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How Finder rates crypto trading platforms

Our full methodology explains how we analyse, score and rate crypto platforms on the features that matter most

Crypto Trading Platform Awards 2022 methodology

To help navigate the complicated world of crypto, we’ve launched an extensive review of cryptocurrency exchanges and brokers available in Canada. The goal is to recognise and award products that excel across each of the following categories: Beginners, Value, Altcoin Trading and Advanced Features.

These awards are then used to inform our “Top Pick” selections across many of our cryptocurrency guides.

Finder Crypto Trading Platform Awards badge 2022

How do we choose our award winners?

Set up by Finder’s data scientists and cryptocurrency experts, platforms are scored on a set of criteria. The criteria are weighted differently for each award. The platform that scored highest in each award was named as the winner, with the products that scored second and third highest each receiving a highly commended award.

In the event of a tie, standardized fee data was used to determine a winner, with the lowest fees dictating the winner.

What features do we compare?

Awards are based on a comprehensive list of 55 individual criteria that broadly fall into one of the following 6 categories: value for money, coins available, beginner-friendly, advanced features and trading, customer support and security.

Each individual criterion received a weighting, which varied depending on the award. Each award has a unique combination of weightings.

For instance, criteria that related to fees were up-weighted for the “Value” award, while criteria related to derivatives products received a weighting of zero for that award.

The weighting of each category for individual awards is outlined below.

Beginners

This category attempts to capture a wide range of factors that all ladder back up to a beginner-friendly experience for users.

  • Value for money – 15%
  • Coins available – 5%
  • Beginner-friendly – 45%
  • Advanced features and trading – 10%
  • Customer support – 15%
  • Security – 10%
Value:

This category focuses heavily on fee data, which is further balanced by beginner-friendly features such as local fiat currency support to award platforms that provide a cost-effective purchasing experience.

  • Value for money – 55%
  • Coins available – 10%
  • Beginner-friendly – 35%
Altcoin trading

This category focuses heavily on the number of coins and tokens available on the platform in addition to liquidity and trading pairs.

  • Value for money – 15%
  • Coins available – 50%
  • Beginner-friendly – 10%
  • Advanced features and trading – 25%
Advanced features

This category looks to spotlight platforms that offer a broad range of features on top of the standard trading experience, such as lending products, advanced order types, derivatives and NFT markets.

  • Value for money – 15%
  • Coins available – 20%
  • Beginner-friendly – 5%
  • Advanced features and trading – 45%
  • Customer support – 5%
  • Security – 10%

The “Best Cryptocurrency Exchange – Overall” award was given to the exchange that had the highest average score across each of the 4 awards. Each award score was evenly weighted to contribute 25% of the overall score.

The “Best Crypto Trading Platform – Broker” award was given to the platform with the highest average award score across each of the 4 award categories; however we did not award individual subcategories for the broker award.

The “Best Canadian Crypto Exchange” award was designed to celebrate brands that were founded right here in Canada. This award was given to the platform that had the highest average score of those that were founded in Canada.

Criteria and weightings were chosen by an expert panel of Finder crew including data analysts and editorial staff. They took into account user experience, industry standards and regulatory requirements to help inform their decisions.

Does Finder compare all cryptocurrency exchanges?

This awards program is submission-based, meaning only brands that submitted their product data were included in the analysis. A total of 63 cryptocurrency exchanges and brokers in Canada were invited to participate in the awards and provide data. They were selected on the basis that they are registered with FINTRAC and provide retail exchange or brokerage services.

Because it takes a long time to source and properly analyse exchange fees and features, and it’s important that we don’t share misinformation, we’re not able to cover 100% of the market.

Award eligibility

Platforms were given multiple weeks to respond to our invitation and provide data. Any that did not reply were approached a second time. Platforms that did not respond, or chose to decline, were excluded from the awards. Only exchanges that provided data were included in the awards.

Exchanges that are not registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) were not eligible to participate.


The Finder editorial team's ratings

Cryptocurrency exchange platforms are not created equal. To help you identify where an exchange shines – or falls flat – Finder's editors objectively assess each platform across a spectrum of performance metrics.

Finder considers 7 key factors in our ratings to get an overall score:

  • Supported cryptocurrencies
  • Fees and costs
  • Transferring money or crypto assets
  • Customer service
  • Ease of use
  • Staking and earning
  • Trustworthiness and security

Our ratings are designed to help you assess a cryptocurrency exchange's strengths and weaknesses. The best way to inform your decision is to read Finder's full platform review for an in-depth breakdown of its features.

Our ratings

Finder rates crypto platforms using a system of 1 to 5 stars.

★★★★★ – Excellent
★★★★★ – Good
★★★★★ – Average
★★★★★ – Subpar
★★★★★ – Poor

How do we choose our “Top Picks”?

Our top picks are displayed at the top of many of our cryptocurrency guides and feature 3-5 “Best for X” categories.

The exchanges are awarded titles using the methodology above and from time to time may also include some “Promoted Picks”, which have been chosen from among our commercial partners based on factors that include special features or offers and the commission we receive.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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