How IndexFair scores crypto exchanges
The same independent principles as every IndexFair rating, applied to FCA-registered crypto exchanges — with a market-specific aspect set and the regulatory regime stated plainly.
What a score means
Every IndexFair score is a single number from 0 to 10, attached to one exchange, in one country. It is the deterministic output of a versioned formula: given the same inputs and the same methodology version, the same number reproduces. Each score carries a ± confidence interval and a percentile against its market; below a minimum effective sample we withhold the number rather than publish one at low confidence.
Evidence floors are not the only publication gate. A number also requires the market legal perimeter to permit it, and the category methodology to be certified or published under a disclosed transitional certification basis while certification completes.
The scoring blocks
v2.1 · United Kingdom · A / B / CA crypto-exchange score is a three-block composite — regulatory facts, aggregated user experience, and operational signals:
| Block | Composite weight | What it captures |
|---|---|---|
Block ATrust & Compliance | 35% | Regulatory facts: the brand’s FCA cryptoasset registration status, verified against the FCA register. |
Block BUser Experience | 40% | Aggregated user-review signal across the nine exchange aspects below, with fake-review filtering, time decay, and Bayesian confidence applied. |
Block COperational & Corporate | 25% | Observable operational signals: cross-source divergence, support responsiveness, and complaint-response patterns. |
Block A · regulatory standing
The regulatory standing block is a fact, not an opinion: whether the brand is on the FCA cryptoasset register. The cryptoasset register is an anti-money-laundering registration, not a conduct or suitability approval. IndexFair counts a brand's presence on it as one regulatory signal; once the FSMA regime takes effect (25 Oct 2027) an FSMA authorisation will count as the same signal. The regime is surfaced as context on each exchange page, not turned into a tier ranking.
The US has no single national licence register, so a US exchange's Block A is graded by the strongest regulatory instrument it actually holds, on three tiers:
- NYDFS BitLicense or limited-purpose trust charter~9.8
- FinCEN MSB registration + at least one state money-transmitter licence~7.0
- FinCEN MSB registration only~5.5
US crypto regulatory tiers measure licensing instruments only. FinCEN MSB registration is a federal filing, not a fitness approval; its absence for an entity serving US custodial customers is the meaningful red flag. A brand can hold a licensing tier while also carrying separate enforcement or conduct history, which is surfaced separately and does not turn the licensing tier into a clean bill of health.
Aspects and weights
v2.1 · United Kingdom · Block B · Σ 100%Block B aggregates genuine user reviews across nine exchange aspects. The weights below are the per-aspect composition of the User Experience block:
| Aspect | Weight | What it measures |
|---|---|---|
| Fiat payouts | 18% | Reliability and speed of withdrawing fiat back to a bank — completion rate, delays, and frozen-withdrawal reports. |
| Security track record | 18% | History of hacks, fund losses, and how the exchange handled them. Review-derived at launch; on-chain proof-of-reserves is a planned input, not yet wired. |
| Fees transparency | 12% | Whether trading, spread, and withdrawal fees are disclosed up front and match what users are actually charged. |
| Support quality | 12% | Response latency and resolution rate for account, withdrawal, and verification issues. |
| KYC friction | 10% | Proportionality and reliability of identity verification — stuck or repeated KYC, document rejections, account lockouts. |
| Fiat ramps | 8% | Range and reliability of deposit and withdrawal methods (bank transfer, card, local rails) available in the user’s country. |
| Asset breadth | 7% | Range of tradable assets and pairs relative to what users report wanting. |
| Regulatory compliance | 10% | User-reported conduct consistent with the exchange’s regulatory obligations — distinct from the Block A registration check above. |
| Platform UX | 5% | Onboarding friction, app and web reliability, and how the trading interface feels to use. |
Sources
v2.1 · United Kingdom · signalsEvery score is built from genuine user reviews and observed facts. The mix below is the backbone of our coverage, not an exhaustive list — we deliberately don't publish every source we read: a score whose full input list is public is a score that can be flooded to order.
Written user reports of deposits, withdrawals, verification, and support — read for the substance of each report, never the headline star rating.
Unsolicited community reports, retained as aggregate signals after provenance and quality checks.
The brand’s registration status, verified directly against the regulator — the factual backbone of Block A.
On-chain reserve and solvency evidence is a planned input for the security track record; it is not yet wired into the score.
What we do not do
- We do not accept brand payment to alter, reorder, or suppress scores.
- We do not surface review text verbatim — aggregate metrics only.
- We do not promote brands by ranking position. Order is computed; placement is not for sale.
- We do not use marketing language. Words like "the best", "leading", "trusted" do not appear.
- We do not recommend a brand by name in editorial copy.
Upcoming crypto leaves
This page covers the crypto exchange leaf. Wallet and DeFi ratings follow the same principles with their own aspect sets and will be documented here as those leaves go live.