We’re pleased to announce the launch of our new cryptocurrency exchange rating system. An accurate and impartial exchange rating system is long overdue. We were surprised when we looked around the crypto industry and saw that there wasn’t a professional and dedicated system designed to protect people from bad exchanges. When we saw this lack, we decided to draw on our experience rating ICOs/STOs and develop a similar system for exchanges.
Why is it important to have an exchange rating system?Too many of the current cryptocurrency exchanges have experienced hacks or have presented users with problems such as difficulty in withdrawing funds or bad customer service. This sort of experience can scare new members of the community away from cryptocurrency for good. Just as we felt we had a responsibility to let people know about ICO/STO scams, we also feel it’s important to shine a light on both the bad and the good in crypto exchanges.
Why Cointelligence?We feel as though we are uniquely positioned to provide a fair and accurate system for rating cryptocurrency exchanges, due to our previous experience rating ICOs and STOs. Over the past year, we have demonstrated that nothing and no one can change our ratings, other than factual proof of improvements (or the opposite). Our team of anonymous ICO/STO raters includes three levels of quality control: the rater, their supervisor, and the head of research. This combination of anonymity and fact-checking protects our ratings from both bias and error. We’ll be bringing this same level of integrity to our exchange ratings. In addition, Cointelligence has been entirely self-funded from day one, which protects us from being influenced by outside agendas.
Our rating criteriaOver time, we intend to continue to expand this list of criteria to create an ever more robust cryptocurrency exchange rating system. To start with, our ratings will be based on:
- Accessibility and Usability – We create an account to determine if the exchange is user-friendly and accessible. After assessing the account creation process, we look into other aspects, such as methods of payment, and the quality and speed of customer support.
- Financial benefit – First, we do some calculations to estimate how much a user can benefit from using this exchange. Then we consider other financial criteria, such as commissions, trading volume, amount of markets and tokens available, fiat currency support, and of course, which types of insurance are provided and how much they cover.
- Team – As with rating ICOs and STOs, we pay careful attention to an exchange’s team. Do we feel like they can sustain and protect their exchange? How much experience does the CEO have? Do they have anyone with an extensive background in fraud prevention and risk management?
- Risk – Our risk assessment process involves looking at whether the site has experienced any hacks or other attacks, how robust their insurance system is, their regulatory compliance, security protocols, and the withdrawal process.