Scoring of a Cryptocurrency Exchange: How to Hold Top Positions in the Rankings

1. CoinGecko

  • Normalized-Reported Volume Ratio (NRR).
  • Average Bid-Ask Spread (collected by API) across all trading pairs traded within the last hour. The lower average bid/ask spread, the more liquid an exchange.
  • Active Trading Pair Ratio or ATR (collected by API). It measures trading activity and shows actively traded pairs in the last hour against actively traded pairs in the last 24 hours, where higher ATR will indicate more liquidity on the exchange.
  • Trading Pair Trust Score (collected by API). A high score of trading pairs with a Green sign in front of it indicates more liquid exchange.
  • Normalized Volume Percentile. Exchanges are ranked with regards to benchmark based on normalized trading volume, obtained in section 1.1
  • Normalized Depth Percentile. The points for this criterion are given based on an exchange’s order book depth relative to all other exchanges, which are normalized using the NRR, obtained in section 1.1
  • Tickers (latest price and 24 hours rolling volume for all traded pairs)
  • Historical Trades (historical trade data for any pair)
  • Order Book
  • Candlestick/OHLC
  • Web Socket API (live trades and order book data)
  • API Trading
  • Public Documentation
  • Product & infrastructure, namely servers, front-end and web services. It checks availability of programs such as Server Security, DNS SEC, Firewalls, Spam Protection and others.
  • Users accounts. It evaluates the existence of 2-factor authentication (2FA), Password Policies, Captcha, Phishing protection and other.
  • Hack cases & bug bounty programmes. Hacken, a cybersecurity firm partnered with CoinGecko, analyzes hack cases and the availability of bug bounty programmes for vulnerability disclosures.
  • Trade history analysis
  • API quality analysis
  • Hot & Cold wallet analysis
  • Social Media analysis
  • Exchange support turnover time
  • User Reviews
  • Licensing & Regulations

2. CoinMarketCap

  • Above 6.0 — Good
  • 4.0 to 6.0 — Average
  • Below 4.0 — Poor
  • N/A — Insufficient data points for a score.
  • Pageviews (20%)
  • Unique visitor count (15%)
  • Bounce rate (10%)
  • Time-on-site (5%)
  • Relative ranking (25%) — gathered through Alexa’s relative ranking
  • Keyword searches (25%) — tracked through the search engine ranking of exchanges for a select pool of keywords (e.g. “cryptocurrency exchange,” “bitcoin exchange,” “cryptocurrency trading,” etc.)


Read more:

  1. “Exchange Ranking”. CoinMarketCap, Access Date: April 18, 2022
  2. Jin, S. “Trust Score Algorithm Update: Incorporating Hacken’s CyberSecurity Score”. CoinGecko, July 01, 2020
  3. Jin, S. “Trust Score Algorithm Update: Incorporating Team Presence & Incidents”. CoinGecko, November 13, 2020
  4. Jin, S. “Trust Score Explained”. CoinGecko, March 05, 2020
  5. Jin, S. “Trust Score 2.0: CoinGecko Updates Trust Score to Improve Exchange Transparency”. CoinGecko, September 10, 2019
  6. Ong, B. “CoinGecko Introduces “Trust Score” to Combat Fake Exchange Volume Data”. CoinGecko, May 13, 2019



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store