Crypto experts share tips to choose the right exchange in the wake of exchange hack reportsDecember 13, 2018
Hacking attacks on crypto exchanges have triggered an alarm but crypto experts have shared some really important tips that will help one to locate a secured and compatible exchange.
Crypto investors wary of trading in exchanges in the wake of recent hacking incidents can finally heave a sigh of relief. Crypto experts have finally revealed the top tips to choose the right and most secured exchange for digital asset trading.
A crypto exchange is the prime place to buy and sell digital assets. But the rising hacking reports have left the crypto investors in huge concern. The early quarter of 2018 witnessed a comprehensive theft of $731 million cryptocurrencies which was 3x the amount stolen ($266 million) last year.
The prime reasons behind these hacks are poor regulation and lack of security compliance by the crypto exchanges. Thus, experts have advised to check the security measures taken by an exchange beforehand before signing up with it. A trusted crypto exchange would be extremely serious about KYC (Know Your Customer) as well as AML (Anti-Money Laundering) policies. These checks help to ensure the authenticity of a user willing to sign up with an exchange.
“If it’s really simple to open your account with an exchange given the absence of verification checks during registration, beware! In that case, it will be tougher for you to get the money back if the exchange ever falls into a hacker’s prey”, warned Mr. Gün Sirer, BTC expert and esteemed professor of Cornell University in the computer science department.
As per the experts, one should go for a crypto exchange which adopts the most state of the art security measures like 2-factor authentication. A solid 24/7 support is another factor to check out while determining the credibility quotient of an exchange.
Another important thing that experts have suggested to check is the transaction fees charged by an exchange. Some exchanges do charge unnecessarily exorbitant fees that gobble up much of the profits of the user.
“Try to find a reputed, highly secured crypto exchange which does not impose wild transaction fees”, noted senior crypto expert Mr. Sydney Ifergan.
Trade.io has come up as one of the most trusted crypto exchanges in the recent crypto scene. It has raised a huge storm in the crypto scene with its revolutionary exchange that promises faster and smarter results than regular options. The Trade.io exchange comes with full-customizable interface, lightning-fast execution, very minimal withdrawal fee and zero deposit fee facility. The exchange is also backed by edgy security measures like 2-Factor authentication and 24/7 specialist support.