For many Bitcoin traders, security is the most important factor in deciding on a cryptocurrency exchange. No one wants to have their assets stolen or hacked. As more and more exchanges have experienced cyber attacks, choosing the right platform has become trickier. Here are five trading platforms that can still be trusted.
CEX.IO is a practical option. The exchange has been around for a while and has never had any major security issues. Few trading platforms have gone as long without experiencing any theft or loss. CEX.IO also supports a variety of different cryptocurrencies besides just Bitcoin. However, the platform is ideal for Bitcoin and Ethereum trading.
The exchange’s killer features include the ability to buy Bitcoin with a credit card, margin trading, API integration for better functionality, and many more. Hence, it is not surprising that both newbies and seasoned traders refer to CEX.IO as a go-to platform for their crypto activities. When it comes to security, the exchange also has much to offer – namely, 2-factor authentication, full data encryption, protection from DDoS attacks, and a long-standing reputation. Another selling point of CEX.IO is that the company owns all the licenses necessary for running a financial services business.
One more thing to appreciate about the platform is the recent reduction of deposit fees. Fees here are still not the lowest ones on the market, but this is a good place to start, as it has one of the best security records of all the crypto exchanges.
Bittrex complies with the US regulations and has been operating since 2014. Other highlights include a minimally invasive registration and verification process, 2-factor authentication, and a cold storage option.
You can buy and sell many currencies on the platform, not just the top five. You have about 250 assets to choose from. Bittrex is a fantastic option if you want a secure exchange that will give you versatility. The website does not have a deposit limit, which makes it even more versatile. One con of the exchange is that, unlike CEX.IO, you can’t use many traditional currencies here. If you want to buy Bitcoin, you will need to use USD or other digital assets.
One of the best parts of Bittrex is that they are very vigilant about user safety. You will usually be sent a verification email when you sign in. This helps to make sure you are actually on the right site and not on a scam site posing as Bittrex. Since this is a fairly common problem that happens in the crypto community, the vigilance should be appreciated.
Binance is another popular Bitcoin currency exchange that is worth your consideration. They have a whole page on their website for security tips. This tells they care about keeping their customer’s assets safe. Like most platforms out there, Binance also uses 2-factor authentication for added security.
A cool aspect of Binance is their affiliate program. You can earn extra money on the platform by referring your friends. Low transaction and service fees also can be appreciated. Further, they have one of the best interfaces among the exchanges. It is easy to use, especially for beginners. The login and registration are rather simple, compared to other trading platforms. The team behind Binance is well-respected in the crypto community, so you can put your trust in it. Speaking about disadvantages, the withdrawal may take too long.
KuCoin is also among the secure exchanges. The encryption protocol they use to keep confidential information safe and private is top of the line. They also have a whole department devoted to keeping users’ funds from being hacked or lost. The platform also allows you to use Google authenticator for added security. One thing to keep in mind is that despite these security features, the platform is much newer than the above-mentioned ones.
KuCoin has some of the lower fees out there. As a newer exchange, it provides fresh coins that are not yet available on more established trading platforms. It is also a good choice for people who are only beginning to trade Bitcoin. The account is easy to set up and the website is easy to navigate. The biggest disadvantage is that the liquidity isn’t as high as on other exchanges. This is mainly because KuCoin hasn’t had the time to develop its user base. The platform also does not support traditional currencies yet.
Bitstamp is the exchange that allows trading digital currency against fiat. This is a huge advantage. While Bitstamp did have a high-profile token theft several years back, it has since increased its security significantly. Most coins are now kept in a cold storage; and like most of the others, the platform utilizes 2-factor authorization. They also use a special Pretty Good Privacy (PGP) technique that ensures the confidentiality of their users’ personal data. While identity theft is such a widespread problem, this feature is particularly attractive.
The downside of Bitstamp is the cryptocurrency selection. You can only use it to trade the major cryptos. But if you’re just looking to trade Bitcoin, it shouldn’t be an issue. The mobile app is not very good either. The website interface is smooth, but not very suitable for beginners, as it is geared towards professionals mostly.
There is a range of tried and tested crypto exchanges you can choose from. Some of them may be relatively new, like KuCoin, some may be not as much convenient for the newcomers, like Bitstamp. Still, there are also CEX.IO, Binance, and Bittrex among the most popular services that have a solid experience and an impressive user base. Choosing the exchange, pay attention to their fees for transactions, currency pairs available, and the interface. Don’t worry much about the security as all of the mentioned trading platforms take advanced measures needed to protect users’ accounts and funds.
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