| Score | Label |
|---|---|
| 8.5–10 | Excellent |
| 7.5–8.4 | Very good |
| 6.5–7.4 | Good |
| 5.0–6.4 | Fair |
| Below 5 | Weak |
Lists are sorted by the score; exchanges with the same score are sorted by the number of EEA countries in their passport, then by name.
How we rate crypto exchanges: identity checks
EU anti-money laundering rules require crypto-asset service providers to verify the identity of their customers.
A provider that explains its verification process openly helps customers recognise genuine requests and avoid fake "verification" scams.
The identity checks part therefore rewards a documented KYC process, and each review links to the provider's own description of it.
The KYC verification guide explains what to expect and which requests are warning signs.
How we rate crypto exchanges: euro withdrawals
Getting euros back to your own bank account is the final test of any provider, so euro withdrawals carry two points.
- Withdrawal method (1 point): the provider documents euro withdrawals to a bank account, for example by SEPA transfer.
- Withdrawal fee (1 point): the published fee for one withdrawal is €1 or less; a fee up to €5 earns 0.5.
- Percentage fees: converted to euros for a €1,000 withdrawal, so 0.10% counts as €1.
- Fee not published: if the fee is shown only after logging in, the fee point is not given.
Trading fees are not part of the score, because they depend on how you buy; the crypto fee calculator compares them instead.
How we rate crypto exchanges: past incidents
A serious documented incident is a security breach at the provider or its group that led to the loss of customer funds or customer data, reported by the provider or by established media.
Such an incident deducts 0.5 points from the track record once, whatever its year, and the review names it.
Disputes that were decided in the provider's favour, and problems at third parties that the provider did not cause, are not counted.
Why we do not score the terms of use
Every authorised provider must, under MiCA Article 66, act honestly, fairly and professionally and publish its prices, costs and fees.
Judging individual clauses on top of that would require legal interpretation that a comparison site cannot apply consistently to dozens of long documents.
The score therefore uses measurable facts instead, such as withdrawal costs and documented security features, and each review links to the terms so you can read them yourself.
The crypto exchange safety checklist lists the clauses worth looking for.
How we rate crypto exchanges: worked example
Example: a fictional exchange, "ExampleEx", with the following confirmed facts.
| Part | Facts (fictional) | Points |
|---|---|---|
| MiCA licence | Authorised, passported to 30 EEA countries | 3 / 3 |
| Track record | Operating for 8 years, no serious incident | 1.5 / 2 |
| Transparency | Fee schedule published, proof of reserves not confirmed | 0.5 / 1 |
| Identity checks | Verification process documented in the help centre | 1 / 1 |
| Account protection | App-based 2FA; allow-list not confirmed | 0.5 / 1 |
| Euro withdrawals | SEPA withdrawals, €1.50 per withdrawal | 1.5 / 2 |
| Total | 8.0 / 10, Very good |
Fictional example to show how the method works.
How we rate crypto exchanges: why these six parts
- MiCA licence (3): the single most important fact, because it decides which rules apply and who supervises the firm.
- Track record (2): years of operation and past incidents show how a firm has behaved under pressure.
- Transparency (1): published fees and proof of reserves show willingness to be checked.
- Identity checks (1): a clear verification process protects customers and the market.
- Account protection (1): account security features prevent the most common losses.
- Euro withdrawals (2): getting euros back to your bank, at a known and fair cost, is the final test of any provider.
How we rate crypto exchanges: what we deliberately leave out
| Left out | Why |
|---|---|
| Number of coins | More coins is not safer, and small coins add risk |
| Trading volume | Used only for the inclusion filter, not for the score |
| Trading fees | They depend on how you buy; the fee calculator compares them |
| Clause-by-clause terms review | It would require legal interpretation that cannot be applied consistently |
| Bonuses and promotions | They say nothing about reliability |
| App store ratings | They can be manipulated and mix many factors |
| Commissions | Commercial relationships never affect scores |
How we rate crypto exchanges: sources for each part
- Licence: ESMA's interim MiCA register, matched by LEI code.
- Track record: the founding year of the brand from the provider's own pages, plus documented incidents with sources.
- Transparency: the provider's fee page and proof of reserves page.
- Identity checks: the provider's verification guide or terms.
- Account protection: the provider's security pages or help centre.
- Euro withdrawals: the fee or help pages describing euro withdrawals.
Who is listed
- Authorised: the EU entity is in ESMA's register of crypto-asset service providers.
- Relevant: the provider offers a real consumer product with market relevance in the EU.
- Consumer services: it is authorised for services such as exchange for funds or custody.
Each exchange is then shown only in countries listed in its passport notification, and a provider that has a licence but has not yet launched its EU service is listed once the service is live.
How we rate crypto exchanges when websites cannot be read automatically
Some providers' websites cannot be read by automated tools, and we do not try to get around such restrictions.
Facts from those sites are checked by hand, and a feature that could not be confirmed earns no points until it is.
Updates and corrections
Facts are rechecked when providers change their terms or fees and at least every six months, and the register data is refreshed from ESMA.
If you find an error, please use the contact page; the editorial policy explains how corrections are handled.
How we rate crypto exchanges: questions about scores
Can an exchange ask for a higher score? It can send corrections with sources, which are checked like any other fact; it cannot negotiate the method.
Does a high score mean I should use the exchange? No; it measures reliability factors, not whether the exchange fits your needs or whether crypto suits your finances.
Why does a newer brand score lower on track record? Because years of operation are part of the method, and a new firm has less history to judge.
Frequently asked questions
How do you rate crypto exchanges?
With six parts worth ten points in total: MiCA licence, track record, transparency, identity checks, account protection and euro withdrawals, each scored from public sources.
Do partners get higher scores?
No. Commercial relationships are not part of the method.
What does "Not confirmed" mean in a review?
That we could not confirm the feature from a public source. It earns no points, but it does not mean the feature is missing.
Why does the MiCA licence part depend on the number of countries?
A wider passport means more customers can use the exchange under the same supervision, and it signals a full authorisation for the EU market.
How often are scores updated?
When providers change their fees or features, and at least every six months.
Every figure on this page is checked against the ESMA register, the exchange's own terms and fee pages or another primary source, and the sources are listed above. Editorial policy · How we rate