Last updated on June 7th, 2023 at 12:09 pm
Top 5 Crypto Exchanges to Trust – The notorious chain of recent collapses of Hotbit and Bittrex U.S. has not only dramatically shaken up the crypto community, but also spurred the old-as-crypto concern questioning the overall crypto security.
The untrustworthiness of certain crypto entities accordingly leads to the consideration of cryptocurrency as a Ponzi heritage and exceedingly unreliable trading option, which is fundamentally wrong.
Just by contrast, the digital assets built on blockchain technology can boast of its cutting-edge security features, however, alas, it is being overgrown with vulnerabilities in the custody of precarious crypto exchanges.
In fact, there is still a vast majority of them on the market due to the fact that they seem to be robust, yet they aren’t. But this article’s purpose is not to pour criticism but to help the crypto enthusiasts (just like me) not to fall into the trap of insecure exchanges and carry out trading operations with pure certainty. Hence, I present the list of the top 5 most secure crypto exchanges, based on my personal experience as well.
Top Crypto exchanges you can trust
Bonus: Tips for building strong crypto security
Coinbase is one of the largest cryptocurrency exchanges all over the globe. Based in the US, it is solidly standing amidst the crypto regulating vagueness and is providing trading services for more than 108 million users, and intuitively-simple interface and a decent number of digital assets are contributing to the exchange being among the leading ones.
Coinbase is starting off a list due to the fact that it stores 98% of the customers’ assets in cold wallets. To be more specific, the storage is kept in physical vaults and safe deposit boxes. Besides, the exchange is using auto-enrolled two-factor authentication and KYC authentication, ensuring the user’s top-notch privacy and security.
Nevertheless, Coinbase has one minor drawback – the fees for convenience are pretty high, which, however, fades against worthy wins of the exchange.
Another U.S.-based crypto exchange that does not only keep up with the reputation of one of the most sharply secured services, but daringly surpasses it, and the earning of a coveted ISO/IEC 27001:2013 certification just proves mentioned above. Notably, Kraken provides custody of the assets within the advanced cold storages which are constantly supervised and heavily guarded around the clock. The exchange is also integrating two-factor authentication, SSL encryption, and SMS account recovery.
Additionally, Kraken is a user-friendly exchange with the better part of educational material on crypto and comprehensive customer service support.
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WhiteBIT is a Ukrainian-originated crypto exchange, considered to be one of the largest in Europe, which prioritizes clarity and security. It stores more than 96% of the assets in cold storage, high-end protection of which is ensured with AML systems.
What is more, WhiteBIT stands by a proactive position of global cybersecurity by educating the users and complying with FATF (Financial Action Task Force) security standards. Notably, WhiteBIT is always trying to simplify its customers’ experience and combine it with upscale security means. For instance, they recently introduced authentication via QR-code to the public.
Notably, the WhiteBIT is a wide ecosystem of different products, including payment services, decentralized exchange, and even an educational media hub, hence the security means required to be ensured by the company are exceedingly versatile yet effective.
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Crypto.com is the last on my list of crypto exchanges you can trust. It is one of the actively-used crypto platforms which provides customers with more than 250 available cryptocurrencies. Significantly, their cybersecurity means a combination of cutting-edge tools and traditional and efficient terms as the exchange stores 100% of crypto assets in cold wallets as well as all fiat currencies in bank accounts. That state of things is a part and parcel of the exchange’s security guidelines, which implies the users’ verification of resources via the Proof of Reserves feature.
Although lower-volume trading on Crypto.com incurs higher trading fees, the exchange still lives up to its self-proclamation of “leader in regulatory compliance and security certifications”.
eToro is one of the oldest exchanges in the crypto market, whose services extend well beyond buying crypto by offering ETFs, stocks, and commodities as trading options. Contrary to the entities mentioned above, eToro does not use cold storage solely but integrates secured hot wallets into their means of custody.
Still, the complexity and versatility of eToro’s approach are pillars of its top-notch protection and time-honored reliability.
Bonus: Tips for Building Strong Crypto Security
Notwithstanding the core principle of crypto security, which lies in choosing the crypto exchange meticulously and considering its reliability, personal cyber safety should also be a guiding principle for every user. Through my personal crypto span, I have elaborated three core methods for upscale protection, which seem to be obvious, yet they are often neglected.
Tip №1. Passwords are the cornerstone: The creation of strong passwords and secure storing of them is a key to decent cyber protection. According to this year’s Verizon Data Breach Investigation Report, 81% of hacking-related breaches used stolen or weak passwords. Hence, it is essential to coin difficult passwords with irrational symbols order, higher/lower registers, etc, and special characters, which should not be reused across different platforms.
The means for storing passwords is no less important, considering the fact that it is complicated to remember the chaotic range of characters. I would recommend using OnePassword or simply writing the passwords down on sheets of paper. It is much more securely compared to keeping them in messengers, notes, or other applications that have access to the Internet.
Tip №2. Custody of Assets: Undoubtedly cold wallets are the most secure type of crypto storage, however, it is also worth pointing out that the keys to them as well as the hardware itself is requiring extra attentiveness and protection. Besides, always keep the seed phrases in several copies in the physical environment. The wallets’ safety should also be ensured, and you should take precautions in case the hardware is lost or stolen.
Tip №3. Keep Up to Date: It is vital to regularly update the crypto wallet and devices’ software, operating systems, applications, etc. The outdated software may cause breaches that hackers could easily exploit.
Ultimately, cybersecurity is a linchpin of the prospering crypto realm, as it contributes to safeguarding the industry’s stability and raising trust in digital assets, encouraging more and more newcomers to become crypto-enthusiasts, and ensuring the safety of the assets.
Now that you have seen the top crypto exchanges that you can trust, we hope you use the information to safely navigate the crypto space.