The Top 5 Safest Cryptocurrency Exchanges

The Top 5 Safest Cryptocurrency Exchanges



The growth of the cryptocurrency sector has led to the creation of numerous cryptocurrency exchanges, each with varying assets available. Each of these exchanges also offers differing funding methods, trading pairs, and fee structures. Perhaps the most important offering any of these exchanges can focus on is security.To get more news about crypto exchange ranking, you can visit wikifx.com official website.

As the digital asset class pushes higher in terms of market cap, it has become more important than ever to ensure that your assets are safe and that exchanges are using top-grade security measures. Fortunately exchanges have become far more secure as the cryptocurrency industry has matured.
If you are wondering what makes an exchange safe compared to another, and which exchanges are the safest, you have come to the right place. Here we will outline the safest crypto exchanges and what to look for in exchange security. And at the end of the day the safest crypto exchange will likely be the best crypto exchange for almost everyone.
Coinbase is one of the biggest cryptocurrency exchanges in the world and one of the best reputations for security. The exchange keeps nearly 99% of its users’ digital assets in offline cold storage. Coinbase also requires that you validate a phone number by entering a code they send you through a text message. Coinbase has mandatory two-factor authentication (2FA) on your account, to ensure that your account remains secure. Coinbase is also a publicly traded company meaning it has undergone extra financial and security examinations to reach that status.

Upon deleting your account, Coinbase gives users the ability to request the information they gave to Coinbase in the first place. You can also request that Coinbase deletes the information from their servers. Coinbase gets extra points for properly handling and discarding users’ personal information
Gemini may be the safest exchange in the world. Gemini is a New York trust company that undergoes regular bank exams and is subject to the cyber security regulations required by the New York Department of Financial Services, which are quite strict. Gemini is the world’s first cryptocurrency exchange and custodian to complete a SOC 1 Type 2 exam, SOC 2 Type 2 exam, and earn an ISO 27001 certification.

The SOC 1 evaluates the design and implementation of Gemini’s financial operations and reporting controls, while the SOC 2 evaluates the design and implementation of their security, availability, and confidentiality controls.

The majority of Gemini’s cryptocurrency is held in an offline, air-gapped cold storage system. A small amount is stored in a hot wallet for transactions, but that amount is also insured. The site also uses every common personal security measure including two-factor authentication (2FA) and hardware security keys.
Kraken may be just as secure as Gemini when it comes to exchange safety. They comply with financial regulations for the US, Canada, Australia, UK and more. The exchange has never been hacked despite being in operation since 2011. Kraken has a dedicated security team, and their servers are under 24/7 surveillance by armed guards and video monitors.

Kraken keeps 95% of deposits in offline, air-gapped storage while keeping full reserves so they can accommodate withdrawals at any time. They conduct penetration testing, meaning they attack their own systems to find weaknesses, while also running bug bounties, meaning they encourage the community to find problems in their security with financial incentives. There is 24/7 live chat and phone support from 6 AM to 6 PM EST Monday to Friday while also offering 2FA.