Crypto Asset Exchange Security: Highlights of the Top Five

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Cryptocurrency’s popularity among investors in recent years has not escaped the attention of cybercriminals, and security incidents relating to thefts of cryptocurrency worth millions have often made headlines.

Recent bearish market conditions have resulted in investors holding on to large amounts of digital assets as they await the return of the bull – therefore, choosing a safe and reliable exchange to facilitate wealth management has become a top priority for traders.

More often than not, evaluating the security and performance of an exchange could prove a daunting task. This article zooms in on five popular digital asset exchanges and highlights their key selling points from a security point of view.

Huobi Global

Founded in 2013, Huobi Global is one of the world’s leading cryptocurrency exchanges, with tens of millions of users across five continents and 160 different countries. Huobi Global’s infrastructure, operations and offerings are built on processes and standards that prioritize user safety and industry compliance, backed by strong global customer support underpinned by local expertise. This lets Huobi Global offer a unique trading environment that is truly customer-first, safe and sustainable for all users.

Key Points

• Huobi Global has suffered no security incidents and is well-positioned to set best practices for user protection.
• Despite the recent market turmoil, users’ deposit and withdrawal abilities remain as usual at Huobi Global.
• Huobi Global has always prioritized the protection of user assets and implements strict separation of cold and hot wallets.
• Huobi Global is equipped with US$1.05 billion of assets stored in hot wallets and most of its users’ assets are stored in multi-signature cold wallets.
• Huobi Global’s current user balance stands at US$46.8 billion, reflecting its scale and stability.
• Funds used to support Huobi Global’s business are completely separate from client funds, and Huobi Global remains solvent despite the current liquidity crisis.
• Huobi Global allocated risk management reserves worth 20,000 BTC in 2018.
• Huobi Global has abundant cash flow, and has invested more than US$300 million towards expansion efforts despite the current bear market.
• Huobi Global’s token listing team has a strict token screening process and implements asset audits on a regular basis.

Click to download Huobi APP.

FTX

FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens.

Key Points

• FTX strives to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
• FTX’s team members come from leading Wall Street quant firms and tech companies – Jane Street, Optiver, Susquehanna, Facebook, and Google.

Coinbase

Coinbase is a crypto asset trading platform that mainly provides blockchain technology and corresponding crypto asset management services, including storage, trading, investment, payment and transfer.

Key Points

• Coinbase stores the vast majority of its digital assets in secure offline storage.
• Coinbase maintains crypto insurance and all USD cash balances are covered by Federal Deposit Insurance Corporation (FDIC) insurance, up to a maximum of US$250,000.

Binance

Founded by Changpeng Zhao in 2017, Binance is the world’s largest cryptocurrency exchange by trading volume.

Key Points

• Binance’s daily average trading volume stands at US$2 billion, ensuring excellent liquidity.

Kraken

Kraken is consistently named one of the best places to buy and sell crypto online, due to its excellent service, low fees, versatile funding options and rigorous security standards. Kraken has been at the forefront of the blockchain revolution since 2011.

Key Points

• Kraken has an ever-growing number of cryptocurrency pairs for traders to invest in and a slew of tools and features to ensure secure trading.
• Kraken offers exceptional liquidity, competitive pricing and a secure system for all markets, therefore investors can achieve investment goals safely, quickly and confidently.

Factors such as an exchange’s reserves, risk control system, trading limits and cash flow are of primary importance when selecting an exchange. Each of the exchanges listed above has its own advantages. The choice is yours.

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