Swap Provider Rating Methodology

What the score is and is not

The Squaby Score is a number from 0 to 100. It summarizes how well the documented facts about one swap provider meet 41 published criteria in 7 weighted categories. It describes the provider's crypto-to-crypto swap service: you send one coin to a deposit address and the provider sends you another coin to a payout address. Other products of the same company, such as buying crypto with a card, wallet apps, business products or loyalty tokens, are not scored. A review may mention them.

The score describes the provider's global offering: its international site and English pages. Which countries it serves, and which rules apply to you, differ; the reviews name these differences, and you must check what applies to you.

The score is built from public documents and public records: the provider's terms, policies and help pages, official registers and independent reports. Squaby has not made swaps with the providers it scores. What a provider's swap form shows before any coins are sent may be recorded as a dated Squaby check.

The score is not a guarantee of safety, not a recommendation and not financial advice. A high score does not mean that a swap will go smoothly. When you send coins to a swap provider, you trust it with them until the payout is sent, whatever the provider calls its service. A swap can be stopped for an identity or source-of-funds check, and what happens to your coins then depends on the provider's rules and on the law. A quote is not a promise of the final amount unless the provider offers a fixed rate; read its rules before you send anything.

How a score is calculated

1. 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.
2. The points for that fact are calculated from the published point rule. Points are never typed in by hand.
3. Each category score is the points earned divided by the points that could be assessed in that category, times 100.
4. The total is the weighted average of the category scores, using the category weights below.
5. The total is rounded to a whole number (half up) for display, and the class is taken from that rounded number.

Categories and weights

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 rankings

Evidence coverage is the share of the possible points that could be assessed, weighted like the score. A swap provider is ranked only when its coverage is at least 80%. Providers below that are shown without a score or a place.

The criterion "Squaby hands-on test" carries 2% of the coverage. Without a documented hands-on test, the highest possible coverage is 98%. No swap provider on Squaby has had a documented hands-on test yet, because Squaby makes no swaps.

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 Squaby check of a swap form or a hands-on test needs a dated description of what was seen or done 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, such as a company register or a regulator’s register.
• Stated by the provider: The provider’s own terms, policies and help pages. They show what the provider says; Squaby did not confirm it independently.
• Independent report: A report by an independent third party, such as an audit, a penetration test or a researcher’s report.
• Public reports and the provider’s announcements: Reports by reputable media together with the provider’s own announcements. Used only for security incidents and legal actions.
• Checked by Squaby on the provider’s site (no swap made): A check that a Squaby reviewer made and documented on a stated date, such as what the provider’s swap form shows before any coins are sent (no swap is made), or a hands-on test with a real swap.

Registrations and licences and Operator identified earn points only when the fact is confirmed in an official register or public record. A licence or a company identity that a provider claims but that cannot be found in a register earns nothing.

Squaby reads the provider's international site and English pages where they exist and records which regional version of a page was seen.

Rules for swap providers

• Squaby records the site address that was checked and the date of the terms that were in force on the check date.
• What the swap form shows before any coins are sent, such as the estimated amount, the minimum, the fixed-rate option, warnings for coins that need a memo and a refund address field, may be recorded as a dated Squaby check. Squaby starts no swap, sends no money and enters no real wallet address for this.
• The score does not reward or penalize whether a provider asks for identity checks. It scores whether the rules for such checks are published, and what the provider says happens to your coins when a check ends without a swap. For identity and source-of-funds checks only the provider's own published policy, terms and help pages count. Complaints on review sites, forums or social media are not evidence for any criterion.
• Fund-loss incidents, data breaches and enforcement actions are counted for the last 5 years before the check date. Sources are the provider's own statements, the researchers' and regulators' own reports and official registers; media reports only show that an incident happened. Losses caused by phishing, by fake sites that copy the provider, or by a wrong address or network entered by the user are not counted as the provider's incidents; a review may still describe them.
• Only registrations and licences of the entity that provides the swap service under the provider's terms count. A registration of another group company, or of a partner in one country, does not.
• Supported assets are counted as networks (blockchains) on the provider's official asset list. Tokens on a network are not counted separately, because token counts are not comparable.
• Paid register extracts are not used. A fact that only a paid register shows is not assessed.

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 shows a notice that the information may be out of date.

What is not scored

Only the 41 criteria below count. Anything else does not change a score, for example:

• The rate level and the spread against market prices. Rates change by the second and depend on the coin pair, the amount and the time; only how clearly the provider explains its fees and rates counts.
• Whether the provider asks for identity checks at all.
• The number of tokens, because token counts are not comparable; networks are counted instead.
• Other products of the same company, such as buying crypto with a card, wallet apps, business products and loyalty or cashback features.
• Who owns or invests in the provider.
• Popularity, swap volume claims and user reviews or ratings on review sites.
• Whether Squaby has a partner link with the provider.

All criteria and point rules

The 41 criteria with their rules and points, by category. Open a category to see its criteria.

• ▸Funds safety and track recordWeight 25% · 7 criteria

  • Custody during the swap explainedup to 15 points

    Rule: The terms or help pages state that the provider receives and holds the deposited coins until the payout is sent: 15 points. Not stated, or the service is described as never holding the user’s coins: 0.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Fund-loss incidents (last 5 years)up to 25 points

    Rule: No incident in which users lost funds because of a flaw or breach at the provider: 25 points. Incident, cause fixed and affected users compensated: 15. Fixed, losses not compensated: 8. Not fixed or not explained: 0. Losses from phishing, fake sites copying the provider or a wrong address or network entered by the user are not counted.

    Exactly one row applies.

    Finding	Points
    No incident with user losses	25
    Incident, cause fixed, users compensated	15
    Incident, cause fixed, losses not compensated	8
    Incident, cause not fixed or not explained	0

  • Customer data breach (last 5 years)up to 10 points

    Rule: No reported breach of customer personal data: 10 points. A breach that the provider disclosed itself: 5. A breach known only from third parties: 0.

    Exactly one row applies.

    Finding	Points
    No reported breach	10
    Breach disclosed by the provider	5
    Breach known only from third parties	0

  • Years in operationup to 10 points

    Rule: Full years since the swap service started (or the company was founded, if the start is not stated), at the check date. 8 or more: 10 points. 5 to under 8: 6. 2 to under 5: 3. Under 2: 0.

    Exactly one row applies.

    Finding	Points
    8 or more years	10
    5 to under 8 years	6
    2 to under 5 years	3
    Under 2 years	0

  • Independent security auditup to 15 points

    Rule: An independent security audit or penetration test of the provider’s systems, published within the last 3 years: 15 points. Older than 3 years: 7. None published: 0.

    Exactly one row applies.

    Finding	Points
    Published within 3 years	15
    Published, older than 3 years	7
    None published	0

  • Vulnerability disclosureup to 10 points

    Rule: 5 points each: a published disclosure policy or security contact; a bug bounty programme with published rules.

    The points of every feature found are added up.

    Feature	Points
    Published disclosure policy or security contact	5
    Bug bounty programme with published rules	5

  • Protections against sending to the wrong placeup to 15 points

    Rule: 5 points each: the payout address is checked for the selected network’s format before the swap is created; a memo or tag field with a warning is shown for coins that need one; the user can enter a refund address.

    Note: May be recorded from a dated Squaby check of the provider’s swap form. No swap is made.

    The points of every feature found are added up.

    Feature	Points
    Payout address checked for the network’s format before the swap	5
    Memo or tag field with a warning for coins that need one	5
    The user can enter a refund address	5

• ▸Checks, holds and refundsWeight 20% · 6 criteria

  • Check policy publishedup to 15 points

    Rule: A published AML / KYC policy that applies to the swap service: 15 points. Whether the provider asks for identity checks at all is not scored.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • When a swap can be stoppedup to 15 points

    Rule: The policy or terms state in which cases a swap can be stopped for a check (for example a risk signal from blockchain screening, an amount threshold or a sanctions match): 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • What a check asks forup to 10 points

    Rule: The provider states what the user may be asked to provide in a check (identity document, source of funds and so on): 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Time limit of a checkup to 15 points

    Rule: The provider states a time limit or a typical time for completing a check once the user has sent what is asked: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Outcome when a check ends without a swapup to 20 points

    Rule: A refund to the user is stated as the outcome when the user declines or does not pass a check, apart from cases where a law or an authority order requires the funds to be held: 20 points. A refund only at the provider’s discretion: 8. Not stated, or the provider may keep the funds beyond what a law or an authority requires: 0.

    Exactly one row applies.

    Finding	Points
    Refund stated as the outcome	20
    Refund only at the provider’s discretion	8
    Not stated, or the provider may keep the funds	0

  • Refund rules for failed swapsup to 25 points

    Rule: 5 points each for a published rule on what happens when: the amount sent is below the minimum; the amount is above the maximum or the limits; the wrong coin or network was sent; the rate moved beyond the stated tolerance, or a fixed rate expired before the deposit arrived; the payout fails.

    The points of every feature found are added up.

    Feature	Points
    Amount below the minimum	5
    Amount above the maximum or the limits	5
    Wrong coin or network sent	5
    Rate moved beyond the tolerance, or a fixed rate expired	5
    Payout fails	5

• ▸Rates and fees transparencyWeight 15% · 6 criteria

  • Service fee explainedup to 25 points

    Rule: The provider states its service fee as a figure (a percentage or a range): 25 points. It states that the fee is included in the rate, without a figure: 10. Not stated: 0. The rate level itself is not scored.

    Exactly one row applies.

    Finding	Points
    Service fee stated as a figure	25
    Fee said to be included in the rate, no figure	10
    Not stated	0

  • Network fee explainedup to 15 points

    Rule: The network (miner) fee of the payout is shown or explained separately from the service fee: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Amount to receive shown firstup to 15 points

    Rule: The swap form shows the estimated amount the user will receive before the user sends anything: 15 points.

    Note: May be recorded from a dated Squaby check of the provider’s swap form. No swap is made.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Fixed-rate optionup to 20 points

    Rule: A fixed-rate option is offered, with the time the quote stays valid: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Floating-rate rulesup to 15 points

    Rule: For floating rates, the provider states when the final rate is set (for example when the deposit is confirmed) and what happens if it moves: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Limits shown firstup to 10 points

    Rule: The minimum (and the maximum, if there is one) is shown before the user sends anything: 10 points.

    Note: May be recorded from a dated Squaby check of the provider’s swap form. No swap is made.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

• ▸Regulation and transparencyWeight 15% · 6 criteria

  • Registrations and licencesup to 30 points

    Rule: Only with an official register as the basis. Virtual-asset or money-service registrations or licences of the entity that provides the swap service, found in official registers. Two or more jurisdictions: 30 points. One: 20. None found: 0. A registration is not always supervision.

    Note: Earns points only when the fact is confirmed in an official register or public record.

    Note: Only registrations and licences of the entity that provides the swap service under the provider’s terms count. A registration of another group company or of a partner in one country does not. A registration is not always supervision.

    Exactly one row applies.

    Finding	Points
    Two or more jurisdictions in official registers	30
    One jurisdiction in an official register	20
    None found in official registers	0

  • Operator identifiedup to 20 points

    Rule: Only with an official register as the basis. The operator’s legal entity name, registered address and company number are published on its site and match an official company register: 20 points.

    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 actions (last 5 years)up to 20 points

    Rule: No enforcement action by a regulator or authority against the operator found: 20 points. Only concluded actions: 10. An open action: 0.

    Exactly one row applies.

    Finding	Points
    No enforcement action found	20
    Only concluded actions	10
    An action is open or unresolved	0

  • Terms and privacy policyup to 10 points

    Rule: Terms of use and a privacy policy are published and dated: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Restricted countriesup to 10 points

    Rule: A list of countries or regions where the service is not offered is published: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Complaint procedureup to 10 points

    Rule: A complaint procedure is published (how to complain and what happens next): 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

• ▸Assets and networksWeight 10% · 4 criteria

  • Supported networksup to 30 points

    Rule: Networks (blockchains) on the official asset list, or the provider’s own stated number if the list has no network column. Tokens are not counted separately. 50 or more: 30 points. 25 to 49: 20. 10 to 24: 10. 5 to 9: 5. Under 5: 0.

    Note: Networks are counted on the provider’s official asset list. If the list names no networks, the provider’s own stated number is used and the review says so.

    Exactly one row applies.

    Finding	Points
    50 or more networks	30
    25 to under 50 networks	20
    10 to under 25 networks	10
    5 to under 10 networks	5
    Under 5 networks	0

  • Major assetsup to 25 points

    Rule: 5 points each for support of the five assets fixed in version 1.0: BTC, ETH, XRP, BNB, SOL.

    The points of every feature found are added up.

    Feature	Points
    BTC	5
    ETH	5
    XRP	5
    BNB	5
    SOL	5

  • Stablecoinsup to 20 points

    Rule: 10 points each: USDT; USDC.

    The points of every feature found are added up.

    Feature	Points
    USDT	10
    USDC	10

  • Asset list publishedup to 25 points

    Rule: A public list of supported assets that names the network of each asset: 25 points.

    Exactly one row applies.

    Finding	Points
    Yes	25
    No	0

• ▸UsabilityWeight 10% · 6 criteria

  • No account needed for a swapup to 20 points

    Rule: A swap can be made without creating an account: 20 points. This is about sign-up, not about checks.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Swap status pageup to 20 points

    Rule: Each swap has a status page (for example by swap ID) that shows its stages and the transaction hashes: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Interface languagesup to 15 points

    Rule: Languages of the provider’s swap site. 10 or more: 15 points. 5 to 9: 10. 2 to 4: 5. One: 0.

    Exactly one row applies.

    Finding	Points
    10 or more languages	15
    5 to under 10 languages	10
    2 to under 5 languages	5
    Under 2 languages	0

  • How-to guideup to 15 points

    Rule: An official step-by-step guide for making a swap: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Own mobile appsup to 10 points

    Rule: 5 points each: iOS; Android (apps made by the provider that offer the swap).

    The points of every feature found are added up.

    Feature	Points
    iOS app	5
    Android app	5

  • Squaby hands-on testup to 20 points

    Rule: Only as a documented Squaby test with a real swap (a reviewer made a swap and kept notes): 20 points. Not assessed while Squaby makes no swaps.

    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	20
    No	0

• ▸SupportWeight 5% · 6 criteria

  • Support channelsup to 30 points

    Rule: 15 points each: live chat; ticket or email.

    The points of every feature found are added up.

    Feature	Points
    Live chat	15
    Ticket or email	15

  • Support hoursup to 15 points

    Rule: Support is stated to be available 24/7: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Help centerup to 15 points

    Rule: A searchable help center: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Scam warningup to 20 points

    Rule: An official page that lists the provider’s real domains and apps or warns against fake sites and fake support accounts: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Response targetup to 10 points

    Rule: A stated support response time: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Status pageup to 10 points

    Rule: A public status page for the provider’s services, or a public list of coins whose deposits or payouts are paused: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

Independence

• Providers do not see their score before it is published.
• No provider 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. Squaby lists ChangeNOW on its crypto swap page, and its link there is a partner link when Squaby has one for it.
• Squaby has not made swaps with the providers it scores.
• The reviews are written by Squaby. They are not produced, reviewed or approved by the providers.

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 swap provider is scored again.

• October 23, 2026 · version 1.0First version: 41 criteria in seven weighted categories, class limits, the evidence coverage rule for the ranking and the out-of-date notice.

See the providers

The swap providers are listed on the crypto swap provider page. 1 swap provider review shows a score. Using crypto involves risk of loss; see the Risk Disclaimer.