New crypto exchange comparison tool will help traders
The new Exchange Benchmark will rank more than 100 spot exchanges
CryptoCompare, which has been offering cryptocurrency data and indices for the crypto space, is hoping to give traders a little more comfort when they look for a viable exchange. It has announced the development of its Exchange Benchmark, a tool that ranks more than 100 active spot exchanges from around the world, giving traders and investors a reliable and comprehensive source of data on which exchange platforms are the best options.
Several studies conducted over the past year have shown that certain crypto exchanges have been trade-washing and other techniques in order to inflate volumes. The Exchange Benchmark tool has already been able to identify these exchanges and has shown that the problem is getting worse. Lower-quality exchanges have been the worst, falsely increasing their market share by 30%.
CryptoCompare co-founder and CEO Charles Hayter asserts, “In response to industry concerns over inflated volumes and the lack of reliable metrics for assessing cryptocurrency exchanges, we are excited to launch the CryptoCompare Exchange Benchmark. We look forward to bringing greater transparency to the digital asset class and improving decision-making for market participants by providing a dataset they can trust.”
The platform has already been given a nod from VanEck. The fund management company’s director of digital asset strategy, Gabor Gurbacs, says, “We are excited to have been working with CryptoCompare to provide greater transparency to the digital asset investment space via providing high quality data and indices. This is a breakthrough report that will foster transparency and support operational, regulatory and business best practices among crypto trading platforms. We believe that many trading platforms have already made a lot of progress in meeting regulatory concerns regarding money laundering and manipulative trading practices via surveillance and market standard operational and business improvements.”