The leading exchanges in the crypto world such as Binance, Coinbase, and Bitstamp has witnessed a major drop in its ranking criteria in the “most trusted” exchanges, which was recently updated by United-based crypto data provider, called CryptoCompare. Though, the exchanges which have gained the top positions in the list are Gemini and Okex. As per the recent data, CryptoCompare introduced its Exchange benchmark in June month consisting of over 100 exchanges worldwide and have graded them from top to bottom with grades such as from AA to A, B, C, D, E,F. This ranking is done on security concerns keeping in mind.
Factors concerned in CryptoCompare List
As per the new announcement, the new update brought the number of exchanges to 164 that includes additional ranking components other than geography, legal/regulatory, investment, team/company, data provision, trade surveillance, and market quality – the security category and negative reports category; that includes refined methodology and 20 additional currency pairs, according to the announcement statement.
Based on all these updates, the data provider has created a new list of the top 10 most reliable exchanges that score between 78 and 66. The exchange which grabbed the first position is Gemini with grading AAA and scored 78 points with ranking change of 8 positions. The main competitor of Binance, Coinbase scored 75 points with the rank change of -2 and grade AAA. Call on Binance customer care number which is functional all the time.
Binance is on 12 the position
Also, the researchers went through past findings that volume from low exchanges has enhanced instead of dropping down in Q3 of 2019. Lower-tier exchanges hold 67% of global volumes (including grades from C to E ), on the other hand, the top-tired exchanges with grades AA-B for 33% of global volumes as per the claim. Also, 41% of exchanges rewarded traders with airdrops, and 14% of exchanges are involved in Trans Fee Mining (TFM). Those representing margin trading holds 62% of total volumes which is 10% more to June. Call on Binance helpline number for guidance.Out of all these leading 10 exchanges, Coinbase got the score of -2 and came under the negative points category. Binance despite being the largest exchange, Binance is out of top 10 positions and is now on 12 position. Also, on the other hand, the leading exchanges between score 17 and 11 haven’t witness a change in their ranks except Yobit which fell 67 places and threexbit which fell 76 places. It is also found that out of 10 leading exchanges almost four are US-based. Ina ddition to that, exchanges based out in the US, Luxembourg, Japan and South Korea “are among those boasting the highest quality exchanges.”
As per the data released by CryptoCompare list, when it comes to security:
- a) Almost 2% of exchanges have witnessed the hacking activities in the last year.
- b) About 14% state holds above 95% of crypto in cold wallets
- c) Exchanges offer 94% of two-factor authentication.
- d) Around 8% of services of custody provider to store user assets