Proof of Reserves by Exchange: What a Visitor Can Actually Verify

By Alex Wu · Published November 5, 2026

After the Binance hack at the end of October 2026, "is my money there?" became the question of the month. Almost every exchange has a proof of reserves page. But a page that says "1:1" and a page that shows a dated reserve ratio you can check are not the same thing. We opened the public proof of reserves page of the exchanges on TradeSavings, as a visitor without an account, and wrote down exactly what each one showed.

Data checked: 5 November 2026. Proof of reserves reports are snapshots, usually monthly. The numbers below are what the official pages showed on that day.

The short version

• OKX showed the most: a dated snapshot (1 November 2026), its 49th report, and per-coin ratios such as BTC 108%, USDT 106% and ETH 101%, with the customer and wallet balances behind each one.
• Bitget showed a total reserve ratio of 115% with a 21 October 2026 snapshot and a Merkle tree root, but its per-coin table showed no data when we checked.
• KuCoin showed a USDT reserve ratio of 110%, about 82.6 million USDT more in its wallets than customers held, but no snapshot date in the text we could read.
• Crypto.com's public page still pointed to an audited snapshot of 7 December 2022. It says customer assets are held 1:1, but it showed no newer ratio.
• Three pages showed claims without a figure: WEEX's ratio fields were empty, Toobit's page showed "Verified 1:1+ reserves" without a number, and BloFin's sent us to a login page.

How we checked

For each exchange we opened the official proof of reserves page in a normal browser without signing in and read the page text. We recorded the reserve ratio, the snapshot date, which coins are covered and the method the exchange says it uses. We did not run the verification tools ourselves, and we did not use third-party trackers.

A reserve ratio is the exchange's wallet holdings of a coin divided by what customers hold of that coin on the exchange. 100% means fully covered; above 100% means a buffer. OKX explains it as comparing "total OKX account assets with total exchange assets from our on-chain wallet addresses".

Several exchange pages blocked our reader or loaded their numbers only inside the app on the check date. We list them at the end as "not confirmed". That does not mean they have no proof of reserves; our exchange hacks study counts 15 of 21 that publish one in some form.

What each page showed

The numbers behind the ratios

A ratio is easier to trust when the page shows both sides of the sum. Two did.

We worked out the surplus column ourselves from the two balances each page shows. OKX's USDT buffer of about 511 million USDT is 6.4% of customer USDT. OKX also splits its wallet assets between the exchange and third-party custody: 201.7 million of its 8.47 billion USDT sat with third-party custodians. OKX's headline for the report was $33.87 billion of reserves across 21 assets.

How to read a reserve page in a minute

You do not need to understand Merkle trees to judge a proof of reserves page. Look for five things, in this order:

1. A date. A snapshot from this month or last month is useful. A snapshot from years ago tells you little about today.
2. A number per coin. "Fully backed" is a claim. "USDT 106%" is a figure you can compare with the next report.
3. Both sides of the sum. The best pages show customer balances and wallet balances, so you can check the ratio yourself, as we did for OKX and KuCoin.
4. The coin you hold. A high total can hide a coin below 100%. OKX's USDC was exactly 100% while its BTC was 108%.
5. A way to check your own balance. OKX, Bitget, Crypto.com and Phemex all describe a tool or Merkle proof that lets a signed-in user confirm their balance was included.

Of the eight pages in our table, only OKX passed all five as a visitor. Bitget passed on date, total ratio and self-check, but its per-coin table was empty. KuCoin showed both sides of its USDT sum but no date in the text we read.

Why this matters more after the Binance hack

When an exchange is hacked, the question is not only who stole what, but whether the exchange still has enough to pay everyone. In the two biggest thefts of 2025 and 2026, the exchanges covered user losses from their own funds (see our hacks study). A dated reserve report with a buffer above 100% is the closest thing a customer has to evidence that this is possible. A page with no figure cannot give you that comfort, however reassuring its wording.

What proof of reserves does not prove

A reserve ratio above 100% is good news, but it answers a narrow question.

• It is a snapshot. OKX's page notes the report covers balances "at the time of the data capture". Money can move the next day.
• It covers assets, not all debts. A reserve ratio compares coins to customer balances of the same coins. It does not show loans, legal claims or other debts of the company. Crypto.com's page says the auditor checked "ownership of assets" and "in-scope assets for corresponding client funds".
• It covers only the coins in scope. OKX reports 21 or 22 coins; Crypto.com says not all tokens or chains were covered in its verification.
• It does not stop a hack. Binance and Bybit were hacked while holding large reserves. Reserves decide whether an exchange can pay users back afterwards, which is why both did.

Who should pick what

• If you keep large balances on an exchange, prefer one that shows a recent, dated, per-coin ratio with both balances, like OKX, and check the coin you actually hold.
• If you mainly hold USDT, OKX (106%) and KuCoin (110%) both showed USDT ratios above 100% on the check date.
• If your exchange only shows "1:1" with no number or date, treat that as marketing until you can see a report. Use the verification tool in your account if it has one, and keep only trading capital there.
• Whatever the ratio, spread large balances and move long-term holdings to your own wallet. Our security checklist covers the steps.

Exchanges we could not confirm

On the check date, these official pages blocked our reader, needed an account or did not load their figures, so we have no number to show: Binance, Bybit, MEXC, Gate.io, HTX, BingX and Bitunix. Several of them publish monthly reports, and you can open their reserve page in your own browser. We will add their figures when we can read them on the official page.

Limits of this study

• One check, on one day, as a visitor. Signed-in users may see more detail.
• We report what each page showed; we did not audit wallets or rerun the Merkle or zk-STARK proofs.
• A missing figure in our table can mean the page loads it in a way our reader could not see, not that the exchange does not publish one.

TradeSavings may earn a commission when you sign up with a code or link on this site, at no extra cost to you. This page is information, not financial advice.

Frequently asked questions

What is a good proof of reserves ratio?

100% or more for each coin you hold. A ratio below 100% means customer balances of that coin are not fully covered by the exchange's wallets at the snapshot time.

What is OKX's reserve ratio?

On its 1 November 2026 snapshot, OKX showed BTC 108%, ETH 101%, USDT 106% and USDC 100%.

What is Bitget's reserve ratio?

Bitget showed a total reserve ratio of 115% with a snapshot taken on 21 October 2026.

Is proof of reserves the same as an audit?

No. It checks that wallets hold at least what customers hold of the covered coins at one moment. A full audit also looks at the company's debts and accounts.

Which exchanges showed a reserve ratio without logging in?

On 5 November 2026, OKX, Bitget and KuCoin showed a ratio on their public pages. Crypto.com's public page referred to a 2022 snapshot, and WEEX, Toobit, Phemex and BloFin showed no figure we could read.

How do I check my own balance is included?

Most exchanges let signed-in users copy a Merkle leaf or download an inclusion proof and verify it with the exchange's open-source tool or the auditor's page.