The 2022 Forbes Fall Crypto Exchange Survey is now accepting nominations. Building on the success of the Forbes’ Spring 2022 ranking of 60 crypto exchanges, the list will compare the financial firms that most investors trust to access tens of billions of dollars in crypto holdings and derivatives across 10 categories. Our top-ranked exchange last Spring was Coinbase (Nasdaq: COIN), one of the largest exchanges globally, which reported 98 million verified users on its books, $256 billion in client assets and scored 8.6 out of 10.
In a world with more than 800 financial firms, the semi-annual Forbes crypto exchange rankings are becoming the best way for investors to confidently distinguish the new and riskier exchanges from the more seasoned, prudent ones. We note, however, that not every novice market is equally risky, as our first report showed, and not every seasoned exchange was entirely prudent.
Lessons from our first ranking
Our maiden voyage ranking crypto exchanges successfully merged what is known about these firms from several sources and added Forbes’ expertise analyzing financial firms. We poured over exchanges’ self-reported information, client reviews from the likes of TrustPilot and app users, cyber defense sophistication tests from security consulting firm Hacken, and web metrics from leading analytics firm SimilarWeb. We also tracked which exchanges received outside financial backing and which have been vetted by capital markets professionals. When firms take on outside capital they also tend to (or are required to) adopt sound internal controls–which can be a good sign for investors. This investigative approach is how our 10-category methodology was born.
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If regulatory compliance is a hallmark of the Forbes rankings, so is our methodology’s inclusivity. The initial ranking survey included 14 traditional financial-services firms like PayPal, Block’s CashApp, and Robinhood because of their extensive reach and ability to let clients buy and sell crypto. We also included traditional markets like CME Group and LMAX Exchange, two heavily regulated, high-volume firms that cater to institutional buyers and sellers of some of the largest cryptocurrencies by market cap, at comparatively low costs.
What’s new this time around?
As daily crypto trading activity decreased by 66% in early August from June and big names like Celsius Network and Voyager Digital have filed for bankruptcy, such measurement and ranking is more consequential than ever. A series of new, expanded features will make it easier to track down, insolvent, zombie crypto exchanges and those falsely claiming regulatory compliance next time around.
With the Fall 2022 survey, the Forbes crypto exchange rankings will include more input from the firms being ranked and a greater focus on solvency. We are asking the questions the crypto industry wants us to ask to make more informed decisions. These now include who owns the exchanges, how workforces and clients are distributed globally, and important internal practices such as when financial statements were audited.
Exchanges are at a key juncture of their development and face considerable headwinds. Forbes has reported how a combative U.S. Securities and Exchange Commission is investigating every American crypto exchange and presumably intends to treat most digital assets as securities. Meanwhile, investors no longer feel as confident having exchanges function as custodians of their wallets and are publicly endorsing the use of third parties or self-custody. A migration to the stronger exchanges or off exchanges altogether may be under way.
We believe that one of the best things financial intermediaries can do in times like this is to earn trust by being open, truthful and accountable. We hope crypto holders will encourage their favorite exchanges to participate in the upcoming Forbes Fall 2022 ranking.
We also ask all crypto exchanges and firms providing buy/sell crypto services to the retail public to participate in this critical study and to do so by requesting a survey link from Javier Paz, jpaz@forbes [.com] before the August 17 cutoff.
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August 09, 2022 at 03:26AM
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The Best Crypto Exchanges - Forbes
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