Cointelligence Announces a Cryptocurrency Exchange Rating System
Cointelligence has launched a cryptocurrency exchange rating system similar to its STOs and ICOs rating system.
Want to check if a certain exchange is safe and reliable? Our new rating system for crypto exchanges is finally live! Check it out now: https://t.co/lW2V79aQM3
— Cointelligence (@Cointelligence) February 6, 2019
The company was motivated to build this system after looking around the industry and seeing that it lacked a professional platform designed to protect investors from poor exchanges.
According to Cointelligence, many of the existing cryptocurrency exchanges have suffered hacks, making it difficult for users to withdraw their funds. Just as the company felt it was good to introduce a rating system for ICOs and STOs so that people can identify scam projects, it saw it important to shine the same kind of light on cryptocurrency exchange, showing the good and the bad of these platforms.
Different Levels Of Quality Control
To offer a comprehensive and just rating to an exchange, Cointelligence uses different levels of quality control, demonstrating that no one can manipulate the ratings.
The company’s team comprises of anonymous raters, supervisors, and the leader of the research. This ensures that each rating is fact-checked from both error and bias,
Moreover, Cointelligence claims that it has funded itself from the get-go, meaning that no external party can include the ratings just because they have a vested interest on a particular exchange.
As per their explanation, Cointelligence ratings are based on a few factors. The first is accessibility and usability. The company creates an account that helps them know if an exchange is accessible and user-friendly, and then proceed to look at other factors, which include speed and quality of customer support, and payment methods.
Cointelligence also looks at the financial benefit. On this, they conduct some calculations to come up with an estimate on how much users benefit from the exchange, and then factor in things like token availability, number of markets, trading volume, fiat currency support, insurance, and commissions.
Considering that the team behind cryptocurrency projects plays a huge role in its reputation, Cointelligence also focuses on this to determine if they can run it effectively and protect it.
Lastly, the rating system company moves to risk assessment process, which entails the number of hacks (if any) that the exchange has experienced, how effective their insurance system is, withdrawal process, security protocols put in place, and regulatory compliance.
As per Cointelligence, their mission is to offer an effective and trusted exchange rating system. On the new rating system, the company states that:
“Our belief is that our new exchange rating system will help people find safe, trustworthy exchanges for trading their cryptocurrency. We invite you to check it out and let us know what you think.”