Report: Cryptocurrency trading platforms suffer from security and this is a list of the best platforms
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Answer Report: Cryptocurrency trading platforms suffer from security and this is a list of the best platforms
The new ICO Rating report on cryptocurrency exchange security revealed that a number of leading cryptocurrency exchanges such as Binance, did not get high marks when it came to security protocols.
In its report, ICO Rating reviewed the 100 largest cryptocurrency exchanges with trading volumes exceeding $1 million.
The news came as a surprise that users’ funds may be at risk due to some low and poor security practices of most cryptocurrency exchanges.
According to the report, 31 cryptocurrency exchanges have been hacked over the past eight years, and these platforms have lost nearly 1.3 billion as a result of these hacks.Read:Cryptocurrencies will not work in emerging economies like India, according to the central bank governor
- Why are cryptocurrency exchange hacks so frequent?
The report indicated that a number of these platforms learned from their mistakes and were able to continue, while others declared bankruptcy. Some of these platforms have even been hacked more than once, such as Mt.Gox, Bitcoinica, and Bitcurex.
The report added that 32 percent of known cryptocurrency exchanges contain software errors that enable vandals to exploit and affect the platform’s operations. The report warns that this data may be lost if it is not corrected.
The report added that 3 percent of trading platforms do not provide two-factor authentication (2FA), while 5 percent do not require email verification during registration.
List of the best security cryptocurrency exchanges
Although no exchange achieved the full degree of security, the report indicated that Coinbase Pro and Kraken were the best performers.Read:Are the bullish expectations for the price of Bitcoin still intact?
Coinbase Pro scored 89 out of 100, Kraken scored 80 out of 100, and BitMEX and GoPAX each scored 78 out of 100.
The surprise was the absence of the “Binance” platform, which is the leading platform in the world of digital currencies, in the list of the top 10 security platforms, as it scored 63 out of 100 in terms of security and protection and ranked 16th.
Platforms such as Allcoin, OKCoin.cn and Tidex received the lowest scores, according to the report’s data.
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