Exchange Cost & Privacy Comparison

How We Compare Exchanges

Most exchange comparison tools show only headline trading fees, which can be misleading. btc.london measures the all-in cost: trading fees plus spread plus on/off-ramp costs. Cost scores run 0–100 where 0 is cheapest and 100 is most expensive. Rankings within each category are dynamic — exchanges with more 7-day article mentions appear higher, reflecting their current relevance to the market.

Three Categories

• Mainstream: Regulated retail platforms (Coinbase, Kraken, Binance, etc.) — optimised for ease of use and fiat on/off ramps
• Derivatives & Pro: Institutional-grade venues with futures, margin, and advanced order types (Deribit, OKX, Bybit, BitMEX, etc.)
• Peer-to-Peer: Non-custodial and decentralised platforms where users trade directly (Bisq, RoboSats, Paxful, HodlHodl, etc.)

Privacy Ratings Explained

Privacy ratings are the most distinctive feature of this comparison. We assess three levels based on KYC requirements, jurisdiction, documented government data-sharing history, and whether the platform is custodial or non-custodial.

Low Privacy

Mandatory full KYC (government ID + selfie + address verification). US/EU-regulated with documented government data-sharing. Publicly-traded or regulated entities that comply with IRS, DEA, DHS, and HMRC data requests. Example: Coinbase — publicly-traded US company with documented data-sharing agreements with multiple US federal agencies.

Medium Privacy

Offshore-registered with KYC enforced but lighter regulatory exposure. Typically registered in jurisdictions with less aggressive data-sharing obligations (Seychelles, BVI, Cayman Islands). Examples: Binance, OKX, Bybit — large platforms with KYC but offshore structure.

High Privacy

Non-custodial platforms with no mandatory KYC and wallet-based identity. Users retain control of private keys. Tor-compatible by default. Examples: Bisq — fully decentralised, no KYC, no central server, Tor by default; RoboSats — Lightning-native P2P exchange running over Tor with no account registration required.

Affiliate Disclosure

btc.london may receive referral compensation from some exchanges listed. This does not affect cost scores or privacy ratings — our methodology is applied consistently regardless of commercial relationships.