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.
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
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.
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.
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.
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.
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.
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