Which Is the Safest Cryptocurrency Exchange?

Group-IB, a company specialising in information security, and CryptoIns platform conducted a joint study on the security of cryptocurrency exchanges. Based on their findings, they published a crypto-exchange...

Group-IB, a company specialising in information security, and CryptoIns platform conducted a joint study on the security of cryptocurrency exchanges. Based on their findings, they published a crypto-exchange rating consisting of 4 groups. The rating was compiled in terms of the insurance cover provided for the money held on exchanges. Group-IB is currently working to create a model for assessing cryptocurrency exchanges security.

The researchers reviewed stock exchanges across the following criteria: the security level of personal data and private keys storage, the degree of technical protection, adherence to AML (anti-money laundering) principles and the use of KYC procedures. As a result, each exchange was assigned an insurance premium degree.

The fist, most reliable group is represented only by Kraken. The exchange offers its users a 1.25% insurance premium. American crypto exchanges Bittrex and Coinbase got into the second group.

The third group includes Bitfinex, Binance, BitMEX, Bithumb, LocalBitcoins, MyEtherWallet and Poloniex with a 1.9% insurance premium assigned to them.

Incidentally, Huobi, OKEx and Coincheck leading in daily trading volumes proved to be unreliable, according to Group-IB. Yobit tuned out to be the least secure exchange. Bitstamp, Zaif, TopBTC and Bit-Z could not make it to the rating at all.