Investors have more options than ever before to convert their hard-earned money for decentralised digital money as the number of cryptocurrencies on the market continues to grow. It complicates the process of selecting a trading platform. Security measures, the convenience of use, trading fees, and the number of currencies accessible for trade are just a few of the elements that will affect your decision. The best thing to do is to set a priority. Which factor is the most important for you? And from your ranking, you can start searching for the top platforms for each category. That sounds like a great idea, right?
Because there are so many horror stories on the internet about hackers defrauding traders of their earnings from cryptocurrency exchanges that are not well-protected, most crypto traders give security the utmost priority. If you are one of them, this article is for you because we will focus on the best crypto trading platform in terms of security.
Coinbase takes extra precautions to keep your bitcoin as safe as possible. They understand the importance of their clients’ peace of mind. Coinbase has criminal insurance covering a percentage of the digital assets stored on its servers against theft, including cybersecurity breaches. Their insurance, however, does not cover any damages caused by unwarranted access to the client’s personal Coinbase or Coinbase Pro account(s) as a result of a breach or loss of their credentials. The user must use a strong password and keep track of all login credentials.
The funds of 98 per cent of their customers are maintained offline. Offline storage acts as a valuable safeguard against theft and loss. They store bitcoin in safe deposit boxes and vaults worldwide and disperse it regionally. Sensitive information ordinarily stored on their systems is isolated from the internet. The data is then split and duplicated to secure USB drives and paper backups. Drives and backups on paper are in safe deposit boxes and vaults. These safeguards make it difficult for hackers to track down and steal Coinbase-protected funds.
In addition, Coinbase requires two-step verification for all accounts. You will enter a code from your phone in addition to your username and password, giving an added layer of security to your account. On account creation and password reset, they hash passwords saved in the database and verify them. The database and codebase are kept separate from the application credentials. They invest not only in the system but also in the people who run it. As part of the employment process, they require their staff to undergo a criminal background check. Employees must encrypt their hard drives, create strong passwords, and turn on screen locking.
Bitcoin Profit is one of the most reputable cryptocurrency trading platforms available online. With Bitcoin Profit seasoned team of specialists on board, everyone, whether an amateur or a professional, may have trading experience. They created a website experience that is straightforward and intuitive to use. In no time, you will be able to navigate and walk through the website and grasp the fundamentals of trading.
Bitcoin Profit ensures that its users are safe. They assure their clients that they have their backs. Bitcoin Profit safeguards the data using various security layers of Secure Electronic Transaction (SET) and Secure Socket Layer, keeping in mind the sensitivity of the information (SSL). As a result, they take great care with the personal information you supply them. Their trading software gets protected by cutting-edge technology and some of the brightest minds in the industry who carefully monitor the platform trading operations. You can feel safe with them because they keep an eye on everything that happens.
Their technology guided by a sophisticated algorithm can identify potential trading chances to deliver the best service in the market. The agile software that has helped them succeed over time keeps track of past data and works following current market trends. The powerful algorithm and 0.01-second leap ensure that the software will deliver results based on market analysis.
Robinhood takes the third spot on our list. Anyone could feel confident by their stand in terms of security. Robinhood aims to be a platform that takes security with utmost priority. They take safeguards and educate people, and they deliver excellent, timely customer service resolving issues as they arise. Robinhood safeguards your investments. Robinhood Financial and Robinhood Securities are part of SIPC, which protects its members’ securities consumers. You can learn more about it by visiting their website. They take security precautions to help keep your information safe because they are committed to upholding the highest security standards.
They hash client account passwords using the industry-standard BCrypt hashing technique and never keep them in plaintext—which means they are stored in a scrambled format that attackers find difficult and time-consuming to crack. Before being saved, sensitive data, such as a customer’s Social Security number, is encrypted. Furthermore, their mobile and web applications use the Transport Layer Security (TLS) protocol with up-to-date configurations and cyphers to securely interact with their servers. TLS helps ensure that any information you communicate to their servers remains private, including your password, bank account, and other personal and account information. They will never access your financial credentials once they have verified them. Robinhood gets information about your bank accounts from reputable third-party integrations, such as your account number and available balance.
Two-factor authentication (also known as 2FA) protects your account by needing two forms of verification to sign in: something you know (your password) and something you have (your phone) (a one-time verification code). You will be asked for a verification code every time you log in or make changes to your account. For new devices, 2FA is enabled on all Robinhood accounts. This protocol is an extra coat of security for all Robinhood accounts that helps us make sure it is you who is logging in.
Furthermore, they promise to reimburse all direct damages resulting from fraudulent activity in your accounts. That is how dedicated they are to keeping your account safe. They provide advanced security features, as well as a guarantee to fully compensate direct damages caused by illegal activity that is not your fault. Cash, securities stored through Robinhood Financial, and cryptocurrency held through Robinhood Crypto are all included in this policy.
Trading platforms are increasingly investing in improving their security systems to remain competitive in the burgeoning crypto trading business. One must also note that the information taken above is taken directly from respective websites. Take none of the preceding information as personal investment advice. Remember that while cryptocurrency trading has a lot of potential, it also comes with a lot of financial and emotional hazards. The bitcoin market’s volatility may cause you to lose all of your money. Make sure you do your homework and are aware of the crypto regulations in your country.