The need of keeping your digital assets secure and trading on platforms with high-grade protections has increased as the market capitalization of digital assets continues to rise. As the crypto business has developed, thankfully, exchanges have become much safer.
You’ve reached the right place if you want to know what makes one exchange more secure than another, and which ones are the safest. In this article, we will explain how to spot a trustworthy cryptocurrency exchange and what features to seek in a secure trading platform.
Coinbase – The Pioneer Of Trading Forum
When it comes to the safety of user funds, Coinbase has a reputation second to none among the world’s largest cryptocurrency exchanges. Almost all digital assets are stored in offline “cold storage” by the exchange. It’s necessary to verify your phone number with Coinbase by inputting the verification code they send to your cell phone.
Although, the inclusion of two-factor authentication is one good security layer every trader hunts for. Coinbase has passed stricter financial and security reviews because it is a publicly traded firm.
Gemini – The Epitome Of Protectiveness
It’s possible that Gemini is the safest marketplace on the entire planet. The main trading principle of Gemini is to work according to the standards of cyber security maintained by the NYC department of financial amenities. Gemini also goes through routine bank inspections and is located in the state of New York.
Gemini marks as one of the finest cryptocurrency trade exchange company custodians around the globe to successfully complete a SOC 1 Type 2 exam, and a SOC 2 Type 2 exam, and earn an ISO 27001 accreditation.
Gemini was founded in 2012. In addition to that, there are sites like https://bitcoinscodepro.com to further assist investors with fruitful trading suggestions.
Kraken – The Most Reliable International Exchange
When it concerns the safety of transmitting information, it’s possible that Kraken is on par with Gemini. They are in compliance with the financial regulations of multiple countries, including the United States, Canada, Australia, and the United Kingdom. Despite having been operational since 2011, the trading platform has never been penetrated by hackers. Kraken is equipped with specialized security staff, and all of its servers are kept under constant watch by armed security and video monitors around the clock.
Kraken stores 95% of customer deposits in an offline, air-gapped vault while also maintaining full reserves in order to be able to process customer withdrawal requests at any moment.
CoinSpot – Secure Exchange
There are a number of cryptocurrency exchanges in Australia, but CoinSpot is one of the most reliable ones. It abides by the Anti-Money Laundering (AML) regulations imposed by AUSTRAC in Australia. It also participates in the digital commerce community by joining the Australian Digital Commerce Association.
Trading on CoinSpot is restricted until you pass a pretty rigorous verification process. To minimize the possibility of a breach, it employs bank-grade security and a mechanism that supports many cryptocurrencies in a single wallet. CoinSpot also supports two-factor authentication (2FA), which necessitates mobile phone approval for transactions.
Putting It All Together
As the cryptocurrency market has expanded, many cryptocurrency exchanges have sprung up, each with its own set of tradable tokens. The methods of deposit, available pairs for trade, and fees charged by each market are also distinct. Security is a crucial feature that should be highlighted by all of these marketplaces.