Cybersecurity ratings will prove incredibly useful for all centralized exchanges. Unless users can rest assured funds is safe, there’s no point in keeping funds there. The following five exchanges receive the highest cybersecurity score, according to CoinGecko.
The Trust Score Explained
All centralized exchanges on CoinGecko receive a cybersecurity rating. This is provided in the form of a Trust Score. It is a metric around since 2018, but one that has seen some interesting changes. The cybersecurity evaluation is an important addition to this score. The necessary metrics are provided by Hacken, a trusted third-party firm.
Most people wouldn’t necessarily expect to see Gate.io at the top of the cybersecurity rankings. It is a trading platform primarily used for alternative crypto assets, as well as Initial Exchange Offerings. So far, the platform has successfully passed the penetration test, a proof-of-funds audit, and there is an active bug bounty. Paying close attention to these aspects is crucial for any exchange looking to increase its market position.
Binance US (9.6/10)
Similar to Gate, Binance US is receiving high marks by successfully passing all required “checks” for centralized exchanges. This is a good thing, yet its overall security score is a tad lower than Gate;s. This has more to do with how Hacken audits these platforms. It is safe to say that using Binance US will not pose problems for anyone, assuming they remain as diligent as they are today.
Another relatively new exchange quickly rising the ranks is MXC. A very prominent development, primarily made possible thanks to its strong cybersecurity rating. The MXC platform is generating decent trading volume, primarily thanks to its listing of various DeFi tokens. With over $1.3 billion in daily trading volume, it is certainly a platform that has a lot of potential.
It is rather interesting to see Binance rank lower than Binance.US in the cybersecurity rankings. Where the difference comes from exactly, remains to be determined. Even so, a 9.4/10 ranking is still more than acceptable, especially when considering a lot of other platforms lack the necessary traits. Most competitors still don’t have a bug bounty program in 2020, which is absolutely unacceptable.
A lot of people are familiar with the KuCoin trading platform. It has support for Initial Exchange Offerings, as well as dozens of different trading pairs. Primarily its USDT pairs for Ethereum, Bitcoin, and Ampleforth are getting a lot of attention lately. Going all-in on cybersecurity aspects has allowed the company to rise the rankings rather quickly, all things considered.