I Lost $2,300 on FTX. So Tell Me — Why Should I Trust Any "Best Exchange" List?

November 2022. I had $2,300 sitting on FTX. I'd moved it there specifically because it kept appearing on "best crypto exchange" lists. Reputable lists. Lists from sites that sounded like they did their homework.

You know how this ends.

I'm not writing this to be dramatic. I got out lighter than most — I know people who lost six figures. But I want to ask a sincere question to anyone publishing exchange rankings right now: what exactly are you ranking?

Trading fees? Easy to measure. UI smoothness? Sure. But solvency? Proof of reserves? Whether the CEO is secretly gambling customer deposits on altcoin bets? How do you put a number on that?

When I look at RealRankly's exchange ranking, I notice Coinbase is near the top. And honestly, that's probably right — it's publicly traded, SEC-regulated, and boring in a way that now feels like a feature, not a bug. Boring is good. Boring means you can withdraw your money on a Tuesday.

What I wish these rankings would do more of: weight regulatory status and proof-of-reserves audits as heavily as fees. A 0.1% lower trading fee means nothing if the exchange implodes.

The criteria I now use before putting a dollar anywhere:

1. Is it publicly listed or regularly audited?
2. Can I actually withdraw without 48-hour delays?
3. Does it operate in my jurisdiction legally?

Fees are the last thing I look at. To anyone who's never lost money on an exchange: please don't learn this the way I did.