What this methodology applies to
This methodology is used for reviewing:
- Centralized crypto exchanges (CEXs)
- Decentralized exchanges (DEXs)
- Hybrid platforms that combine elements of both
It applies to:
- Usage-based exchange lists (such as low-fee or no-KYC exchanges).
- Region-specific exchange lists.
- Individual exchange reviews.
Other product categories on Coingape, such as crypto cards, DeFi platforms, or wallets, follow their own evaluation standards.
How exchanges are selected
We do not attempt to review every exchange that exists. An exchange is considered only if it meets basic usability and transparency criteria. In general, a platform must:
- Be live and accessible to users at the time of review
- Support real trading activity, not just token swaps or previews
- Publicly disclose core information such as fees, supported assets, and trading features
Platforms that are inactive, paused, restricted without notice, or lack clear documentation are usually excluded. Exchanges that are no longer open to new users may also be left out to avoid confusing readers.
Where our information comes from
All exchange reviews are based on publicly available information and hands-on research where possible.
Common sources include:
- Official exchange websites and documentation
- Fee schedules and trading rule disclosures
- Public announcements and regulatory statements
- Proof-of-reserves reports or audit disclosures, where available
- User-facing product interfaces and support materials
Crypto exchanges often apply different rules depending on region. When terms differ by country, we focus on the most commonly applicable version and flag major regional differences when they materially affect access, fees, or features.
Core factors we look at
While different lists emphasize different priorities, the same core areas are reviewed across all exchange content.
Fees and liquidity
We look at trading fees, spreads, withdrawal costs, and how transparent the fee structure is. Liquidity matters as well. Thin order books or inconsistent pricing can significantly affect execution, especially during volatile markets.
We look at trading fees, spreads, withdrawal costs, and how transparent the fee structure is. Liquidity matters as well. Thin order books or inconsistent pricing can significantly affect execution, especially during volatile markets.
Security and custody
Security practices are a key part of any exchange review. This includes custody models, account protections, past incidents, and how the platform has handled issues when they occurred.
Security practices are a key part of any exchange review. This includes custody models, account protections, past incidents, and how the platform has handled issues when they occurred.
Compliance and jurisdiction
We consider where an exchange operates, what regulatory signals are visible, and whether the platform is upfront about licensing or restrictions. This is especially important for region-based exchange lists.
We consider where an exchange operates, what regulatory signals are visible, and whether the platform is upfront about licensing or restrictions. This is especially important for region-based exchange lists.
Trading features and markets
Spot trading, derivatives, margin, copy trading, bots, and API access are reviewed based on what the exchange claims to support and how usable those features are in practice.
Spot trading, derivatives, margin, copy trading, bots, and API access are reviewed based on what the exchange claims to support and how usable those features are in practice.
User experience
Ease of use, platform stability, app availability, and customer support all matter. An exchange that looks good on paper but is hard to use or unreliable tends to score lower.
Ease of use, platform stability, app availability, and customer support all matter. An exchange that looks good on paper but is hard to use or unreliable tends to score lower.
Track record and reputation
Longevity, public perception, and how an exchange has responded to past challenges are taken into account. We do not treat reputation alone as proof of quality, but it is part of the broader picture.
Longevity, public perception, and how an exchange has responded to past challenges are taken into account. We do not treat reputation alone as proof of quality, but it is part of the broader picture.
How star ratings are assigned
On individual exchange review pages, we use a 5-star rating system to summaries how a platform performs overall.
The star rating is not based on a single metric. It reflects how an exchange performs across the core areas covered in this methodology, including fees, security practices, trading features, compliance signals, usability, and track record.
Each exchange is reviewed against the same set of considerations. Strengths and weaknesses are weighed together to arrive at a final score rather than relying on any one standout feature.
Star ratings are meant to be comparative, not predictive. A higher rating means an exchange performs better relative to others we’ve reviewed, but it does not mean the platform is risk-free or suitable for every user.
What the star ranges generally indicate
- 4.5 – 5 stars: Strong overall performance with few major drawbacks for most users.
- 4.0 – 4.4 stars: Solid exchanges with clear strengths, but some limitations depending on use case or region.
- 3.5 – 3.9 stars: Functional platforms that work well for certain users, but come with notable trade-offs.
- Below 3.5 stars: Exchanges with meaningful limitations, higher risk, or usability concerns that may not suit most users.
The written review always provides more context than the star rating alone. Readers should use the full review to understand why a platform received a particular score.
How rankings work across different lists
Not all exchange lists are ranked the same way.
For example:
- Low-fee exchange lists give more weight to trading and withdrawal costs
- No-KYC exchange lists focus more on privacy, access limits, and custody risk
- Region-specific lists place higher emphasis on compliance and availability
All rankings are built on the same underlying review approach, with certain factors weighted more heavily depending on the intent of the list.
Independence and commercial relationships
Exchange reviews and rankings on Coingape are not pay-to-play.
Some exchanges may have commercial or affiliate relationships with Coingape, while others may not. These relationships do not influence how platforms are evaluated or ranked. All exchanges are reviewed using the same standards.
Affiliate links, where present, are disclosed clearly on the page.
Source: https://coingape.com/cryptocurrency-exchanges/rating-and-review-methodology/
