There are tons of crypto exchanges out there that all seem alike eventually. But Bullish sticks out because of some unique features. It’s publicly traded on the New York Stock Exchange, operates under regulations in several countries, and discloses its finances. This review gets into what it offers, the costs, and which users would benefit from it.
What is Bullish Exchange?
If you've heard the name but aren't sure what it actually is, here's the short version. Bullish Exchange is a centralized crypto trading platform that launched in 2021. It was built by Bullish Global, which was founded in 2020 with institutional traders as the primary audience.
It uses a central limit order book, or CLOB, which matches orders based on price, and an automated market maker, or AMM, to keep the liquidity steady. This leads to quicker executions and less price slippage, especially for bigger orders too.
Bullish also owns CoinDesk, which it picked up in 2023. So the same company runs both a trading platform and one of crypto's biggest media and data services.
Bullish exchange features
Bullish has a few things built in that you don't typically see on a standard exchange. Here's what's worth knowing.
AMM and order book, both running at once
On most exchanges you either get an order book or an AMM. Bullish runs both in parallel. The order book handles price matching, the AMM fills in the gaps with automated liquidity, and traders can even set their own price ranges on the AMM to earn fees by providing liquidity themselves.
Spot, futures, and options
The platform supports around 60 coins and 135 trading pairs, according to LiquidityFinder exchange data (updated May 2026). You can trade spot, run perpetual futures with up to 7x leverage, or trade BTC/USDC options. Options access is something a lot of mid-tier exchanges still don't offer.
Cross-collateral margin and mobile app
One balance covers multiple open positions. You don't need to move funds around between trades. Bullish also launched iOS and Android apps in November 2025, which now cover 60+ markets across 50+ countries.
Is Bullish Exchange legit?
This is usually the first thing people want to know, and with Bullish the answer is pretty easy to verify.
The Bullish IPO wrapped up on August 14, 2025. The bullish company listed on the NYSE as BLSH at $37 per share and raised just over $1 billion. On the first day of trading, shares opened at $90.
On the regulatory side, Bullish holds licenses from BaFIN in Germany (ID 10162355), the Hong Kong Securities and Futures Commission (CE No BUQ956), and the Gibraltar Financial Services Commission (GFSC 119714). It also operates under MiCAR in Europe and has a BitLicense in New York.
The company publishes monthly trading data, passes SOC 1 and SOC 2 audits, and has a Big Four firm reviewing its financials. On the security side, Bullish holds 95% of client funds in cold storage, uses multi-signature wallets, and requires two-factor authentication on all accounts. Custody is handled through partnerships with BitGo and Fireblocks.
Trading experience and interface
TradingView's dashboard is very fast allowing quick navigation without needing prior experience with other professional charting platforms. You will find that adding indicators works perfectly, and changing between different asset classes (spot or futures) requires only a few mouse clicks!
That said, this platform isn't really set up for beginners. There's no simple "buy crypto" button, no hand-holding through setup, and the fees are shown in basis points rather than plain percentages. If you're just starting out, the support portal has guides broken down by country. The exchange is live in about 50 jurisdictions, though US traders are currently limited to 20 states.
Supported assets and markets
Bullish lists around 60 coins on its digital assets page. That covers Bitcoin, Ethereum, Solana, Cardano, Dogecoin, Chainlink, Avalanche, and a handful of stablecoins, among others.
Yes, it's fewer coins than Binance or Bybit. But the trade-off is market depth. Because of the AMM setup, spreads stay tight even on bigger orders. If you're trading real volume, liquidity quality matters more than having 2,000 tokens to pick from.
Fees and pricing structure
There is a 0% maker fee and a taker fee with a range between 0%-0.035% depending on what level of account that you have. Bullish fee documents indicate that they are very affordable for anyone that trades frequently.
There are no charges associated with depositing cryptocurrency. However, the cost to wire funds (in USD) to your Bullish account has an approximate cost of $30, and for an SEPA (Single European Payments Area) transfer it is about €2.
Pros and cons of Bullish Exchange
Here's a quick honest look at what works and what doesn't.
Bullish crypto exchange competitors
Wondering how it stacks up against the names you already know? Here's a side-by-side look.
Among bullish crypto exchange competitors, only Coinbase matches Bullish on both public listing and regulatory standing. Binance and Bybit have far wider coin selections, but they operate with much lighter oversight.
Final thoughts
If you're after a ton of altcoins, copy trading, or super high leverage, Bullish Exchange isn't your best bet. However, if you prefer regulation, tight spreads, and zero maker fees, it's pretty tough to beat.
The bullish ipo back in August 2025 was a public commitment to transparency that most exchanges avoid entirely. BLSH stock is trading around $32 with a market cap near $5.3 billion. The company also just announced a $4.2 billion deal to acquire Equiniti, a move that takes the bullish crypto exchange well beyond just trading and into tokenized securities and traditional finance infrastructure.
Tanya Petrusenko
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
