Crypto Exchange Rating Methodology

Squaby Score · Methodology version 1.0 · Last Updated: October 21, 2026

This page explains how Squaby calculates the Squaby Score shown on its crypto exchange reviews and in the exchange ranking. The numbers, weights and point tables on this page come from the same data that calculates the scores, so the description and the calculation cannot differ.

Hardware wallets and swap providers are scored with separate methods: see the Hardware Wallet Rating Methodology and the Swap Provider Rating Methodology. All three are listed on the overview of all methodologies.

What the score is and is not

The Squaby Score is a number from 0 to 100. It summarizes how well an exchange's documented facts meet 38 published criteria in 7 weighted categories. It rewards documented facts and disclosures.

The score describes the exchange's global offering, not the version available in one country. Fees, products, licenses and availability differ by country; each review lists regional restrictions separately, and you must check what applies to you.

The score is not a guarantee of safety, not a recommendation and not financial advice.

How a score is calculated

For each criterion, Squaby records the fact it found (a number, a named outcome, a list of features found, or yes or no), together with its source and the date it was checked.
The points for that fact are calculated from the published point rule. Points are never typed in by hand.
Each category score is the points earned divided by the points that could be assessed in that category, times 100.
The total is the weighted average of the category scores, using the category weights below.
The total is rounded to a whole number (half up) for display, and the class is taken from that rounded number.

Reading the score

Places in the ranking follow the exact total before rounding. Two exchanges shown with the same number can therefore hold different places. When the exact totals are equal, the higher evidence coverage comes first, then the name in alphabetical order.
The class comes from the total rounded to a whole number, so a score shown as 80 is always class A.
A category in which nothing could be assessed is left out of the weighted total, and the weights of the other categories are scaled up so that they still add up to 100%. The evidence coverage drops, which usually keeps the exchange out of the ranking.
When licenses are counted, each regulator with its own law and its own register counts as a separate jurisdiction, so ADGM (Abu Dhabi Global Market) and VARA (Dubai) count as two jurisdictions.
The score describes the exchange's global offering, not the version available in one country.

Categories and weights

Rating categories with their weights and number of criteria
Category	Weight	Criteria
Security and trust	25%	5
Regulation and transparency	15%	5
Fees	15%	6
Assets and markets	15%	5
Usability	10%	6
Customer support	10%	6
Fiat deposits and withdrawals	10%	5

Every category has 100 possible points.

Classes

Class A: 80 or more
Class B: 65 to 79
Class C: 50 to 64
Class D: below 50

The class is taken from the total rounded to a whole number.

Evidence coverage and the ranking

Evidence coverage is the share of the possible points that could be assessed, weighted like the score. An exchange appears in the ranking only when its coverage is at least 80%. Exchanges below that are listed as "Not Rated Yet", without a score or a place.

The criterion "Hands-on test by Squaby" carries 1.5% of the coverage. Without a documented hands-on test, the highest possible coverage is 98.5%. No exchange on Squaby has had a documented hands-on test yet.

Criteria that are not assessed

When a fact cannot be checked from a usable source, the criterion is marked "not assessed". It is left out of both the points earned and the points possible, so it never counts as zero; it lowers the evidence coverage instead. Each review lists its criteria that were not assessed, with the reason.

Evidence and sources

Every assessed criterion needs at least one source with a valid https address and the date it was checked. A hands-on test needs a dated description of what was tested instead. Each review shows the sources and the check date next to every criterion.

Each recorded fact names its basis:

Official register or public record: An entry in an official register or a public record of a regulator or a court.
Stated by the exchange: The exchange’s own documentation. It shows what the exchange says; Squaby did not confirm it independently.
Independent report: A report by an independent third party, such as an attestation.
Public reports and the exchange’s announcements: Reports by reputable media together with the exchange’s own announcements. Used only for security incidents and legal actions.
Hands-on test by Squaby: A hands-on test that a Squaby reviewer completed and documented on a stated date.

Registrations and licenses and Legal entity disclosed earn points only when the fact is confirmed in an official register or public record. A license that an exchange claims but that cannot be found in a register earns nothing.

Squaby checks the exchange's international site where one exists and records which regional version of a page was seen.

Check dates and re-checks

Squaby re-checks the facts behind every score every 3 months. Each review shows the date of its oldest check. When that check is more than 90 days old, the review and the ranking show a notice that the information may be out of date.

What is not scored

Only the 38 criteria below count. Anything else does not change a score, for example:

Liquidity, trading volume and order book depth: Squaby has no data source for them that it may publish.
Number of users, company valuation and the price of an exchange's own token.
Bonuses, promotions and referral offers.
Whether Squaby has a partner link with the exchange.
How the exchange's products perform as investments.

All criteria and point rules

The 38 criteria with their rules and points, by category. Open a category to see its criteria.

Security and trustWeight 25% · 5 criteria
- Proof of reservesup to 25 points
  Rule: Attested: published within the last 90 days with a user-verifiable method (for example a Merkle-tree check) and an independent attestation. Verifiable: published within 90 days with a user-verifiable method, no independent attestation. Stale: published, but older than 90 days or without a verifiable method. None: not published.
  Exactly one row applies.
  Finding Points
  Recent, verifiable and independently attested 25
  Recent and verifiable, no independent attestation 18
  Older than 90 days or without a verifiable method 10
  Not published 0
- Security incident history (last 5 years)up to 25 points
  Rule: None: no publicly reported incident with loss of customer funds. Reimbursed: incident, customers fully reimbursed. Partial: incident, customers partly reimbursed. Unreimbursed: customer losses not reimbursed.
  Exactly one row applies.
  Finding Points
  No reported incident with customer losses 25
  Incident, customers fully reimbursed 15
  Incident, customers partly reimbursed 5
  Incident, customer losses not reimbursed 0
- Years in operationup to 15 points
  Rule: Full years since founding at the check date. 8 or more: 15 points. 5 to under 8: 10. 2 to under 5: 5. Under 2: 0.
  Exactly one row applies.
  Finding Points
  8 or more 15
  5 to under 8 10
  2 to under 5 5
  Under 2 0
- Account security featuresup to 15 points
  Rule: 5 points each: authenticator-app two-factor authentication; hardware key or passkey support; withdrawal address allowlist.
  The points of every feature found are added up.
  Feature Points
  Authenticator-app two-factor authentication 5
  Hardware key or passkey support 5
  Withdrawal address allowlist 5
- Customer asset protection disclosureup to 20 points
  Rule: 10 points for stating how customer assets are stored (for example the share held in cold storage). 10 points for stating an insurance or emergency fund with its size and rules. These points reward disclosure, not a guarantee.
  The points of every feature found are added up.
  Feature Points
  Storage of customer assets disclosed 10
  Insurance or emergency fund disclosed 10
Regulation and transparencyWeight 15% · 5 criteria
- Registrations and licensesup to 35 points
  Rule: Three or more: registered or licensed in three or more jurisdictions, each verifiable in an official register. One or two: one or two verifiable. None: none verifiable. A claim that cannot be found in a register earns nothing.
  Note: Earns points only when the fact is confirmed in an official register or public record.
  Note: Each regulator with its own law and its own register counts as a separate jurisdiction, even inside one country. For example, ADGM (Abu Dhabi Global Market) and VARA (Dubai) count as two jurisdictions.
  Exactly one row applies.
  Finding Points
  Three or more jurisdictions verifiable in an official register 35
  One or two jurisdictions verifiable in an official register 25
  None verifiable 0
- Legal entity disclosedup to 20 points
  Rule: Legal name, registered address and company number are published and consistent with a public register.
  Note: Earns points only when the fact is confirmed in an official register or public record.
  Exactly one row applies.
  Finding Points
  Yes 20
  No 0
- Enforcement history (last 5 years)up to 25 points
  Rule: None: no public enforcement action with a fine or sanction. Concluded: action concluded (fine paid, settlement completed). Open: action open or unresolved.
  Exactly one row applies.
  Finding Points
  No public enforcement action with a fine or sanction 25
  Action concluded 10
  Action open or unresolved 0
- Restricted jurisdictions publishedup to 10 points
  Rule: A clear, current list of countries where the service is not offered.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
- Terms, privacy and risk disclosuresup to 10 points
  Rule: Terms of service, a privacy notice and a risk warning are public and easy to find.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
FeesWeight 15% · 6 criteria
- Base spot trading feeup to 30 points
  Rule: The published entry-level spot fee, as the average of maker and taker in percent. Up to 0.10%: 30 points. Up to 0.20%: 24. Up to 0.30%: 18. Up to 0.50%: 10. Above 0.50%: 4.
  Exactly one row applies.
  Finding Points
  Up to 0.10% 30
  Above 0.10%, up to 0.20% 24
  Above 0.20%, up to 0.30% 18
  Above 0.30%, up to 0.50% 10
  Above 0.50% 4
- Full fee schedule publishedup to 20 points
  Rule: Trading, deposit and withdrawal fees are in one public schedule.
  Exactly one row applies.
  Finding Points
  Yes 20
  No 0
- Volume or loyalty discounts documentedup to 10 points
  Rule: Tiers or discounts are public and explained.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
- Deposit feesup to 15 points
  Rule: Free bank: at least one bank-transfer method is free. Paid only: only card or other paid methods. Undisclosed: deposits are charged and the fee is not disclosed.
  Exactly one row applies.
  Finding Points
  At least one bank-transfer method is free 15
  Only card or other paid methods 8
  Charged and not disclosed 0
- Withdrawal fees disclosedup to 15 points
  Rule: Network or flat fees for major assets are listed before the user withdraws.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Spread or markup on simple buyup to 10 points
  Rule: The exchange states what it adds on top of the market price in its simple buy or convert product.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
Assets and marketsWeight 15% · 5 criteria
- Number of listed assets (spot)up to 30 points
  Rule: Counted or stated from the exchange’s own list on the check date. 300 or more: 30 points. 150 to 299: 24. 75 to 149: 18. 30 to 74: 10. Under 30: 5.
  Exactly one row applies.
  Finding Points
  300 or more 30
  150 to under 300 24
  75 to under 150 18
  30 to under 75 10
  Under 30 5
- Product breadthup to 25 points
  Rule: 10 points for spot trading, 5 for margin, 5 for derivatives, 5 for staking or earn. Breadth is not a recommendation: complex products carry extra risk and are often restricted by region.
  The points of every feature found are added up.
  Feature Points
  Spot trading 10
  Margin trading 5
  Derivatives 5
  Staking or earn products 5
- Advanced order typesup to 15 points
  Rule: Limit and stop orders, plus at least one advanced type (for example OCO).
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Public APIup to 15 points
  Rule: A documented public API with published rate limits.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Listing policy publishedup to 15 points
  Rule: Published criteria for listing and delisting assets.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
UsabilityWeight 10% · 6 criteria
- Onboarding documentedup to 20 points
  Rule: Account creation and identity verification steps are described, with a stated typical time.
  Exactly one row applies.
  Finding Points
  Yes 20
  No 0
- Mobile appsup to 20 points
  Rule: 10 points for an official iOS app and 10 for an official Android app, each with a store listing.
  The points of every feature found are added up.
  Feature Points
  Official iOS app 10
  Official Android app 10
- Interface languagesup to 15 points
  Rule: Ten or more: 15 points. Five to nine: 10. Two to four: 5.
  Exactly one row applies.
  Finding Points
  10 or more 15
  5 to under 10 10
  2 to under 5 5
  Under 2 0
- Beginner interfaceup to 15 points
  Rule: A simplified buy or convert interface exists next to the advanced trading view.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Learning resourcesup to 15 points
  Rule: A public learning or help section for newcomers.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Hands-on test by Squabyup to 15 points
  Rule: Awarded only when a reviewer actually completed and documented a test (sign-up, deposit or buy flow) on a stated date. Otherwise the criterion is not assessed.
  Note: Recorded only as a documented hands-on test by a Squaby reviewer. Without such a test the criterion is not assessed.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
Customer supportWeight 10% · 6 criteria
- Support channelsup to 25 points
  Rule: 10 points for live chat, 10 for ticket or email, 5 for phone.
  The points of every feature found are added up.
  Feature Points
  Live chat 10
  Ticket or email 10
  Phone 5
- 24/7 availability statedup to 20 points
  Rule: The exchange states round-the-clock support.
  Exactly one row applies.
  Finding Points
  Yes 20
  No 0
- Help centerup to 15 points
  Rule: A searchable help center in more than one language.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Response-time targetup to 10 points
  Rule: A published target or service level for response time.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
- Status pageup to 15 points
  Rule: A public status page that shows outages.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Complaint procedureup to 15 points
  Rule: A documented complaint process, including where to escalate (for example an ombudsman or the regulator).
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
Fiat deposits and withdrawalsWeight 10% · 5 criteria
- Fiat currenciesup to 25 points
  Rule: 20 or more: 25 points. 10 to 19: 20. 5 to 9: 15. 2 to 4: 8. One: 3. None: 0.
  Exactly one row applies.
  Finding Points
  20 or more 25
  10 to under 20 20
  5 to under 10 15
  2 to under 5 8
  1 to under 2 3
  Under 1 0
- Payment methodsup to 35 points
  Rule: 20 points for bank transfer, 10 for card, 5 for other local methods (for example e-wallets).
  The points of every feature found are added up.
  Feature Points
  Bank transfer 20
  Card 10
  Other local methods 5
- Fast deposits documentedup to 10 points
  Rule: The exchange states which methods are instant or near-instant.
  Exactly one row applies.
  Finding Points
  Yes 10
  No 0
- Withdrawal to a bank accountup to 15 points
  Rule: Fiat withdrawals to a bank account are offered.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0
- Limits disclosedup to 15 points
  Rule: Deposit and withdrawal limits are published per verification level.
  Exactly one row applies.
  Finding Points
  Yes 15
  No 0

Exactly one row applies.
Finding	Points
Recent, verifiable and independently attested	25
Recent and verifiable, no independent attestation	18
Older than 90 days or without a verifiable method	10
Not published	0

Exactly one row applies.
Finding	Points
No reported incident with customer losses	25
Incident, customers fully reimbursed	15
Incident, customers partly reimbursed	5
Incident, customer losses not reimbursed	0

Exactly one row applies.
Finding	Points
8 or more	15
5 to under 8	10
2 to under 5	5
Under 2	0

The points of every feature found are added up.
Feature	Points
Authenticator-app two-factor authentication	5
Hardware key or passkey support	5
Withdrawal address allowlist	5

The points of every feature found are added up.
Feature	Points
Storage of customer assets disclosed	10
Insurance or emergency fund disclosed	10

Exactly one row applies.
Finding	Points
Three or more jurisdictions verifiable in an official register	35
One or two jurisdictions verifiable in an official register	25
None verifiable	0

Exactly one row applies.
Finding	Points
Yes	20
No	0

Exactly one row applies.
Finding	Points
No public enforcement action with a fine or sanction	25
Action concluded	10
Action open or unresolved	0

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
Up to 0.10%	30
Above 0.10%, up to 0.20%	24
Above 0.20%, up to 0.30%	18
Above 0.30%, up to 0.50%	10
Above 0.50%	4

Exactly one row applies.
Finding	Points
Yes	20
No	0

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
At least one bank-transfer method is free	15
Only card or other paid methods	8
Charged and not disclosed	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
300 or more	30
150 to under 300	24
75 to under 150	18
30 to under 75	10
Under 30	5

The points of every feature found are added up.
Feature	Points
Spot trading	10
Margin trading	5
Derivatives	5
Staking or earn products	5

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	20
No	0

The points of every feature found are added up.
Feature	Points
Official iOS app	10
Official Android app	10

Exactly one row applies.
Finding	Points
10 or more	15
5 to under 10	10
2 to under 5	5
Under 2	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

The points of every feature found are added up.
Feature	Points
Live chat	10
Ticket or email	10
Phone	5

Exactly one row applies.
Finding	Points
Yes	20
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
20 or more	25
10 to under 20	20
5 to under 10	15
2 to under 5	8
1 to under 2	3
Under 1	0

The points of every feature found are added up.
Feature	Points
Bank transfer	20
Card	10
Other local methods	5

Exactly one row applies.
Finding	Points
Yes	10
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Exactly one row applies.
Finding	Points
Yes	15
No	0

Independence

Exchanges do not see their score before it is published.
No exchange pays Squaby to be included.
Partner links do not change a score: points come only from the recorded facts and the published point rules. Squaby may earn a commission from partner links, which are marked as sponsored.
The reviews are written by Squaby. They are not produced, reviewed or approved by the exchanges.

Who is responsible

Responsibility for Squaby's content, including these scores, and the contact details are described in the Editorial Policy.

How AI is used

AI tools help find sources, read documents and draft text. AI output is never used as a source. Every recorded fact comes from a primary source with a check date, and a person decides every judgment call before it is published.

Corrections

If you find an error or an outdated fact, report it as described in the Editorial Policy. When an error is confirmed, the recorded fact is corrected and the score is recalculated from it.

Version history

When a weight, a limit or a point value changes, the version number goes up and every exchange is scored again.

October 21, 2026 · version 1.0Re-check interval changed from monthly to every three months; the out-of-date notice now appears after 90 days instead of 45. No point rule changed, so no score changed.
October 20, 2026 · version 1.0First version: 38 criteria in seven weighted categories, class limits, the evidence coverage rule for the ranking and the out-of-date notice. First used for the Binance review.

See the scores

The current ranking is on the crypto exchange comparison. Crypto trading involves significant risk of loss; see the Risk Disclaimer.

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