5 Best Cryptocurrency Exchanges in Terms of Safety

The introduction of cryptocurrencies has transformed the financial and monetary world. To begin with, cryptocurrencies have opened up a new avenue of trading and investment opportunities, which are especially accessible to the general public, regardless of their wealth, social status, and spending power.

We’ve seen how the masses have started investing in and trading cryptocurrencies, from the comfort of their homes, in an attempt to make money off the volatility of these currencies and the best cryptocurrency exchanges are an important element of the entire process.

Moreover, tools such as Big Money Rush have now made it possible for just about everyone, regardless of how experienced they might be, to step into the world of cryptocurrency trading with minimized risks and maximize earning potential, which is another factor that continues to appeal to the masses.

Why is the Safety of Crypto Exchanges Important?

The process of buying/selling cryptocurrencies is relatively simple; however, the process does require a few important steps, and the best cryptocurrency exchanges are an important element of the entire process.

While blockchain was initially considered unhackable, hackers have found a way around it, which has resulted in some hacking-related incidents, involving some cryptocurrencies.

Anything that has to do with the internet is prone to cyber-security issues and especially in the case of cryptocurrencies, where your entire crypto wealth/holdings are stored over the internet, safety is one of the most important concerns.

Even though the inherent risk of hacking cryptocurrencies is low, there is still a chance of such incidents which could have a variety of consequences. Initially, you could lose your coins if they get stolen, which would be a massive financial hit, depending upon the amount and type of currency that you had. This puts your entire investment in cryptocurrencies at risk.

Moreover, if hackers have other malicious intentions, they could hack into your wallets and gain access to your confidential data such as passwords, which again, would have massive consequences.

Best Cryptocurrency Exchanges in Terms of Safety

Given how safety is one of the paramount concerns while choosing a cryptocurrency exchange, here are the five best cryptocurrency exchanges in terms of safety

Coinbase

Coinbase is one of the most popular cryptocurrency exchanges out there, with over 13 million active users. Coinbase ensures that the risks associated with possible hacking incidents are minimized by storing the majority of its digital assets in offline storage, which is more secure and less susceptible to hacking. Coinbase also claims that the cryptocurrency that is stored on their servers is insured.

Coinbase is trusted by millions of users from across the globe as they operate in over 30 different countries and have over 40 licenses to operate in the US alone.

Binance

Binance is another major player in the world of cryptocurrency exchanges. It is used by a large proportion of cryptocurrency traders, as it has the early-bird advantage as far as cryptocurrency exchanges are concerned.

Apart from following and introducing the best practices in the industry, Binance also allows you to enable two-factor authentication. This is an added layer of security that restricts unauthorized access to your account and wallet, ensuring that hackers cannot gain access to your holdings.

Binance also has a secure asset fund for users (SAFU), which provides further peace of mind. If you want to learn more about this exchange, read this in-depth Binance review written by the industry experts.

eToro

eToro is one of the world’s leading social trading platforms that prioritizes security and privacy. eToro ensures that your data remains secure and your privacy of it remains intact, by using multiple tools and measures such as firewalls and encryption techniques. They also provide additional features such as two-factor authentication and device verification.

So how does eToro work and is it ideal for beginners? The best way to get familiarized with their platform is by reading their detailed guides and watching their educational videos.

If you utilize all of their security and safety features, the risk of hacking goes down exponentially, making it one of the best cryptocurrency exchanges in terms of security.

Kraken

Kraken is another cryptocurrency exchange that takes security and safety very seriously. This platform has a world-class security team comprising top security professionals that take innovative approaches to ensure the safety of their user’s data and holdings.

Kraken keeps the majority of the assets in offline cold storage while securing the servers in a strictly controlled environment. Other security features include Two-factor authentication, self-serve account lock, configurable account time-out, and real-time monitoring for suspicious activity.

Bitrex

Bitrex is one of the world’s most popular cryptocurrency exchanges that provides a secure trading environment. Bitrex has a clean state as far as hacking incidents are concerned, as they have never been hacked.

Bitrex utilizes a custom-built trading engine that allows the platform to adapt in order to provide a safe environment. They also have a 24/7 customer service and security team in place, in order to ensure that consumers always remain protected.

 

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