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Which are the most secure exchanges?
Which are the most secure exchanges?
Security

Which are the most secure exchanges?

By Fabio Lugano - 4 Oct 2018

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Understanding which are the most secure exchanges is an essential element for those who want to invest or trade in virtual currencies, considering that a staggering one billion dollars have been stolen by hackers.

One need only think of the case of Mt. Gox or the recent attack on Bitfinex.

To help us choose the most secure exchanges, ICORating has created a report in which the security of 100 exchanges has been evaluated.

The key factors for this report have been:

  • Errors in the user interface, i.e. the presence of unreported errors in the UI that can be exploited by hackers;
  • User account security, i.e. the complexity and length of the password required;
  • Email and two-factor authentication;
  • Security in the registration of the domain and in the registration body, relevant factors because they prevent violations that can guide users to malicious websites;
  • Security in web protocols, such as the application of HTST, CPS, etc…

Of course, different grades were given for each factor, depending on the importance of creating a secure exchange environment. For example, while only 5 points were assigned to console errors, 18 points were given to the security of the user account, 34 to registry issues and 43 to the application of security protocols, for a total of 100 points.

These points were then assigned to the exchanges according to the different implementation of the security measures, obtaining a ranking that goes from the highest score, 89, to the lowest, 15.

secure exchanges

In this ranking, the most secure exchanges were: Coinbase Pro, Kraken, BitMEX and Gopax.

While the least secure would have been Allcoin and Okcoin.cn.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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