Most Trusted Exchange: Gemini Leads While Coinbase, Binance Drop

The latest rankings show that the most trusted exchange is currently Gemini by the Winklevoss twins while Binance, Bitstamp, and Coinbase all dropped in the ranking that was provided by the crypto market data CryptoCompare. In our blockchain latest news, we take a closer look at the rankings.

As reported by CryptoCompare, the latest rankings about the most trusted exchange rolled out the Exchange Benchmark in June where more than 100 exchanges were evaluated and graded from high to low scoring AA through A, B, C, D, E, and F. According to the announcement, the new update will bring the number of exchanges observed all the way up to 164, there will also be an additional ranking component besides geography, regulatory, investment, legal and data provision. Also, the new update will include refined methodology and 20 additional crypto pairs.

Thanks to the update, the data provider created a list of the top 10 most trusted exchanges with scores between 66 and 78 and also showing how many stops they have moved. Out of the top 10, Coinbase had some points subtracted in the negative category while Binance has left the top 10 and is now in 12^th position.

On the other hand, among the last 10 exchanges on the list between 17 and 11, most of the exchanges didn’t really see a change in the ranking except Yobit which dropped a stunning 67 places and Threexbit which also dropped 76 places. The creators of the list explained that the top four exchanges are all based in the United States. More so, the exchanges based in the US, Japan, South Korea, and Luxembourg are among the top exchanges with most quality-offered services.

Also, the researchers compared the previous findings that the volume from the low-tier exchanges has grown instead of shrinking in Q3 of 2019. The lower-tier exchanges with C-E account for 67 percent of global volumes and the top-tiered exchanges account for 33 percent of the global volumes the report claims. 41% of the exchanges incentivize or give rewards to the traders with airdrops while 14% of exchanges get into Trans Fee Mining and those who offer margin trading represent up to 62 percent of the total volume which is about 10 percent more compared to previous June. The report states:

 “Almost 10% of exchanges, representing USD 10.36 billion or 2% of total volume, scored below A for their SSL rating, indicating a prominent security flaw in their browser security protocols.’’