Better Safe than Sorry – What are the Most Secure Bitcoin Exchanges?

Safety nowadays plays a very important role on the web. There are thousands of ways to compromise our safety whenever we do something on the web. Staying safe is something that’s not only up to us. Sites that we visit also must care about safety measures which will ensure that we can browse them without being afraid. 

Cybercrime comes in various shapes and forms and can threaten our safety if we’re not careful. We need to pay special attention when visiting sites that require our personal information, and this is especially true for those who want to buy Bitcoin or sell it. 

Needless to say, BTC has a history of being cyber-attacked and stolen back in the day when it wasn’t as popular as nowadays. The Mt. Gox case, as well as several other notable security breaches, have made exchange owners aware that they need to improve their safety measures to another level. Luckily, the number of exchanges experiencing cyber attacks is going down.

 Yet, if you want to trade, it’s always a good idea that you choose the ones which are most secure. These happen to be some of the most popular exchanges in the world. Therefore, let’s take a look at them and what measures they have taken in order to maximize safety and security. Read on!

 

CEX.IO

CEX.IO is widely regarded as one of the best crypto exchanges that are best for new users. Therefore, if you’re new to trading Bitcoin, or you are still in the process of learning, you shouldn’t go wrong with this one.

It offers an innovative approach to keeping your funds secure as you trade. The general idea behind their successful protection is using both hot and cold wallets.

The so-called “hot” wallets are wallets that are connected to the web all the time. It’s actually the most popular type of crypto wallets out there, although they are not the most secure. As a matter of fact, the most secure way to keep your funds is by using “cold” wallets that are not connected to the network in any way but still able to keep information about cryptos stored in them.

It’s really not possible to trade unless your wallet is “hot”. Therefore, CEX.IO came up with this original solution where they store cryptos on hot wallets that are necessary to make trading possible on a daily basis. Naturally, this amount changes in order to accommodate things such as daily trading volumes, deposits, withdrawals and more.

But the security of your funds is not the only thing that matters. Your personal information also must remain protected, and that’s why they offer protection such as 2FA, and more.

 

Binance

Binance also ranks very well in the list of the most secure sites for Bitcoin trading. The site had its share of cyber attacks, and that’s why people working on this platform pledged to improve security. 

One of the reasons why Binance was attacked in the first place was that it really gained a lot of attention in the past couple of years, growing into one of the biggest online cryptocurrency exchanges in the world. Every Bitcoin trader knows that Binance is the real deal when it comes to buying and selling BTC. 

After the security breach incident where thieves made off with more than $40 million, Binance did not fool around anymore. Nowadays, it is one of the most secure exchanges you can find, with a wide variety of security measures taken to ensure maximum protection of funds and personal information.

Apart from improving security on their end, the workers at Binance decided to educate their users on how to protect themselves. Their security page provides valuable information and useful tips and tricks on how to stay safe while trading. Those pieces of info can be applied to all online crypto exchanges.

 

Coinmama

Coinmama is another popular crypto exchange that comes with a wide variety of interesting features. One thing that describes this platform is speed, as it is some of the fastest exchanges out there. Therefore, you’ll be able to trade your BTC and some of the other supported altcoins quickly and conveniently. 

This exchange has a similar destiny as Binance. As it was becoming popular, it stumbled upon a serious security breach that resulted in 450,000 usernames and passwords being stolen. Nevertheless, Coinmama was quick to respond and help users change their login credentials.

Apart from improving their security levels and adding cutting-edge technology to ensure maximum safety, Coinmama also decided to provide educational content for users which is aimed to help them learn how to protect themselves. That’s why a section of the knowledge base is filled with info about scams, phishing, identity theft, and more.

 

Conclusion: You need to do your part

These three exchanges were listed here as some of the most secure platforms on the web at the moment. However, they are definitely not the only ones out there that have great safety and security. Some of the honorable mentions include cryptos such as Coinbase, Changelly, Bittrex, Poloniex, and more. 

However, one thing is very important to take into account. Choosing a secure exchange is just half of the job. The other half is up to you. In other words, you need to learn how to maximize your safety while browsing the web. Therefore, make sure to read more about various types of scams and cyberattacks out there and how to recognize them. Only then you will be able to make the most out of any crypto exchange you choose. 

One thing is certain: the majority of popular exchanges are doing their best to further improve security levels and provide the best possible experience for their users. Therefore, no matter which one of the platforms you choose from this list (or from the honorable mention ones), you will be able to enjoy top-notch security.

 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.