Forbes has released its annual ranking of the most reliable cryptocurrency exchanges, analyzing over 200 platforms based on regulatory compliance, transparency, asset security, and trading volumes. Here are the top performers.
Top Exchanges
CME Group retained its top position as one of the largest regulated futures exchanges, handling $1.4 trillion in institutional trading volume in 2024. Among retail platforms, Coinbase leads the list, holding 2.4 million BTC worth $245 billion while maintaining its status as the only publicly traded crypto exchange in the U.S.
Other notable platforms in the ranking include:
- Bitstamp – A European exchange known for its stability and regulatory licenses.
- Binance – The world’s largest exchange by trading volume, processing $5.1 trillion in transactions in 2024. It re-entered the ranking after resolving regulatory issues, though new challenges loom.
- Robinhood – One of the most popular fintech platforms for retail investors. In 2024, it acquired Bitstamp, and its crypto assets grew to $15 billion.
- Kraken – A U.S.-based exchange holding $30 billion in client funds and expanding its derivatives offerings.
- Gemini – The Winklevoss twins’ exchange, maintaining licenses in Europe and Singapore despite staff reductions in 2024.
- Bybit – The second-largest derivatives trading platform after Binance, with daily trading volumes reaching $8.2 billion in January 2025.
- Fidelity Digital Assets – A division of the major U.S. fund Fidelity, managing $35 billion in digital assets.
- OKX – A major exchange with licenses in Dubai, Singapore, Australia, and France, holding $15 billion in client assets.
Exchanges That Lost Their Positions
- HTX (formerly Huobi) fell in the rankings due to a lack of transparency regarding its ultimate ownership and a 45% drop in trading volume over the year.
- Bitfinex and Bitpanda failed to keep up with more transparent competitors and were left out of the top 10.
- Crypto.com saw a 30% decline in trading volume, and its European licensing process has been slow.
Regulation Matters More Than Fees
Since the collapse of FTX in 2022, asset security has become the top concern for crypto traders. According to Forbes research, 68% of traders now prioritize regulation when choosing an exchange, compared to just 32% who focus on trading fees.
Regulators worldwide are tightening their grip on crypto platforms:
- Europe: MiCA regulations (effective 2025) will require exchanges to maintain 100% user asset reserves.
- U.S.: The SEC and CFTC have tightened oversight, restricting trading of non-registered assets.
- South Korea: KYC and AML rules have led exchanges like Upbit and Bithumb to enhance user verification processes.
Key Trends for Crypto Exchanges in 2025
Industry experts predict the following trends:
- Consolidation – Robinhood’s acquisition of Bitstamp could signal a wave of mergers and acquisitions.
- Institutional Focus – Fidelity, CME Group, and Coinbase are increasingly catering to corporate clients.
- Derivatives Growth – Bybit, OKX, and Binance continue to dominate crypto derivatives trading.
- Stronger Regulations – MiCA and SEC laws will increase transparency but may force smaller exchanges out of the market.
Read the full report here.
Previously:
- Crypto Market 2025: Seven Predictions from Forbes
- Crypto.com to Delist USDT and 9 Other Tokens in Europe — What It Means for Users
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.