Most Secure Crypto Exchanges Rating Is Revealed
Coinbase Pro crypto exchange took an honorable first place in the overall security rating of digital exchanges, Cointelegraph reports citing ICORating.
In accordance with ICORating's report findings, analysts assessed the security level of 100 crypto exchanges, the daily trading volume of which exceeds $1 million. Key assessment criteria encompassed security analysis, customer protection, and code reliability. Only 46% of crypto exchanges met the listed criteria.
The exchanges were assessed on a conditional scale from 0 to 100. Thus, Binance and Bitstamp scored 63 and 37 points, respectively.
According to the report, since 2010, crypto scammers hacked about 31 digital exchanges, and stole assets worth $1.3 billion.
While checking digital exchanges for errors in the management system, the security of users' accounts, domains, and web protocols, ICORating analysts discovered several vulnerabilities which are obligatory to be fixed.
Experts stated that 32% of 100 estimated exchanges have vulnerabilities in codes which can lead to transactions malfunction. 41% of exchanges allow their customers to create simple account passwords with less than 8 characters.
In the report, ICORating representatives also recommended crypto investors to double-check digital platforms where they intend to conduct foreign exchange operations and invest their funds only in reliable crypto exchanges, since “no one can be fully protected from the loss of crypto assets.”
As previously reported, investment evaluation of Coinbase crypto exchange may soon reach $8 billion.