Skip the ranking lists, since three exchanges announced closures this year and several of them appeared on those lists. Use criteria instead. First, can you verify solvency yourself rather than reading a claim, which means Merkle tree reserve proofs an individual account can test against the published snapshot.

Second, does a protection fund exist and has it ever actually paid out, because an untested figure proves nothing. Third, liquidity where orders really fill, meaning the size resting just outside the touch rather than on it, plus funding read across weeks rather than one print. Fourth, costs across a realistic holding period, since funding on a multi day position usually outweighs the headline maker and taker rates.

Fifth, exit friction, which a hundred dollar test withdrawal answers better than any review. I ran that list and funded Bitunix, chosen because its reserve proofs invite inspection and its protection fund has a documented payout record, though it holds no custodial licence and no venue removes risk. Not advice, run the checks yourself.