Analysis firm, CryptoCompare recently released the exchange firms ranking report for the period Q4 of 2019. As per the report, the exchange firms were ranked based on various features like their security level, legal compliance, customer service e.t.c. To much delight, itBit ranked as the best exchange for the first time; attaining ‘AA’ grade on the list.
Gemini Exchange who were the previous top position holders during Q3 dropped to the second position on the latest rankings followed by Coinbase Exchange in the third position. However, despite occupying one of the top spots, Coinbase was red-marked due to supposedly “Negative Reports”. On Trustpilot, Coinbase received 1.8 out of 5 stars. In addition, 78% of 1980 reviews awarded Coinbase one star. This is an indication that Coinbase users are not satisfied at all.
However, on matters security, Coinbase ranked as the most secure exchange firm. On the other hand, UpBit and IDAX had very underwhelming scores due to users’ complaints. The poor results might be due to UpBits previous hack and the CEO of IDAX going AWOL back in 2019.
Bitfinex Rises Four Spots
In addition, Bitfinex Exchange climbed up four spots to 7th from 11th previously. However, on the legal compliance front, the firm ranks only above Okex on the top ten list. This does not come with many surprises as Bitfinex faced a number of lawsuits back in 2019. Most of the lawsuits were claims that the firm had manipulated the digital currency market using Tether’s USDT.
Moving forward, out of the 159 exchange firms that were ranked, 48 of them were ranked as ‘top tiers.’ Top tier exchanges refer to those graded B or higher. In addition, about 27% of the previous quarter’s total volume was attributed to these top tiers. C grade exchanges accounted for a mammoth of percentage raking 53.5% valued at $203 billion. In conclusion, Ethermium Exchange was ranked last at 159th with an E grade. The firm moved down one position as it was previously ranked at position 158.