Is crypto exchange safe and secure?

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    Safety and security are some of the most predominant human issues. These issues are common to the everyday transactions humans have with our traditional currencies. Now that the focus is shifting to digital assets, many people are unsure whether the issue remains. And it would be inhuman not to have safety doubts and questions when handling something as valuable as cryptocurrency.A major question that arises before any form of business transaction takes place, even before profits are brought into view sometimes, is the question of safety. Is this engagement financially and legally safe? Because safety is one of the primary instincts that informs the human decision.

    Crypto exchange is a platform that allows a person to buy, sell, or exchange cryptocurrency. With crypto exchange, safe is not just a consideration. It is a necessity. Cryptocurrency has skepticism about its safety because of its relative newness in the finance and economic sector. Where can I store my cryptocurrency that is safe, where it cannot get hacked, or stolen, or lost?

    Checking the Safety of Crypto Exchange? 

    Crypto exchange platforms have adopted measures to ensure the safety their customers can enjoy. One of such features is verification using “two-factor authentication.” This safety is at the user level. This measure ensures that users’ details do not get stolen or hacked by outsiders. It works by sending an SMS with a security code to the registered user whenever a login is attempted. This way, the username and password arenot the only means for users to access a user’s portfolio.

    Another feature employed by notable Crypto exchanges is insurance. This feature acts as a guarantee, should there be any mishap in the future, such as a company hack. Hence, users will be compensated by the crypto exchange for losses suffered after acquiring assets from their platform, especially if the fault came from them.

    Some Crypto exchanges go further by regularly performing “bug-reward tests.” These tests are essentially an open hand to top hackers or security experts towards their security system. The aim is to locate loopholes in the security. But rather than steal from these Crypto exchanges, a reward is offered, and such loopholes are addressed. 

    Are Crypto Exchanges the Safest Places to Store Crypto currency?

    While Crypto exchanges are as safe as they can get, the concept of hard wallets offers complete user safety. In this case, a wallet containing cryptocurrency is placed in a certain hard drive.As such, it is taken away from the reach of online hackers. This method puts the safety of that wallet entirely in the user’s hands and the integrity of that hard drive.

    Conclusion

    Crypto exchange is safe. There are measures put in place to make sure that it remains so. There are strong security systems, insurance, bug-reward tests, two-factor authentication, and the use of biometric data for sensitive transactions. But ultimately, it boils down to the Crypto exchange that you used. How safe do they make themselves? How many measures have they put in place to ensure your assets remain yours?


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