Crypto assets have become increasingly popular in recent years due to their many advantages, such as low transaction costs and investment opportunities. The performance of crypto exchanges is an essential factor in developing crypto assets. Therefore, it is necessary to take adequate measures regarding the reliability, speed, user-friendliness, regulation, and supervision of crypto exchanges. However, each measure to be taken creates extra costs for businesses. Studies are needed to determine the factors that most affect the performance of crypto exchanges. This study develops an integrated framework, i.e., fuzzy best–worst method with the Heronian function—the fuzzy measurement of alternatives and ranking according to compromise solution with the Heronian function (FBWM’H–FMARCOS’H), to evaluate cryptocurrency exchanges. In this framework, the fuzzy best–worst method (FBWM) is used to decide the criteria’s importance, fuzzy measurement of alternatives and ranking according to compromise solution (FMARCOS) is used to prioritize the alternatives, and the Heronian function is used to aggregate the results. Integrating a modified FBWM and FMARCOS with Heronian functions is particularly appealing for group decision-making under vagueness. Through case studies, some well-known cryptocurrency exchanges operating in Türkiye are assessed based on seven critical factors in the cryptocurrency exchange evaluation process. The main contribution of this study is generating new priority strategies to increase the performance of crypto exchanges with a novel decision-making methodology. “Perception of security,” “reputation,” and “commission rate” are found as the foremost factors in choosing an appropriate cryptocurrency exchange for investment. Further, the best score is achieved by Coinbase, followed by Binance. The solidity and flexibility of the methodology are also supported by sensitivity and comparative analyses. The findings may pave the way for investors to take appropriate actions without incurring high costs.

中文翻译：

---

用于评估加密货币交易的模糊 BWM 和 MARCOS 集成框架以及 Heronian 函数：Türkiye 的案例研究

近年来，加密资产因其交易成本低、投资机会多等诸多优点而变得越来越受欢迎。加密货币交易所的性能是开发加密资产的重要因素。因此，有必要在加密货币交易所的可靠性、速度、用户友好性、监管和监督方面采取适当的措施。然而，每一项采取的措施都会给企业带来额外的成本。需要研究来确定最影响加密货币交易所性能的因素。本研究开发了一个综合框架，即使用 Heronian 函数的模糊最佳-最差方法，即根据 Heronian 函数的折衷方案（FBWM'H–FMARCOS'H）对替代方案进行模糊测量和排名，以评估加密货币交换。在此框架中，模糊最佳-最差方法（FBWM）用于确定标准的重要性，模糊测量替代方案并根据折衷方案进行排名（FMARCOS）用于对替代方案进行优先级排序，Heronian函数用于聚合结果。将修改后的 FBWM 和 FMARCOS 与 Heronian 函数集成对于模糊条件下的群体决策特别有吸引力。通过案例研究，根据加密货币交易所评估过程中的七个关键因素对在土耳其运营的一些知名加密货币交易所进行了评估。这项研究的主要贡献是生成新的优先策略，通过新颖的决策方法来提高加密货币交易所的性能。“安全感”、“声誉”和“佣金率”被认为是选择合适的加密货币交易所进行投资的最重要因素。此外，得分最高的是 Coinbase，其次是 Binance。该方法的可靠性和灵活性也得到了敏感性和比较分析的支持。研究结果可能为投资者采取适当行动而无需承担高昂成本铺平道路。