Popular cryptocurrency exchange Coinbase has been ranked as the top exchange in the world by research firm CryptoCompare, surpassing Gemini, Bitstamp, and Binance. Coinbase was given an AA rating and an overall score of 89.11 based on an assessment of a range of criteria, including the quality of traded assets, security, and transaction risks.
Out of more than 140 exchanges from the list, only four received an AA rating. Eleven of them received an A rating, including Kraken and FTX, while the rest received lower ratings.
Coinbase was founded in 2012, and for the past decade, it has worked on building trust with both customers and regulators and financial institutions. Vishal Gupta, the head of Coinbase Exchange, reminded users that “Coinbase Exchange provides global access to one of the deepest pools of liquidity of a regulated crypto spot exchange on over 165 assets.” Gupta added that experts at Coinbase were dedicated to implementing “scalable innovation, risk management, and proactive security measures.”
The Coinbase exchange is now available in more than 100 countries and has so far served over 89 million customers. It plans to expand its reach even further in the coming years.
CryptoCompare established its Exchange Benchmark in 2019. Since then, there have been many changes in the industry. What has then been a completely unregulated sector is now seeing more and more exchanges implementing anti-money-laundering procedures and increasing compliance. In the words of co-founder and chief executive officer at CryptoCompare Charles Hayter, “Back then, many exchanges had sub-par security standards, poor trade execution as a result of low liquidity, and scarce regulatory oversight, all of which created unnecessary risk for investors.”
As the industry matures, it is to be expected that more reliable and safe exchanges like Coinbase will be awarded the highest rating.