Every score is built the same way
We do not hand out a star rating on a hunch. Each exchange is scored against five weighted pillars, every pillar is graded proportionally to the evidence, and the parts add up to the number you see. The Bybit breakdown further down shows how a 95 is put together.
Most "best exchange" lists give you a star rating with no working shown. The MPF Quality Score is different: it is evidence-weighted and led by the things that decide whether a platform is genuinely good to use, with what it costs you to trade carrying the most weight.
The five pillars
Every exchange we review is scored out of 100, split across five areas. The weightings are deliberately led by cost and product quality, because those are what you live with on every trade. Regulation still counts, but it is not the biggest lever.
Fees & value
30 ptsThe heaviest single pillar. What does it actually cost you to trade, every time?
- Spot and derivatives trading fees, maker and taker
- The spread, and whether it is disclosed
- Deposit, withdrawal and currency conversion costs, and the all-in cost of a real trade
Security & custody
25 ptsHow well are your coins protected, and can the platform prove it?
- Independent certification such as ISO 27001
- Cold storage, multi-signature or MPC custody, and reserve backing
- External audits, penetration testing, and any breach in the platform's history
Product, liquidity & features
20 ptsHow good is the platform itself once you are trading on it?
- Depth of liquidity and speed of execution on major markets
- Range of coins and trading pairs
- Tools that matter: demo mode, recurring buys, bots, margin, mobile app
Track record & reputation
15 ptsHow long has it operated, and what do real users report?
- Years in operation and ownership stability
- Verified review reputation across independent platforms
- Support quality in our own hands-on testing
Regulation & transparency
10 ptsIs the platform accountable and open about how it operates?
- Registration and licensing with the financial regulators that apply to it
- Proof-of-reserves and public disclosures
- Any regulator action on the record
How it's calculated
An evidence-weighted score led by cost. Fees come from each platform's published schedule and our own spread testing, security from certifications and audit disclosures, product quality from hands-on use, reputation from cross-checking independent review platforms, and regulation from the public registers of the financial regulators that apply to each platform. Fees and value carry the most weight because they are what you pay on every single trade.
Grades are proportional to the evidence. A platform earns full marks in a pillar only when the evidence is complete and verifiable. We never dock points for something we have not actually checked, and a paid partnership never changes a score. Where a platform is a paid partner, we say so on the review itself.
What the score means
The number lands in one of four bands. A higher band means the platform is better to use across the five pillars, led by cost. It is not a safety guarantee, crypto never is.
A worked example: how Bybit scores 95
Here is the full breakdown behind the Bybit Quality Score, so you can see the working rather than take the number on faith.
| Pillar | Score |
|---|---|
| Fees & value0.1% spot and 0.02% / 0.055% on derivatives, among the lowest of any exchange we cover | 30 / 30 |
| Security & custodyOperating since 2018 with tens of millions of users, published proof-of-reserves and audited security practices | 24 / 25 |
| Product, liquidity & featuresDeep liquidity, fast execution, 432 coins, futures, margin and a demo mode | 20 / 20 |
| Track record & reputationOne of the largest exchanges in the world by volume, with a strong global reputation | 15 / 15 |
| Regulation & transparencyHolds a MiCA licence in the EU and further licences in the UAE and UK, and publishes proof-of-reserves, though it is not authorised in every major market, including the US | 6 / 10 |
| MPF Quality Score | 95 / 100 |
That 95 puts Bybit firmly in the Excellent band. It earns full marks on cost and product, the two heaviest pillars, and gives up ground only on regulation, which the Quality Score weights lightly. A few well-regulated exchanges still edge just ahead of it once regulatory standing is counted, closing the small gap that Bybit's lower fees open up. If regulatory standing and consumer protection matter more to you than raw trading quality, weigh the regulation notes in each exchange review before you decide.
What the score is not
The Quality Score is a research tool, not a guarantee. It cannot promise a platform will never be hacked, never freeze a withdrawal, or never fail. Unlike money in a bank, crypto held on an exchange is generally not covered by any government deposit-guarantee scheme, and not every platform we score publishes a genuine cryptographic proof of reserves. Treat the score as a way to compare platforms on trading quality and cost, then keep only what you need for trading on any exchange and move the rest to a wallet you control. A high score does not remove the need to weigh a platform's regulatory standing for yourself.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice. The MPF Quality Score reflects our assessment of publicly verifiable information at the time of review, and platforms, fees and regulatory status change frequently. Always confirm current details directly with the exchange. This site includes affiliate links with partners who may compensate us; those relationships do not affect Quality Scores.