Bullish Exchange Review - Regulated, Fast and Institutional Letdown?

Bullish is a regulated crypto exchange backed by big names like Peter Thiel and led by former NYSE exec Tom Farley. It launched in late 2021 and uses a full-reserve model with transparent governance and institution-grade security. Let’s dive deeper into how it actually performs for different users.

Snapshot table

What makes Bullish different

Bullish isn’t just another exchange - it was built from day one around compliance and transparency. It holds regulatory licenses in key jurisdictions and operates a full-reserve system - your assets remain yours, stored separately from the company’s. Deloitte audits and daily reconciliation add trust, while institutional-grade custody architecture backs every transaction. Bullish now supports spot trading plus two types of futures: perpetual and dated contracts introduced in late 2024.

Trading is efficient owing to a high-performance matching engine. Fees stand out - maker trades are free, and taker trades cost 0.01 %, with no deposit or P2P charges. Even withdrawal fees are transparent and in line with industry norms. P2P trading is supported with comparable low fee structures\

Pros & cons

Pros

• Zero maker fees and ultra-competitive taker rates make it one of the cheapest exchanges for active traders
• Comprehensive custody model with hardware protection, daily audits, and full reserve backing
• Institutional regulatory coverage in Gibraltar, Germany and Hong Kong
• Offers perpetual and dated futures, spot, margin, P2P - full suite in one place

Cons

• Access limited - not available in major markets like the US and Canada
• Asset offering is narrow - fewer coins and pairs than larger CEXs
• Lacks consumer-focused tools like instant fiat on-ramps or educational content
• Mobile/web UX still evolving; not yet rated top-tier by user reviews

Deep dive - fees and volume

Bullish has one of the sharpest fee models around: maker trades incur zero fees, takers pay just 0.01 %. Future contracts carry the same low costs, outperforming many peers. No deposit fees, zero P2P fees and predictable withdrawal charges make ongoing use painless. The platform consistently records over $1 billion in 24-hour volume, with ETH/USDC and BTC/USDC leading liquidity. That deep orderbook keeps spreads tight, slippage minimal, and makes it viable for institutional-sized flows.

Security and transparency

Security is a clear pillar here. Bullish holds 1:1 reserves audited daily and independently by Deloitte. Custody systems follow best practices - hardware wallets, encrypted workflows, disaster protocols included. Regulatory compliance via licenses in Gibraltar, Germany and Hong Kong distinguishes it from many decentralized alternatives. The exchange even supports dated futures, adding product depth while staying compliant.

User experience and feedback

Bullish is built for institutional and active traders who prioritize security and cost efficiency. Trustpilot data is mixed for closely-named firms, but Bullish’s backing and transparent fees earn high scores from industry raters. Traders Union gave it 8.85/10 for trading costs. Still, UX and liquidity domains lack mainstream polish - the app interface is evolving and lacks some journal or portfolio tools. Support and educational features are present but not richly layered yet.

Final take

Bullish stands out as a regulated, full-reserve exchange with zero maker fees and ultra-low taker fees - a near-paradigm shift for cost-conscious traders. Industrial-grade custody, robust licensing and transparent futures trading create a strong institutional offering. But it lacks breadth in token selection and intuitive retail features seen on consumer-focused platforms. Mobile and interface improvements are underway, though not finalized yet.

Use it if you want:

• a low-cost, secure venue for spot and futures trades
• access to dated futures and institutional liquidity
• a platform backed by 1:1 reserves and structural audits

Think twice if you need:

• broad token access or fiat on-ramps
• a sleek retail UX and mobile-first experience
• easy availability in heavily restricted regions

Start with small trades, validate the zero-fee model, then scale volumes once you’re comfortable. In today’s landscape, Bullish brings deep trust, regulated infrastructure and ultra-low costs - though still shadows mainstream, consumer-grade rivals.