1. Three numbers that are kept separate
The top of every profile shows the Regulation Score in bold, followed by the Trust Index and the Offering Index. We keep them apart deliberately. An exchange with low fees and hundreds of coins could otherwise "buy back" a missing licence in a single average. The Regulation Score is never averaged with the Offering Index, and the colour bar uses a single blue scale rather than a traffic light. The full rubric is on the methodology page.
| Number | Scale | Measures | Does not measure |
|---|---|---|---|
| Regulation Score | 0-10 | Licences actually held (tier, status, scope), minus penalties for warnings and revocations. | Fees, product range, or user experience. |
| Trust Index | 0-10 | Track record: regulation, incident history, proof of reserves, withdrawal reliability, transparency. | Whether the exchange is cheap or has many coins. |
| Offering Index | 0-10 | What you get: fees, asset coverage, fiat methods, support, payout speed. | Safety. A high Offering Index can sit next to a low Regulation Score. |
Remember: Read the Regulation Score first and the Offering Index last. A great offering does not make up for a missing licence. Our scores describe facts and are not recommendations.
2. Listing status: Listed, Links restricted, Info only
We list exchanges regardless of their licence status so that you can check the facts. What changes is how we present them. The status is derived automatically from published deal-breaker codes (DB-A and DB-B), and the reason is shown in the notice box on the profile.
| Status | Internal code | Meaning | Tag |
|---|---|---|---|
| Listed | listed | No deal-breaker found. Full profile; a neutral or partner link may be shown. | |
| Links restricted | listed_restricted | A B-level deal-breaker applies, for example no active licence, an active regulator warning, recurring withdrawal complaints or an unclear operating entity. A caution box explains why. | |
| Info only | info_only | An A-level deal-breaker applies: sanctions, fraud proceedings, unresolved insolvency, a confirmed scam, or paused or defunct operations. Scores are frozen and there is no link. |
3. What the tags mean
Tags are generated from the profile data by fixed rules, so the same facts always produce the same tags. These are the ones you will see most often:
| Tag | Meaning |
|---|---|
| hack history | At least one recorded security breach. Check the incident log for date, amount and whether users were made whole. |
| withdrawal issues | A withdrawal freeze within the last 24 months, or recurring or systemic complaints. |
| regulator warning | At least one regulator has publicly warned about this provider. |
| unlicensed | No active licence that we could verify. |
| no proof of reserves | No published reserve attestation, or the method is "none". |
| high leverage | Maximum leverage above 50x. |
| blocks US users | US residents are excluded by the provider. |
| tos-only block | Countries are excluded in the terms, but no technical enforcement was observed. The terms still apply to you. |
| no KYC | Trading is possible without identity verification. This usually means weak or no regulation, not extra freedom. |
| MiCA licensed | Holds an active MiCA CASP licence in the EU. |
| The scheduled review date has passed, so treat the values with extra caution. |
4. Geo-availability, Country Context and known downsides
The Geo-restrictions box shows the enforcement level (none, tos_only, ip_block, kyc_block) and the list of excluded countries. If you set your country in theCountry Context, the profile adds a tag such as "not available in DE" and a red notice whenever the provider's terms exclude your residence. Chapter 38 explainshow exchanges enforce geo-restrictions. We do not publish workarounds.
Known downsides lists documented weaknesses together with their severity: slow support, limited fiat options, past incidents, unclear corporate structure. Every profile has this section by design. If it looks short, check the Sources & verification block and the review date before you trust it.
Exercise: spot three differences
Open /exchanges/kraken/ and/exchanges/example-offshore/ side by side. Write down at least three differences. Compare:
- the Regulation Score and the Regulation box (which licences, which tier),
- the listing notice at the top (is there one, and what reason does it give?),
- the geo tags and the enforcement level,
- the KYC requirement and the maximum leverage,
- proof of reserves and the "Known downsides" section.
Then ask yourself: if the offshore profile had a higher Offering Index, would that change anything about the risk to your deposit?
5. When this fails
A profile is a snapshot of verified facts. It is not live monitoring. Exchanges can lose a licence, pause withdrawals or change their country lists between reviews, so watch for the tag and the "Next review" date. Self-reported values, such as the cold-storage share, are labelled as such and cannot be audited by us. A missing tag means "not found in our sources". It does not mean "proven absent".
Risk: No score protects your deposit. Even a top-scored, fully licensed exchange can be hacked or fail. Keep only what you actively trade on any exchange and verify the current facts before each deposit.