The Card I Keep in My Head Before Any New Exchange
I have been trading since 2018. I previously wrote about the full 15-minute vetting method (with a test withdrawal and reputation search). But sometimes you need a quick assessment — you look at an exchange and want to know in 2 minutes "is this worth pursuing or not". Here are 10 points for that quick check. No active testing — just what is visible from the site and public information.
Exchanges That Pass All 10
10 Points for a Quick Check
| # | Check | Where to look |
|---|---|---|
| 1 | Proof of Reserves published and updated | Site footer, "Security" section |
| 2 | Exchange operating 3+ years | "About Us", Wikipedia, domain registration date |
| 3 | VASP licences/registrations in jurisdictions | Footer, "Compliance" / "Legal" |
| 4 | Genuine reviews (not just 5★ with no detail) | Trustpilot, Reddit, niche forums |
| 5 | Transparent fees with no hidden conditions | "Fees" page — all types listed |
| 6 | Support via official chat/tickets, not Telegram only | "Support" in the app |
| 7 | Insurance fund for derivatives | "Insurance Fund" in the futures section |
| 8 | Mobile app on official stores with a high rating | App Store / Google Play |
| 9 | Clear withdrawal terms with no hidden limits | Withdrawal FAQ |
| 10 | No mass complaints of "cannot withdraw funds" | Search "[name] withdrawal stuck" |
When You Need a Deeper Check
If an exchange passes all 10, that is enough for small amounts ($100-500). Before a large deposit ($1,000+) I recommend the full 15-minute method with a test withdrawal — an active check that reading reviews cannot replace.
If Something Does Not Add Up
If an exchange fails several points at once (especially #1, #2, #10), it may not just be a "new unknown exchange" — it could be one of the 8 crypto scam schemes, specifically a fake exchange clone (scheme #5 in that article).
Bottom Line
10 points, 2 minutes of quick assessment. If everything checks out and the amount is small — register. For larger amounts, add active testing. After registering — immediately set up account security.