Safest Crypto Exchanges: Top 3 safe Cryptocurrency Platforms

Cryptocurrencies have taken the world by storm, and a lot of new investors are quickly dipping their toes into the world of cryptocurrency investments.

That said, these can be scary investments in the eyes of many due to the fact that all of the currencies are essential, digital currencies.

What this means is that the exchange that you are using in order to help you facilitate the purchases and sales of the cryptocurrency tokens you are interested in buying or selling has to be extremely secure. There are exchanges that have taken specific steps towards providing users with a high level of security, and today, we will be going over the best options out there.

Top 3 safest Crypto exchanges Ranking

Here, you will find a list of the three safest cryptocurrency exchanges that you can use today.

#1 Coinbase

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Coinbase is one of the largest cryptocurrency exchanges, and as such, with such a high user base, it has to adhere to many security standards. As such, Coinbase employees pass criminal background checks as a part of the hiring process, and in terms of the exchange itself, they use separate passwords as well as two-step verification with each device and service. Additionally, Coinbase also claims that they store 98% of their assets in offline cold storage, which cybercriminals cannot access. In addition to that, the company Coinbase is a public company listed on the stock market, which is a clear indicator that the company is highly regulated.

#2 Crypto.com

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Crypto.com is a cryptocurrency exchange that offers solid welcome packages, such as 0% fees on buying crypto with a credit card for the first 30 days. But it is also an exchange that takes security very seriously. In other words, Crypto.com is an exchange that promises that, through a strategic partnership with Ledger, they have secured a total of USD 750 million in cold storage insurance against physical damage or destruction and third-party theft and claim that they store 100% of user cryptocurrencies in cold storage. Additionally, the FIAT currencies of the users are held in regulated custodian bank accounts.

#3 Etoro

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eToro is a cryptocurrency brokerage that is trusted by many due to the fact that it has stood the test of time and has not seen any major breaches. It was originally founded in 2007 and had a user base split across 140 countries. That said, eToro gives users access to a lot of cryptocurrencies, and it is fully regulated by CySEC in Europe and the FCA in the U.K. Due to the fact that it is regulated and audited regularly, it maintains a high level of security and also requires all of its users to complete a Know-your-customer (KYC) procedure to use many of its services.

What is the safest Cryptocurrency exchange?

Out of all the exchanges on this list, only Crypto.com claims to store 100% of the user cryptocurrencies in cold storage devices, and this is what makes it one of the most secure and safest cryptocurrency exchanges you can use.

What makes a Crypto exchange safe?

There are many aspects of exchange that essentially make it a safer option when compared to its competition. For one, the exchange in question needs to feature SSL certification and regulation. Additionally, the exchange also needs to provide its users with two-factor authentication (2FA) as a means of giving them access to an additional layer of security. Some exchanges even go the extra distance and store the cryptocurrency assets within hardware storage devices.

By default, many cryptocurrency exchanges will prompt users to create on-exchange wallets. These wallets are hot wallets, which means that the cryptocurrency tokens stored there are essentially always connected to the internet, and as such, have a higher level of risk of getting compromised or hacked by hackers through remote means.

That said, some exchanges will store these cryptocurrencies, at least a specific percentage of them, in cold storage devices, which are essentially fully disconnected from the internet, and, as such, are less likely to be compromised.

Summary

Prior to selecting the perfect exchange for your specific needs, always go over what kind of security options it offers its users. At the bare minimum, make sure the exchange features a two-factor authentication (2FA) procedure. For the best possible security, it is always recommended that you store your cryptocurrencies in a private cryptocurrency wallet, where you control the private keys; however, if you are a day-trader or absolutely have to use an exchange, ensure that it also keeps a percentage of your cryptocurrencies in cold storage devices.