Token Metrics research snapshot
What to know before choosing an exchange
This page explains how Token Metrics reviews crypto exchanges and keeps decision pages refreshed as fees, region availability, and products change.
- Last reviewed: July 1, 2026
- Review model: Token Metrics crypto exchange methodology
- Disclosure: Token Metrics may earn compensation from partners or sponsors in the future. Editorial scores and rankings are based on the methodology below, not payout. No exchange placement on this page should be read as investment advice or a guarantee of safety, uptime, liquidity, or returns.
Compare your exchange research with Token Metrics signals Read Daily Pulse free
TM Exchange Methodology
6-factor score
July 2026
Example exchange score tiles
Strong Fit
Kraken
Strong fit for users who want security depth, advanced trading tools, and a lower-fee exchange profile.
Beginner Fit
Coinbase
Strong fit for users who want a beginner-friendly exchange, regulated U.S. access, and simple crypto buying.
Custody Fit
Gemini
Strong fit for U.S. users who prioritize compliance, custody controls, and a clean buying workflow.
Quick answer: Token Metrics rates crypto exchanges with a 100-point model that prioritizes security, fees, liquidity, assets, user fit, funding, availability, and support. Scores are editorial tools, not guarantees.
Objective inputs vs editorial judgment
The Token Metrics score is not a pay-to-rank list and not a black-box claim of precision. It combines verifiable public inputs with a consistent editorial rubric so readers can compare exchanges using the same criteria.
| Input type | How it is used | Examples |
|---|---|---|
| Objective source-backed inputs | Used as the factual base of the score. | Published fee schedules, legal/licensing pages, security/trust documentation, region availability, supported assets, funding and withdrawal rules, third-party exchange statistics. |
| Editorial judgment | Used where a direct numeric input would be misleading or incomplete. | Beginner fit, support quality, product clarity, advanced-tool usefulness, relative user fit, and whether disclosures are easy for readers to understand. |
100-point scoring model
| Category | Weight | What we check |
|---|---|---|
| Security / trust | 20 | Security controls, custody claims, public audits/certifications, incident history, licensing disclosures. |
| Fees | 15 | Maker, taker, instant-buy, spread, deposit, withdrawal, conversion, and network-fee disclosures. |
| Liquidity | 15 | Market depth signals, active-trader tooling, and suitability for small vs. larger orders. |
| Asset coverage | 10 | Major assets, stablecoins, token availability, and regional restrictions. |
| Beginner experience | 10 | Onboarding, fee transparency, education, support, and simple buy/sell flow. |
| Advanced trading tools | 10 | Pro interface, APIs, order types, derivatives/margin where applicable and legal. |
| Funding / withdrawals | 10 | ACH, wire, card, PayPal, SEPA, processing times, holds, and withdrawal rules. |
| Regulatory availability | 5 | Supported countries/states and disclosed licenses/registrations. |
| Customer support | 5 | Help center quality, support channels, escalation paths, and transparency. |
How often scores refresh
Exchange decision pages should be checked monthly for fee table, availability, license, disclosure, and security-page changes. Material changes trigger score review and page updates.
Neutral third-party data checks
For liquidity, market breadth, and exchange-market context, Token Metrics cross-checks primary exchange documentation against neutral third-party exchange data where available. These references are used as supporting evidence, not as the sole ranking formula.
Source universe for monthly refreshes
Sources checked
- https://help.coinbase.com/en/exchange/trading-and-funding/exchange-fees
- https://www.coinbase.com/security
- https://www.coinbase.com/legal/licenses
- https://www.kraken.com/features/fee-schedule
- https://support.kraken.com/hc/en-us/articles/360031282351-Is-Kraken-licensed-or-regulated
- https://support.kraken.com/hc/en-us/articles/360000381846-Cash-deposit-options-fees-minimums-and-processing-times
- https://www.gemini.com/fees/activetrader-fee-schedule
- https://www.gemini.com/fees/gemini-fee-schedule
- https://www.gemini.com/security
- https://www.gemini.com/areas-of-availability
- CoinGecko Coinbase Exchange statistics
- CoinGecko Kraken exchange statistics
- CoinGecko Gemini exchange statistics
Affiliate and sponsor policy
Affiliate or sponsor relationships may create compensation, but they do not determine ranking order. Sponsored placements must be clearly labeled and use compliant link attributes.
What scores do not mean
Scores do not guarantee asset safety, platform solvency, regulatory outcomes, uptime, liquidity, or investment returns.
Use Token Metrics before you fund an exchange account
Choosing an exchange is only step one. Token Metrics helps investors research assets, compare market setups, track risk, and decide what deserves attention after the account is open.
More Token Metrics exchange resources
Use these companion guides to compare exchanges from the same methodology, then check fees, safety, and fit before funding an account.
- Best crypto exchanges in 2026
- Best crypto exchanges in the USA
- Crypto exchange fee calculator
- Coinbase review
- Kraken review
- Gemini review
- Coinbase vs Kraken
- Coinbase vs Gemini
FAQ
How does Token Metrics rate crypto exchanges?
Token Metrics uses a 100-point model weighted toward security, fees, liquidity, asset coverage, user experience, trading tools, funding, availability, and support.
Can affiliate compensation change rankings?
No. Compensation may exist, but rankings follow the editorial methodology and source checks.
How often are exchange pages reviewed?
The exchange cluster is designed for monthly checks, with immediate updates when fee, availability, or security disclosures materially change.
