Bullish Exchange
Bullish
Bullish is a full-reserve exchange that does not rehypothecate client assets. It is built mainly around institutional trading, while its offering remains more limited for retail users.
Data & conditions
| Maker / Taker fee | 0% / 0.04% |
|---|---|
| Markets | Spot + Derivatives |
| Max leverage | 7× |
| Supported assets | 50+ |
| Trading pairs | 50+ |
| 24h volume | $150M |
| Fiat on-ramp | Yes |
| Deposit methods | Bank wire, SWIFT, SEPA, Crypto transfer |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | US, EEA, APAC · 30+ countries |
| Regulator | GFSC (Gibraltar) |
| Segment | B2C |
| MiCA / License status | Gibraltar DLT SFC Hong Kong; MiFID imminente |
Strengths
- Full-reserve exchange: niente rehypothecation; IPO NYSE 2025; SFC Hong Kong.
- No notable sovereignty advantage documented.
Weaknesses
- Focus institutional; retail limited.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (SFC Hong Kong; MiFID imminente): reporting to authorities and freezes on order.
Verdict
The rating is underpinned by an unusually protective model: a full-reserve exchange that does not rehypothecate client assets, with an SFC Hong Kong licence and MiFID incoming, plus 0% maker and 0.04% taker fees. What holds the score back is the retail fit: the structure is built for institutions and the offering for ordinary users stays narrower.
Full-reserve removes rehypothecation risk but does not change the nature of the service: it remains custodial with full KYC and a privacy score of 3, so funds are never in your own keys. A full-reserve guarantee is a matter of accounting solidity, not self-custody, and on this lens it counts for less than the ability to move on-chain permissionlessly.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
What are Bullish Exchange's fees?
On Bullish Exchange, spot fees are maker 0% / taker 0.04%. They drop with monthly volume and VIP tier.
Is Bullish Exchange regulated in Europe?
Regulatory status of Bullish Exchange: SFC Hong Kong; MiFID imminente. Licence: Gibraltar DLT (GI).
Does Bullish Exchange publish Proof of Reserves?
Proof of Reserves publication is not documented for Bullish Exchange. No third-party reserve audit is documented. Reserve transparency is a critical factor after the FTX collapse.
Can I send transfers to third-party IBANs from Bullish Exchange?
No, Bullish Exchange is an exchange and does not allow transfers to third-party IBANs: fiat withdrawals return to a bank account in your own name.
Does Bullish Exchange support derivatives and futures?
Bullish Exchange offers derivatives trading.
Sources
- Official service page Maker/taker fees · Regulatory framework · Derivatives Data verified on Jun 13, 2026
- ainvest.com Data verified on Jun 15, 2026
- cnbc.com Stock listing · IPO date · Valuation Data verified on Jun 15, 2026
- datawallet.com Deposit methods · Staking & Earn Data verified on Jun 15, 2026
Show 7 more sources
- investor.bullish.com Corporate site · Latest funding round · Investors Data verified on Jun 15, 2026
- sec.gov Company type Data verified on Jun 15, 2026
- stockanalysis.com Legal name · Stock ticker Data verified on Jun 15, 2026
- caproasia.com Founders Data verified on Jun 13, 2026
- cryptonews.com Trading pairs · Geographic availability Data verified on Jun 13, 2026
- tradingfinder.com Bug bounty · 24h volume · Volume data · Max leverage · +2 Data verified on Jun 13, 2026
- webopedia.com Third-party audit · Proof-of-Reserves Data verified on Jun 13, 2026