Question 1

How is the cryptocurrency exchange ranking calculated?

Accepted Answer

ExchangeRank uses a proprietary Composite Score that weighs six factors: 24-hour trading volume (28%), weekly website visits (29%), traffic quality (14%), effective liquidity (15%), number of trading pairs (6%), and volume consistency against the 7-day daily average (8%). The score is normalised to a 0–100 scale, adjusted by wash-trading checks and bounded quality calibration, and updated every hour.

Question 2

What is the difference between a CEX and a DEX?

Accepted Answer

A CEX (Centralised Exchange) is operated by a company that holds user funds in custody — examples include Binance, OKX, and Bybit. A DEX (Decentralised Exchange) runs on smart contracts; users keep custody of their assets and trade directly from their wallets — examples include Hyperliquid, dYdX, and Uniswap. ExchangeRank ranks both on a unified leaderboard.

Question 3

Which crypto exchanges have a MiCA licence in the EU?

Accepted Answer

As of November 2026, exchanges with an active MiCA CASP licence include Bitpanda (FMA Austria, Jan 2025), Bitstamp (CSSF Luxembourg, May 2025), OKX EU (CBI Ireland, Jan 2025), Bybit EU (FMA Austria, May 2025), Coinbase (CBI Ireland, Jun 2025), Kraken (CBI Ireland, Jun 2025), and eToro (CySEC Cyprus, Feb 2025), among others. You can verify all licences on the ESMA CASP register.

Question 4

What does Proof of Reserves (PoR) mean?

Accepted Answer

Proof of Reserves is a cryptographic audit that verifies an exchange holds at least as much cryptocurrency as it owes to its users. Exchanges publish a Merkle-tree snapshot of all user balances alongside on-chain wallet proofs. Any user can independently verify their balance is included. ExchangeRank tracks which exchanges have published PoR audits.

Question 5

What is the Maker Fee and Taker Fee?

Accepted Answer

A maker fee is charged when you add liquidity to the order book by placing a limit order that is not immediately filled. A taker fee is charged when you remove liquidity by placing a market order or a limit order that fills immediately. Maker fees are typically lower than taker fees. Some exchanges offer zero maker fees to incentivise liquidity providers.

Question 6

Which fiat currencies can I use to buy crypto on exchanges?

Accepted Answer

Most top exchanges support USD, EUR, and GBP. Many also accept AUD, CAD, JPY, SGD, AED, and dozens of other currencies. You can filter the ranking table by selecting any fiat currency in the Fiat dropdown to see which exchanges support it for deposits, withdrawals, or direct trading pairs.

Question 7

How often is the ranking data updated?

Accepted Answer

Exchange rankings, trading volumes, and scores are refreshed every hour from our proprietary data infrastructure. Website traffic data (visits, Vol/Visit) is updated daily. Rank change indicators (▲/▼) appear when a position changes and remain visible for one hour.

Question 8

What is the CBBI (Crypto Bull/Bear Index)?

Accepted Answer

The CBBI (Colin Talks Crypto Bull Bear Index) is a composite market-cycle indicator that combines nine on-chain and market metrics — including the Pi Cycle Top, RUPL, RHODL Ratio, Puell Multiple, and others — to estimate the current phase of the Bitcoin market cycle on a 0–100 scale. A reading above 90 historically signals a market top; below 10 signals a bottom.

Question 9

Are the exchange rankings independent and unbiased?

Accepted Answer

Yes. ExchangeRank does not accept payment for ranking positions. The Composite Score is calculated algorithmically from publicly available data (trading volume, web traffic, market share) with no manual adjustments. Exchanges with abnormally high maker fees (above $1,000) are flagged with a warning indicator in the table.

Question 10

What is market share in the exchange ranking?

Accepted Answer

Market share represents the percentage of total global crypto spot trading volume attributed to a given exchange over the last 24 hours. For example, a 13% market share means the exchange processed 13% of all reported global spot volume. It is calculated by dividing the exchange's 24h volume by the sum of all tracked exchanges' volumes.

#	Exchange	Score	Type	Volume 24h	24h Change	Liquidity	Pairs	Coins	Visits	Vol/Visit	Maker Fee	Taker Fee	Mkt. Share
1	OKX	99	CEX	$2.09B	+155.25%	747	1,999	603	22.97M	$394	0.08%	0.10%	1.46%
2	Bybit EU	99	CEX	$2.26B	+97.57%	680	1,281	797	9.71M	$1.0K	0.10%	0.10%	1.58%
3	Coinbase	97	CEX	$1.91B	+173.57%	765	519	411	16.81M	$492	0.60%	1.20%	1.33%
4	Bitget	97	CEX	$871.62M	+135.24%	770	1,402	910	9.20M	$410	0.10%	0.10%	0.61%
5	Kraken	97	CEX	$1.38B	+161.06%	777	1,691	759	4.54M	$1.3K	0.25%	0.40%	0.96%
6	BingX	96	CEX	$398.94M	+93.82%	726	1,486	971	2.76M	$626	0.10%	0.10%	0.28%
7	WhiteBIT	96	CEX	$1.20B	+6.04%	547	1,088	461	27.94M	$187	0.10%	0.10%	0.84%
8	KuCoin	96	CEX	$1.68B	+66.70%	702	1,652	1,013	16.82M	$433	0.10%	0.10%	1.17%
9	Aster	96	DEX	$9.09M	+172.28%	557	668	575	710.4K	$55	0.02%	0.07%	0.01%
10	Hyperliquid	95	DEX	$191.93M	+244.38%	—	437	394	6.50M	$128	0.04%	0.07%	0.13%
11	Gate	95	CEX	$2.13B	+219.09%	747	2,483	1,762	11.02M	$835	0.10%	0.10%	1.48%
12	WEEX	95	CEX	$2.15B	+220.97%	817	1,782	1,218	13.79M	$676	0.10%	0.10%	1.50%
13	LBank	95	CEX	$1.42B	+111.89%	600	1,580	1,144	12.82M	$479	0.10%	0.10%	0.99%
14	Binance	95	CEX	$7.61B	+173.30%	956	2,166	853	30.96M	$1.1K	0.10%	0.10%	5.30%
15	MEXC	90	CEX	$1.11B	+152.52%	772	2,814	1,621	18.50M	$260	0.00%	0.05%	0.77%
16	CoinW	88	CEX	$888.67M	+193.56%	830	726	589	16.64M	$231	0.10%	0.10%	0.62%
17	XT.COM	88	CEX	$1.20B	+159.44%	724	1,384	981	5.96M	$871	0.20%	0.20%	0.84%
18	Upbit	87	CEX	$779.13M	+132.97%	465	837	354	4.60M	$733	0.05%	0.05%	0.54%
19	Binance Alpha	87	CEX	$1.49B	-0.56%	509	769	381	30.96M	$208	0.10%	0.10%	1.04%
20	1 Crypto.com	85	CEX	$848.06M	+261.75%	735	957	516	1.65M	$2.2K	0.25%	0.50%	0.59%
21	1 Lighter	85	DEX	$1.14B	+170.11%	569	190	183	518.5K	$9.5K	0.00%	0.00%	0.79%
22	2 BigONE	85	CEX	$754.73M	+165.64%	561	254	248	4.64M	$705	0.10%	0.10%	0.53%
23	HTX	85	CEX	$1.32B	+153.39%	500	905	793	1.25M	$4.6K	0.20%	0.20%	0.92%
24	Biconomy.com	85	CEX	$1.65B	+166.99%	523	1,137	855	1.88M	$3.8K	0.10%	0.10%	1.15%
25	Hotcoin	84	CEX	$1.24B	+161.91%	810	837	616	1.24M	$4.3K	0.20%	0.20%	0.86%
26	Bithumb	84	CEX	$433.65M	+0.54%	417	487	477	1.42M	$1.3K	0.25%	0.25%	0.30%
27	BitradeX	84	CEX	$2.71B	+240.06%	877	199	171	5.10M	$2.3K	0.04%	0.06%	1.89%
28	Toobit	83	CEX	$1.51B	+141.41%	785	1,237	825	5.59M	$1.2K	0.20%	0.20%	1.05%
29	Ourbit	83	CEX	$1.61B	+158.45%	840	1,482	1,013	4.45M	$1.6K	0.00%	0.00%	1.12%
30	Deepcoin	83	CEX	$377.54M	+33.93%	607	369	273	2.76M	$592	0.10%	0.15%	0.26%
31	Bitvavo	82	CEX	$206.38M	+87.80%	587	437	427	1.19M	$748	0.15%	0.25%	0.14%
32	Coinone	82	CEX	$194.83M	+140.22%	536	352	350	890.1K	$948	0.20%	0.20%	0.14%
33	OrangeX	82	CEX	$1.22B	+101.44%	764	909	620	3.76M	$1.4K	0.10%	0.10%	0.85%
34	BTSE	82	CEX	$94.05M	+38.56%	633	345	260	3.27M	$125	0.20%	0.20%	0.07%
35	P2B	82	CEX	$168.48M	+96.22%	652	150	107	2.58M	$283	0.20%	0.20%	0.12%
36	Bitstamp	81	CEX	$371.69M	+171.86%	677	241	116	385.9K	$4.2K	0.30%	0.40%	0.26%
37	Phemex	81	CEX	$671.14M	+104.83%	599	472	364	466.6K	$6.2K	0.10%	0.10%	0.47%
38	1 BitMart	80	CEX	$243.93M	—	895	925	878	254.1K	$4.2K	0.10%	0.10%	0.17%
39	1 Changelly	80	CEX	$261.93M	+2660.55%	733	66	27	373.6K	$3.0K	—	—	0.18%
40	BVOX	80	CEX	$375.50M	+545.95%	461	2,759	1,540	2.64M	$616	0.04%	0.06%	0.26%
41	Binance.US	79	CEX	$25.54M	+198.78%	644	214	154	772.9K	$143	0.00%	0.01%	0.02%
42	Bitfinex	79	CEX	$283.74M	+89.75%	580	209	96	293.0K	$4.2K	0.00%	0.00%	0.20%
43	Gemini	79	CEX	$31.30M	+178.25%	670	118	82	1.29M	$105	0.20%	0.40%	0.02%
44	Indodax	79	CEX	$16.88M	+83.79%	524	486	480	635.3K	$115	0.00%	0.30%	0.01%
45	Pionex	79	CEX	$2.51B	+233.13%	874	773	569	894.9K	$12.1K	0.05%	0.05%	1.75%
46	1 BtcTurk	78	CEX	$99.96M	+26.26%	377	378	191	276.6K	$1.6K	0.12%	0.24%	0.07%
47	1 CEX.IO	78	CEX	$74.47M	+869.84%	707	771	302	141.6K	$2.3K	0.15%	0.25%	0.05%
48	bitFlyer	78	CEX	$29.04M	+242.16%	692	14	10	1.66M	$76	0.15%	0.15%	0.02%
49	Coincheck	78	CEX	$50.71M	+246.45%	659	23	24	737.1K	$298	0.00%	0.00%	0.04%
50	Korbit	78	CEX	$101.05M	+346.97%	503	193	194	84.0K	$5.2K	0.00%	0.20%	0.07%

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