Exchange Ranking

Methodology

CoinMarketCap ranks exchanges by their top spot market pairs’ rankings and spot market pairs’ Confidence score. Highly-ranked exchanges will have markets that score well across Liquidity Scores, Volume, and Web Traffic Factor and have high Confidence scores.

As stated here, a machine learning algorithm takes the factors of Reported Volume, Liquidity Score and Web Traffic as input when ranking market pairs. This triage of factors, fairly calculated by an automated machine learning algorithm, is expected to provide a more comprehensive picture of each market pair, ensuring that users make better decisions on where to trade. We utilize the Confidence of the respective market pairs in our Exchange Ranking algorithm to adjust the weight of market pairs where Confidence is low. 

Exchanges will then be ranked by their respective top market pairs and the Confidence score attributed to them.