Research Methodology

ZUG TRADING publishes independent editorial content about digital asset trading in Switzerland. This page describes our data sources, research approach, and editorial standards.

Exchange and Market Data

CoinGecko and CoinMarketCap

For trading volume data, asset listings, and exchange rankings, we draw primarily on CoinGecko and CoinMarketCap — the two leading independent cryptocurrency market data aggregators.

We are aware of the limitations of self-reported volume data in crypto markets. CoinGecko and CoinMarketCap both apply adjustments for suspected wash trading and offer “confidence scores” and adjusted volume metrics alongside raw reported volumes. Where we cite volume data, we note whether figures are raw reported or confidence-adjusted.

We cross-reference volume data between the two providers and, where material discrepancies exist, we note them. We do not treat exchange-reported volume data as verified fact.

Exchange-Level Data

For detailed exchange analysis, we consult:

Exchange-published order books and fee schedules (publicly available)
Exchange investor relations disclosures and annual reports where available
Regulatory filings and FINMA-published authorisation data
Industry research from firms including Kaiko, CCData, and The Block Research

Regulatory and Licensing Data

FINMA Authorisations Database

Switzerland’s Financial Market Supervisory Authority (FINMA) maintains a public database of all authorised financial intermediaries at finma.ch/en/authorisation/supervised-institutions. We use this database as the authoritative source for:

Whether a Swiss entity holds a banking, securities dealer, fund management, or other FINMA licence
Licence grant dates and any modifications
Entities placed under FINMA enforcement or in liquidation

We check FINMA’s database regularly and update our coverage when authorisation status changes. Readers who need to verify current regulatory status should always consult the FINMA database directly, as our articles may not reflect changes made after publication.

VQF Self-Regulatory Organisation

Many Swiss digital asset businesses operating as financial intermediaries are members of VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen), a FINMA-recognised self-regulatory organisation. VQF publishes a members directory at vqf.ch. We use this directory to identify VQF SRO members and cross-reference with FINMA’s database for entities that hold both SRO membership and direct FINMA licensing.

SRO-FINMA Database

FINMA publishes a list of all FINMA-recognised self-regulatory organisations and their member counts. We use this to contextualise the scale of the Swiss crypto intermediary sector.

Company Filings

Where Swiss companies are required to file accounts with the Swiss commercial register (Handelsregister), we consult these filings for ownership structure, stated business purpose, and registered capital. The Swiss commercial register is publicly accessible at zefix.ch.

For larger companies with public reporting obligations or voluntary disclosure (such as Bitcoin Suisse, which has published annual reports), we use these filings as primary sources for financial performance data.

How We Profile Exchanges and Brokers

Our exchange and broker profiles are built from a structured research process:

Regulatory verification: We confirm FINMA authorisation status or SRO membership before publication. We do not profile unlicensed entities operating in Switzerland as regulated without clearly noting this.
Product and service verification: We review the entity’s published product documentation, website, and terms of service to describe their offerings accurately.
Volume and scale data: We source volume data from CoinGecko and CoinMarketCap with appropriate caveats. Where company-reported volume figures differ materially from aggregator data, we note both.
Right of response: Where our coverage may reflect negatively on a company — for example, in regulatory enforcement coverage — we make reasonable efforts to seek a response from the entity prior to publication.
Update policy: Exchange profiles are reviewed periodically. We note the “last reviewed” date on profiles where currency of information is material. Readers should independently verify current product offerings, fees, and regulatory status.

Editorial Independence

ZUG TRADING’s editorial content is independent of commercial relationships. Advertising, sponsored content, and commercial partnerships do not influence our editorial coverage. Sponsored or commercial content is clearly labelled.

We do not accept payment to alter, soften, or remove editorial coverage of companies or individuals.

Corrections Policy

We take accuracy seriously. If you identify an error in our coverage — factual, regulatory, or data-related — please contact us at [email protected] with details. We review correction requests promptly and issue corrections on the original article page where errors are confirmed.

Material corrections are noted within the article with a correction notice and date.

Limitations and Caveats

Markets move fast. Digital asset markets, exchange standings, regulatory frameworks, and company situations change rapidly. Content published on ZUG TRADING reflects conditions at the time of writing and may not reflect current market structure.

Self-reported data. Exchange volume and user data is frequently self-reported and unaudited. Even with adjustments from aggregators, crypto market data is less reliable than traditional financial market data. We apply appropriate scepticism and note data limitations where relevant.

Private companies. Most Swiss digital asset firms are private companies with limited disclosure obligations. Where we describe revenue, assets under management, or transaction volumes for private firms, we rely on company disclosures (press releases, annual reports) or credible industry estimates, clearly attributed.

Contact

For methodology enquiries or to report a data error:

[email protected] The Vanderbilt Portfolio AG, Zurich, Switzerland