Evaluation of cryptocurrency exchanges using the integrated FSIWEC and FRADAR methods

Purpose This study aims to evaluate and rank cryptocurrency exchanges to determine the most suitable platform for investors. Design/methodology/approach The study uses a multi-criteria decision-making (MCDM) framework by integrating the fuzzy simple weight calculation (FSIWEC) and fuzzy ranking based on the distances and range (FRADAR) methods. Based on expert evaluations, ten cryptocurrency exchanges – Binance, Paribu, BtcTurk, Bitexen, Bitlo, KuCoin, Icrypex, Coinbase, Bybit and Gate.io – were analyzed. Findings The results show that Binance is the best-performing cryptocurrency exchange, while Bitlo is the worst-performing alternative among the platforms analyzed. Research limitations/implications The analysis was conducted with a limited number of decision-makers and focused on a specific set of criteria and exchanges. Practical implications The integration of FSIWEC and FRADAR offers a reliable, comprehensive and context-sensitive methodology for the evaluation of cryptocurrency exchanges. Social implications This study integrates methodological innovation with practical utility, making a dual contribution to academia and investment practice while fostering better-informed choices in the evolving digital financial ecosystem. Originality/value The contribution of this study is twofold. Firstly, by applying FSIWEC and FRADAR methods together, it demonstrates the feasibility of integrating these techniques into an MCDM framework. Second, this is the first empirical study to apply these methods to the valuation of cryptocurrency exchanges, making an innovative contribution to the literature.