How We Score and Rank Crypto Exchanges
The formula behind every Coinperps score, and how our country guides rank exchanges for the people who live there.
Two kinds of ranking
Same evidence and review process; each answers a different question
Which exchange is the best place to trade perpetual futures, anywhere?
- Depth and liquidity30%
- Assets and features30%
- Trading fees20%
- Regulation and security20%
Which exchange is the best choice for someone living in this country?
- Legal access
- Local deposit methods
- Local costs
- Language and support
- Platform strength
How the global score is built
Four factors scored 0 to 10, each from fixed sub-criteria · weights add up to 100%
-
Depth and liquidity
30%Will a large order fill near the quoted price?
- Order book depth40%
- Volume and open interest40%
- Slippage at size20%
How we measure itLive exchange APIs · Order-book samples
- Order book depth
- Resting bids and asks within tight bands of the mid price on BTC, ETH and other benchmark perpetuals, sampled across several sessions so one quiet snapshot can’t flatter a venue.
- Volume and open interest
- 30-day perpetual volume and open interest from our feeds. Volume far above open interest is discounted as likely wash trading.
- Slippage at size
- Modelled price impact of large market orders at realistic sizes, from the sampled books.
-
Assets and features
30%Can you trade what you want, the way you want?
- Market coverage35%
- Trading tools35%
- Listing speed15%
- Platform quality15%
How we measure itLive exchange APIs · Hands-on testing
- Market coverage
- Perpetual, futures, options and spot markets listed, counted from the live listings in our aggregator, not the exchange’s marketing.
- Trading tools
- Margin modes, inverse and USDC contracts, order types, copy trading and API access, tested on a funded account.
- Listing speed
- Days from a major token’s launch to a perpetual market on the exchange.
- Platform quality
- Uptime, app and web stability, documentation and how the platform behaved in the last volatile market.
-
Trading fees
20%What does a round trip really cost?
- Base maker and taker45%
- Transparency25%
- Hidden costs20%
- Volume discounts10%
How we measure itFee schedules · Hands-on testing
- Base maker and taker
- Standard-tier perpetual fees against the median of every exchange we rank.
- Transparency
- Whether the full schedule and tier rules are published, current and unambiguous.
- Hidden costs
- Withdrawal, inactivity, settlement and liquidation charges missing from the headline rate.
- Volume discounts
- VIP tiers, token discounts and rebates a typical active trader can reach.
-
Regulation and security
20%How safe is the money you leave on the platform?
- Licences50%
- Transparency25%
- Security record25%
How we measure itRegulator registers · Public records
- Licences
- Each licence checked on the regulator’s own register (ASIC, the FCA, EU MiCA lists and others). Tier-1 authorisations count for more than offshore registrations such as CIMA or the Seychelles FSA.
- Transparency
- Named leadership, a disclosed corporate group, proof of reserves and audits.
- Security record
- Hacks, withdrawal freezes and enforcement actions, and how users were made whole.
Every exchange’s score, factor by factor
Each segment is a factor’s points out of 10 · field average 7.3
What a score means
Where the 19 exchanges fall today, on a 4 to 10 scale
- Below 6 Weak Hard to recommend over the alternatives. 3 exchanges
- 6 to 6.9 Mixed Fits specific needs; read the weaknesses. 6 exchanges
- 7 to 7.9 Good Solid, with one clear trade-off. 3 exchanges
- 8 to 8.9 Strong A safe default for most traders. 5 exchanges
- 9 and above Exceptional Leads on most factors, with no serious weakness. 2 exchanges
How country guides are ranked
For people who live there · spot buying first, perpetuals a plus · in order of importance
-
Legal access
#1Can a resident use it legally, and who protects them?
- Local licence, or a MiCA passport in the EU
- Else, the strongest licence held elsewhere
- Accepts residents, no local warnings
-
Local deposit methods
#2Can you get local money in and out easily?
- Local bank transfer, card, mobile money
- P2P depth in the local currency
- Local-currency spot pairs
-
Local costs
#3What does a resident pay to buy and cash out?
- Spot fees, or the spread on apps
- Local deposit and withdrawal fees
- P2P price against the official rate
-
Language and support
#4Can you use it and get help in your language?
- App in the main local language
- Support in that language
- Local tax reports
-
Platform strength
#5Is the exchange itself strong?
- Its global Coinperps score
- Brokers: the same four areas, on spot
Why no score: a local ban or a mobile-money rail can’t be compared fairly in one number, so the guide’s order is the ranking and its tables show the evidence.
Every country guide
12 guides · each lists only exchanges that accept residents
| Country | Exchanges ranked | Top pick | Updated |
|---|---|---|---|
 Best crypto exchanges in Canada | 6 |  Kraken | |
 Best crypto exchanges in China | 6 | Kraken | |
 Best crypto exchanges in DR Congo | 6 |  Binance | |
 Best crypto exchanges in Egypt | 6 |  Bybit | |
 Best crypto exchanges in Europe | 5 | Kraken Pro | |
 Best crypto exchanges in Germany | 7 | Kraken | |
 Best crypto exchanges in Kazakhstan | 6 | Bybit | |
 Best crypto exchanges in Russia | 5 | Bybit | |
 Best crypto exchanges in Sri Lanka | 6 | Bybit | |
 Best crypto exchanges in UAE | 7 |  OKX | |
 Best crypto exchanges in Ukraine | 6 | Bybit | |
 Best crypto exchanges in Venezuela | 6 | Bybit |
Where the evidence comes from
In order of precedence · third-party data only cross-checks
From evidence to a published score
Every score, every review
- 1CollectMarket data, licences, fees and test notes, dated
- 2ScoreEach sub-criterion against the written rubric
- 3CheckAgainst live data before publication
- 4PublishEvery page that shows a score updates at once
- 5MonitorHacks, freezes and licence changes re-open a score
The short version
Coinperps scores 19 exchanges out of 10 on depth and liquidity (30%), assets and features (30%), trading fees (20%) and regulation and security (20%); Bybit leads at 9.5. Country guides rank exchanges for residents on legal access and local deposit methods first, so the order changes from country to country.
Who builds the rankings
Coinperps runs its own derivatives data infrastructure, collecting live price, volume, open interest, funding and liquidation data from every exchange we rank, around the clock. The rankings are built on that data layer, not on material supplied by the exchanges. Scores are produced and checked by the Coinperps Research team before publication.
Coinperps is operated by Block Media Pty Ltd (ACN 671 787 965), an Australian company based in Sydney.
Independence and affiliate links
Coinperps earns commission through affiliate partnerships with some of the exchanges we cover, marked as partner links. Those relationships have no input into scores, weights or rankings: whether an exchange pays us is not a factor, partners get no preview of score changes, and several exchanges we rank highly pay us nothing. An affiliate link goes to the same product you would reach directly.
When scores change
Every score gets a full review at least every 30 days against current data; the last one finished on . Outside that cycle, a score is re-opened straight away when something material happens: a hack or withdrawal freeze, a regulatory action or a new licence, a major fee change, or a significant product launch or closure. The date on each ranking page is its last full review.
Country guides are re-checked whenever they are updated, and each shows that date.
Corrections
If we publish an error, we fix it, note the correction on the affected page and re-score anything it touched. Readers and exchanges can report an error to info@coinperps.com; every report is checked against primary sources before anything changes.
Limitations
A score measures an exchange at the time of review, against the other exchanges we rank. It is not financial advice, it cannot remove counterparty risk, and it does not know your circumstances: your country, client classification or risk tolerance. Trading perpetual futures with leverage can lose more than your deposit. Check an exchange’s current terms and whether it accepts you before funding an account.
Methodology changes
Scores now computed from the published weights, with ties broken on depth and liquidity. Country guides ranked on published criteria for residents and no longer show the global score.
Four factors with fixed sub-weights, licences checked on regulator registers, monthly reviews and event-driven re-scoring.
Contact
Questions about this methodology, or a request for the evidence behind a specific score: info@coinperps.com.
Ranking methodology FAQ
How does Coinperps score crypto exchanges?
Every exchange gets a global Coinperps score out of 10: depth and liquidity (30%), assets and features (30%), trading fees (20%) and regulation and security (20%). Each factor is scored 0 to 10 from live market data, regulator registers, published fee schedules and hands-on testing, then weighted and rounded to one decimal.
Why is the order different in a country guide?
Country guides rank exchanges for people who live there, so they weigh legal access, local deposit methods, local costs, language and support and platform strength, in that order. The global score is one input. A top global exchange can rank lower in a country where it holds no local licence or offers no local payment methods.
Do affiliate partnerships affect the rankings?
No. Coinperps earns commission from some exchanges, but whether an exchange pays us is not a factor, partners never see scores before they are published, and several highly ranked exchanges pay us nothing.
How often are scores updated?
Every score gets a full review at least every 30 days. A score is re-opened straight away after a hack, a withdrawal freeze, a regulatory action or new licence, a major fee change, or a product launch or closure. The last full review was on 17 Oct 2026.
What does a score of 8 out of 10 mean?
9 and above is exceptional, 8 to 8.9 is strong, 7 to 7.9 is good, 6 to 6.9 is mixed, below 6 is weak. A score compares an exchange with the others we rank; it is not a guarantee of safety.
Why is an exchange missing from my country’s guide?
Exchanges that do not accept residents of a country are left out of its guide, whatever their global score, as are exchanges that are winding down or have paused withdrawals. Using an exchange through a VPN breaks its terms and can get your funds frozen.
Rankings built on this method
Coinperps scores are research ratings, not financial advice. Some links are affiliate links. Perpetual futures are high-risk leveraged products and you can lose more than your deposit.