The growing popularity of cryptocurrencies attracts not only honest investors and traders. Following them, dark personalities rush to the cryptocurrency exchanges with very simple and ignoble goals. Theft of digital assets is possible by hacking the exchange, a single account or wallet.

Accordingly, the requirements for the security of cryptocurrency exchanges are increasing. To date, their security is comparable to the security of banking systems.

Of course, this upsets hackers, but it does not stop them and sometimes they succeed in their activities. Just a few weeks ago, the Binance exchange suffered from some hackers. Hacking is not the only way to steal customer funds.

Fraud, phishing, supply chain attacks are being used. If all your interests are limited to the regular exchange of small amounts like 0.1 BNB to USD with subsequent withdrawal to the card, then this is not critical. Security surveys are much more of a concern for those who systematically trade or store crypto assets on an exchange wallet.

The security of the trading platform is assessed according to the following criteria:

  1. User Security.
  2. Domain & Registrar Security.
  3. Web security.
  4. DoS Protection.

Many exchanges manage to deliver strong performance across several dimensions, but so far, no platform has achieved the highest level of protection across all dimensions. For the user, this only means that no exchange guarantees 100% security.

How to choose a secure crypto platform?

First of all, when choosing a crypto exchange, functionality is important for a potential user. For example, it is possible to exchange .19 ETH to USD on almost any exchange, but trading with leverage or staking is not available everywhere. The safety and reliability of the site is directly or indirectly evidenced by:

  • Parent company jurisdiction. This is important, since the company is obliged to act in the legal field of the state of registration.
  • Having a license. Fraudsters will not complicate their lives with such cumbersome procedures.
  • Terms of work and volumes of trades. This information is available to CoinMarketCap in the Exchanges section. Not every young platform is necessarily a fraudulent project, but it is still better to beware of little-known exchanges.
  • Reputable payment partners. Pay attention to the methods of depositing and withdrawing fiat funds.
  • Project income. Yield is calculated in fiat currencies, not in digital assets. Tens of percent per annum is quite normal, but when it comes to three-digit percentages, this is a typical financial pyramid.
  • Reputation. Explore reliable financial and business media. Solid exchanges are actively developing, establishing partnerships with other companies, and this is necessarily covered in the press.
  • Safety. Learn the history of exchange hacks. The fact of theft does not mean that the site is not trustworthy. It is important how the exchange team reacted to the incident and what measures were taken.

Most trusted Ethereum exchanges

The more clearly formulated the request, the fewer applicants have to be considered. In addition to high security characteristics, pay attention to trading volumes for the trading pair you need.

Coinbase

Coinbase is one of the leaders in security. The platform is licensed in all countries where it operates, customer funds are stored in a special wallet. About 30% of transactions of buying and selling ETH for USD are made on this platform. This means that orders are executed quickly at the most up-to-date rate.

The reverse side of the high security of the centralized exchange is a very strict account verification procedure.

FTX

The creators of the platform often say that it was created by traders for traders. This is one of the best places for professionals with well-thought-out functionality and a very rich selection of trading tools. The share of FTX in total ETH/USD trading volume is slightly over 20%.

LetsExchange

If your goal is to regularly buy ETHIRUM as a long-term investment, you have the opportunity to simplify your life. LetsExchange service’s search engine automatically finds the best deal available at the time of your request. The confirmation field of the application, the transaction is automatically completed and your funds are credited to the account you specified.

 

Review Where to swap ETH to USD safely? Top exchanges.

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