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Which bitcoin exchange is safest?

safest bitcoin exchange

February 18, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Get Into Cryptocurrency Trading Today

Over the years, the cryptocurrency market has gained global traction from many investors. According to coinmarketcap, the whole cryptocurrency industry is worth over $289 billion. As a result, more investors are looking to get involved in this growing space.

A cryptocurrency exchange is a platform that allows people from different parts of the world to buy and sell various cryptos. With several exchanges available, it is quite challenging to find a safe and reliable one to use. In this article, we will look at the safest bitcoin exchanges and their unique features.

Factors to consider when choosing a bitcoin exchange

When starting to invest in bitcoin, you must choose the best bitcoin exchange. Some crucial factors to consider include:

Security level

The level of security of any cryptocurrency exchange platform is paramount when trading. Each exchange has different security measures. Check whether the platform uses two-factor authentication. Also, determine if it uses a security protocol (HTTPS) and its two-factor authentication compatibility. Additionally, read through its terms and conditions to understand its available storage options for your digital assets.

Modes of payment

When buying and selling cryptos, it is advisable to use an exchange that allows fiat payments. Such platforms enable customers to buy cryptocurrencies using credit or debit cards, fiat currency, wired transfers, and even PayPal. Similarly, check the privacy level of such sites. This helps in ensuring that your personal information is safe when used during trades.

Reputation

It is essential to choose a reputable bitcoin exchange platform since the crypto industry is relatively new. This aids in avoiding scams and taking part in nefarious activities. Read through the site’s customer reviews. Also, search for feedback from public forums, like Quora, Bitcoin Forum, and Reddit. Also, ask your peers about their experience using the platform, if they have used it. 

The exchange’s geographic location

Knowing the geographic location of your preferred exchange aids in identifying its governing laws and regulations. It is advisable to use an exchange located in your home country. Even though the exchange is not in your home country physically, it is vital to check whether it can legally operate in your country. Different exchanges use diverse practices, depending on their location and offerings. Some adhere to strict Anti-Money Laundering (AML) practices. Alternatively, others apply the Know Your Customer (KYC) rules.

Transaction fees

Cryptocurrency exchanges charge their customers a fee for conducting trades on their platform. Such rates can be exorbitantly high or very low. Before choosing an exchange, ensure its transaction fees are reasonable. Also, check whether there are other extra fees charged on top of the bitcoin transaction fees. Some exchanges also charge a withdrawal fee and have limits on the amount to withdraw.

Five most secure bitcoin exchange platforms

1. eToro

If you are a beginner in the crypto space and are looking for a secure platform, eToro is an ideal option. It offers its users a wealth of information on how to conduct bitcoin trades. Upon registering on the platform, you get a virtual trading account with $100,000. In turn, this aids in practicing your trading strategies before trading with real money and cryptos.

Founded in 2013, eToro is an Israel-based brokerage company. It handles various financial investments, including cryptocurrencies and CFDs. eToro has over 5 million worldwide investors. It has also raised more than $160 million from its investors. The exchange has a wide variety of cryptos to choose from. It features industry-leading security protocols and a user-friendly interface.

2. Bittrex

Another safe bitcoin exchange platform is Bittrex. It stores up to 90% of its crypto assets offline in cold storage devices. This helps in preventing hackers from accessing them. Launched in 2014 and based in Seattle, Washington, this platform hosts over 190 different cryptos. It also lists more than 284 unique trading pairs. The exchange performs fast transactions using its elastic computing system.

Furthermore, Bittrex allows users to buy cryptocurrencies using fiat currencies. It also has low transaction fees as it charges customers a flat rate of 0.25% on each trade. 

3. CEX.io

If you are looking for a simple to use exchange platform, CEX.io is a perfect choice. This cryptocurrency exchange is legit as it is a registered Money Services Business in the U.S. 

It also has strict security measures to ensure the safety of its operations. For instance, customers must use two-factor authentication while logging into their accounts. The exchange also sends notification emails to users when making any login attempt. Users also have a level two DSS certificate from the platform. This means that the exchange is subject to a specific security level when storing, transmitting, and processing card payment information. 

4. Binance

Everyone in the crypto space knows Binance. It is one of the most popular cryptocurrency exchanges in the industry. The platform features high trading volumes. It also supports a wide array of digital currencies. Since its creation in 2017, this platform conducts an average of over $1 billion daily trades. Furthermore, it receives over 240,000 new account applications every day.

When it comes to the level of security, Binance has robust security measures. For example, customers must set up two-factor authentication when registering for an account. Its website also utilizes the Cryptocurrency Security Standard (CSS) to protect its user’s accounts. 

5. Gemini

Launched back in 2015 by the Winklevoss twins, Gemini is an ether and bitcoin exchange platform. According to coinmarketcap data, it is the 39th largest cryptocurrency exchange. In 2016, the platform became the first licensed ether exchange platform in the world.

In terms of security, this exchange platform uses a two-factor security authentication when registering and verifying user accounts. It also stores most of its bitcoin assets offline to minimize potential losses due to hacking.

Conclusion

Choosing the best and safest bitcoin exchange is not easy, even with extensive information on various sites. The exchange platforms listed above are some of the most popular and secure platforms in the industry. But, it is crucial to conduct further research before deciding which of them is the most suitable. Remember to consider their level of security and transaction fees to ensure successful trades.

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