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Report: List of Safest Cryptocurrency Exchanges in 2020

Report: List of Safest Cryptocurrency Exchanges in 2020

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Answer Report: List of Safest Cryptocurrency Exchanges in 2020

Group-IB has rated the security level of major cryptocurrency exchanges as a way to assess insurance risk.

It placed Kraken at the top of the list of the most secure platforms, with OKEx, Huobi Pro and CoinCheck at the second tier.

Along with IT platform CryptoIns, cybersecurity firm Group-IB claims to have developed the world’s first rating system to determine insurance premiums required to cover enough cryptocurrency held in major major trading platforms.

Losses from cyber attacks on exchanges, theft, fraud, and illegal actions of users in cryptocurrency exchanges appear to be covered by the new cryptocurrency insurance policy.

Users across more than a dozen platforms can now request protection for their financial reserves with the “CryptoIns” platform. The framework values ​​criteria such as the level of technical security and reliability of storing keys, passwords and personal data for customers that each platform provides.

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It also looks at the quality of their individual risk management systems, and how they relate to Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

“In the first place, we are evaluating how crypto-platforms handle crypto-assets and securities: what are the procedures for storing and managing the assets of the platform keys”, according to an EC spokesperson: “In some cases and with the approval of the founders, the evaluation includes penetration testing using social engineering methods. The goal is to penetrate the network through the most vulnerable link in any organization – the humans.”

The CryptoIns platform is developed by the Swiss broker ASPIS SA with Selecta Insurance & Reinsurance Company that handles all insurance coverage.

Kraken cryptocurrency is the cheapest to insure

The insurance framework divides cryptocurrency exchanges into four groups, according to the degree of risk. The cybersecurity firm Group-IB deemed the exchanges in the first group to be the most secure with the fourth considered completely unviable.

The basic insurance rate is 2.5% per quarter, with a discount applied to the group (up to a maximum of 50% of the discount).

The only platform worthy of the most secure combination is Kraken. “According to the report, Kraken is the most secure platform, with an insurance rate of 1.25%,” Group-IB reported.

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This means that to insure the value of 1 BTC on the Kraken exchange, it will cost 0.0125 BTC for 90 days as the cover value.

The second group includes the “Bittrex” and “Coinbase Pro” platforms, and in this group the insurance fees on cryptocurrencies are at 1.5% of the value of cryptocurrencies.

The digital assets on the following cryptocurrency exchanges Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, MyEtherWallet, and Poloniex all set their premiums at 1.9% making this the most popular risk rating.

The least secure group of cryptocurrency exchanges, according to the report, was Yobit, which was removed from the list altogether before its insurance framework was announced. Other trading platforms excluded include Zaif, Bitstamp, TopBTC, and Bit-Z, a Group-IB spokesperson said.

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Unfortunately, when pressed, neither Group-IB nor CryptoIns was willing to disclose the exact considerations made when tagging highly risky trading platforms to insure security, while noting that this information is confidential. .

The maximum amount anonymous users can be locked into is the equivalent of 15 Bitcoin ($96,000, at time of writing), with premiums payable in up to 100 different coins.

The CryptoIns Foundation says it will issue insurance payments in Bitcoin. Full year coverage is also available, with base premium costs increasing in proportion to the coverage period.

One of their agents also confirmed that those interested in covering their cryptocurrency must go through the KYC/AML process.


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