
Crypto exchanges are platforms where cryptocurrencies
are primarily sold and bought. With hundreds of cryptocurrency exchanges
available, you should choose the best. This is important especially if you are
interested in trading and are new to crypto.
Top 5 Safest Cryptocurrency Exchanges For 2023
Cryptocurrency
exchanges that are not secure are at risk of being hacked by
cybercriminals. These types of crimes have become sophisticated and prevalent
in recent times. As a result, you as a crypto investor must ensure that your
digital assets are protected. Doing so involves selecting a safe cryptocurrency
exchange.
Below are the top 5 safest cryptocurrency exchanges
for 2023.
1.
eToro
eToro is an established online trading platform and is
the best option when it comes to stocks and cryptos. This crypto exchange
platform offers a regulated, secure platform for crypto trading. It has a track
record of keeping investors’ assets safe.
The majority of user funds on the eToro exchange are
held in cold storage. This is to minimize the likelihood of lost funds from
operational errors or hacks. In partnership with GK8, a leading cybersecurity firm,
eToro has been able to deploy a cold storage Custody as a Service (CaaS)
solution for cold storage
2.
Coinbase
Coinbase is considered to be the overall best crypto
exchange. Its security system is solid and the digital assets of users are
protected. Coinbase
is incapable of using your crypto to run its business like FTX did because
it is non-custodial. Being non-custodial implies that you are the only one with
access to your digital asset.
Additionally, your funds are safe in the event of
hacks on Coinbase’s servers. When setting up your mobile wallet, the Coinbase
wallet explicitly emphasizes security by requesting that you add your
biometrics or passcode.
3.
Gemini
Gemini is another extremely secure exchange as it
offers industry-standard security features. Wallet address whitelisting,
two-factor authentication, and the capability to review and approve login
devices are among the features.
To access the platform's full range of trading
features, you must also finish the Know Your Customer (KYC) verification
process. This procedure, which is intended to decrease instances of fraud on
Gemini, typically entails uploading a government-approved photo ID.
4.
Kraken
Kraken, the safest international exchange is also the
best for experienced traders. If you adhere to the best online security
practices, your Kraken account will be secure and protected from
cybercriminals. An essential thing to do on Kraken is to add two-factor authentication
when your account is funded.
In addition, you have the option of creating different
two-factor codes for sign-in, withdrawal, and trading on Kraken. If you think
your account may have been compromised, you can also lock it from changes using
a feature on the exchange platform.
5.
KuCoin
KuCoin exchange was the subject of a major hack in
2020 even though it offers industry-standard security features and KYC verification. Digital assets worth millions of
dollars were stolen from the hot wallets of users of the exchange. Fortunately,
the stolen assets were covered by insurance and were recovered but such a breach
remains a concern today.
Along with encryption and multi-factor authentication,
KuCoin also provides users with a unique password just for trading. To withdraw
assets or make trades, users must enter this password in addition to their
standard login information.
Conclusion
With the increasing number of crypto scandals and
breaches, it is important that crypto investors feel safe. to feel secure,
crypto exchanges must have industry-standard security systems. Already
discussed are the top 5 safest crypto exchanges you can look up to in 2023.
DISCLOSURE
Comments here are not of the author's opinion. Users are responsible for their comments.