How to Choose a Safe Cryptocurrency Exchange?
One of the most critical aspects when choosing a cryptocurrency exchange is the platform's safety.
One of the most critical aspects when choosing a cryptocurrency exchange is the platform's safety. You definitely want to make sure that the platform you're using to invest in crypto has strong security measures and that it's legit. There are a lot of sketchy crypto exchanges on the market with shady operating mechanisms and no regulatory compliance whatsoever.
Stay with us until the end of our new blog post to learn what you should pay attention to when choosing a safe cryptocurrency exchange platform.
What Should You Pay Attention to When Choosing a Safe Cryptocurrency Exchange?
Cryptocurrency exchanges can dramatically differ from one another in terms of supported crypto assets, trading features, and user experience, but what all top-quality platforms have in common is tight security and a high degree of regulatory compliance.
These are the key aspects you should look at when considering whether a particular crypto exchange is a safe and reliable choice.
A crypto exchange's security measures are the key protection barrier standing between your assets and hackers searching for a way to steal your funds. Every year, multiple crypto trading platforms suffer major hacks due to security flaws and loopholes. That's why it's extremely important to closely examine an exchange's security measures before creating a user account on that platform.
Trustworthy platforms use SSL website encryption to keep platform data safe at all times, along with account passwords and two-factor authentication.
zondacrypto encrypts all platform and user data, including passwords, databases, wallets, and backups. The platform uses a mandatory two-factor authentication (2FA) protocol to ensure only you can access your account. Also, users can set up a confirmation protocol that requires them to confirm each transaction, deposit, and other actions either with an email code or with Google Authenticator.
Furthermore, all transactions need to receive final authorization from zondacrypto employees, and in case a transaction seems suspicious, the team will automatically freeze the transaction.
While many platforms only use passwords to protect user accounts, zondacrypto goes several steps further by implementing all the above-mentioned safety measures.
Crypto and Fiat Currency Storage
When you're using a cryptocurrency exchange, you'll definitely be holding some fiat and crypto on the platform. With fiat currency, you can buy crypto with cash, while holding some crypto on the platform will allow you to trade it for other digital currencies easily. Because of this, your platform of choice needs to have strong security measures that protect all the deposited assets.
Many crypto exchanges store most assets in software wallets that can be susceptible to hacks. You should always search for a platform that keeps all or most of the crypto offline in a cold wallet device. This way, hackers can't steal your assets even if they somehow compromise the platform.
zondacrypto stores all crypto assets in cold wallets, out of reach of hackers. As for fiat currencies, the money stored in your zondacrypto account is insured by a bank, meaning users won't lose their money if zondacrypto gets hacked.
KYC and AML Measures
Know-Your-Customer (KYC) and anti-money laundering (AML) measures are a must for every reputable crypto exchange today. These measures are essential for preventing illegal activities tied to cryptocurrencies.
The KYC protocol requires users to provide proof of their identity, country of residence, and other personal details before using a crypto exchange. Having to disclose personal information and proof of identity discourages potential scammers and criminals from attempting to use a platform for money laundering. Platforms that don't have KYC and AML measures endanger all their users.
Zondacrypto has a thorough KYC procedure that requires users to provide a personal ID document and proof of residency and to pass a short live interview before they can start trading. By complying with a KYC protocol, you contribute to the overall safety of the crypto trading experience on your platform of choice.
Licences and Regulatory Compliance
A considerable portion of active cryptocurrency exchanges lack regulatory compliance and don't have any operating licences whatsoever. Non-regulated platforms don't follow any strict regulatory rules, which means that users don't have a clue about the actual operating mechanisms of these platforms. Consequently, users lack legal protection if the platform gets hacked or goes bankrupt.
Over the last couple of years, more and more global jurisdictions have introduced strict regulations to create unified rules for cryptocurrency businesses, including trading platforms. Regulations are designed to protect users and set clear rules regarding who and how can provide cryptocurrency investment and trading services.
If a crypto exchange you're considering lacks any reputable licences and isn't regulated, it's best to steer clear of it.
zondacrypto holds multiple prestigious operating licences in Slovakia, Lithuania, Italy, Canada, and Estonia. zondacrypto's newly upgraded Estonian licence makes it the largest crypto exchange ready for the implementation of the European MiCA regulation, and it allows zondacrypto to provide trading services in all EU member states.
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