How can you find the safest crypto exchange? There are several factors to consider when choosing an exchange to buy and sell your crypto assets on. Some of these factors include security, reputation, customer support, country of origin, and ease of use with your preferred device or application. Use this guide as your go-to resource to help you identify the safest crypto exchange so you don’t have to worry about what can happen if things go wrong or don’t go according to plan.
1) Check if the Exchange is Custodial
If a crypto exchange holds your private keys, it’s custodial. Custodial exchanges are more risky than non-custodial exchanges. When trading on a custodial exchange, you don’t own your private keys; you must trust that they will take appropriate security measures and that they won’t be hacked.
2) Check If You Can Control Your Private Keys
A crypto exchange that lets you control your private keys is more trustworthy. Exchanges like Bitcoin.com let users control their own private keys while also offering top-notch security and insurance in case of a hack.
3) Has the exchange been hacked?
If you use a crypto exchange, there’s no way around it: your funds will be at risk if that exchange gets hacked. Even if you store your coins on a wallet or hardware wallet outside of an exchange, if its server has been compromised (or insiders have run off with private keys), your money is still at risk.
4) Does the Exchange Offer Two Factor Authentication (2FA)?
Two-factor authentication (2FA) is an important security feature that protects your account. Without 2FA, it’s possible for a hacker to gain access and drain your funds if they have your username and password. For a crypto exchange, make sure 2FA is available by default when you sign up. Some exchanges will allow you to turn on 2FA after you’ve signed up—but why go through that hassle? Look for an exchange that offers 2FA right out of the gate.
5) What is Customer Support Like?
Customer support is an important part of crypto exchange platforms. Whether you’re facing a technical issue, need help signing up for an account, or just want some information about a specific coin—an exchange’s customer support team can make or break your experience with that platform. So be sure to look into what support is available before you decide on which exchange platform is right for you.
