Posted by Sponsored Post Posted on 7 March 2024

3 Safest Crypto Exchange Platforms for Beginner Traders

The crypto market is constantly evolving as more consumers invest in crypto and merchants accept digital assets as payment. Unsurprisingly, multiple exchange platforms have emerged as developers try to cater to the ever-growing number of novice crypto enthusiasts entering the cryptosphere.

The best crypto exchanges are secure and upfront with their transaction fees and allow you to convert crypto to crypto but crypto to fiat as well, such as BTC to USD or vice versa. This piece highlights factors we use to determine the safety of an exchange platform and the best 3 exchanges you can try out.

How to Determine If An Exchange Is Safe to Use

Cryptocurrency is decentralized, making it vulnerable to crypto exchange and trading hacks. Recent reports show over $2 billion worth of crypto was stolen in 2023, with crypto hackers breaching the infrastructure of major platforms. If you want to know how to buy Bitcoin safely and securely, here are a few factors to help you determine the reliability of exchange platforms.

  • SSL and TLS Encryption Protocols

Secure Sockets Layer (SSL) and Transport Layer Security (TLS) protocols add an extra layer of security to crypto exchange websites by encrypting your data. TLS is the revamped version of SSL that scrambles your data as you log into a website, preventing hackers from reading or tampering with it before it reaches its intended recipient. 

An encrypted exchange platform using SSL has the acronym HTTPS in its URL. The website also displays a padlock icon in the address bar that contains the platform’s SSL certificate details.

  • Anti-DDoS Security Protocol

Distributed Denial-of-Service assaults on an exchange platform overwhelm its servers with traffic, preventing traders from accessing it. These attacks can affect trade volumes. 

Anti-DDoS protocols help mitigate the risk of malicious users accessing a website by filtering traffic from known attack addresses and bots. It is advisable to avoid platforms that have reported recent attacks, as there is always a likelihood of repeat attacks. 

  • KYC and AML Compliance

Compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations signals an exchange platform’s trustworthiness. KYC requirements are standard in centralized exchange platforms that require you to provide personal information when creating a trading account per regulatory standards. 

  • Multi-Signature Wallets

These wallets guarantee your crypto is safe from potential hackers. Multi-Sig requires you to provide multiple keys before completing a transaction with an exchange platform. In this case, to execute a trade, your private keys must match up with those held by the exchange, protecting your crypto assets from unauthorized individuals. 

Here are the 3 safest crypto platforms you can try out.

Paybis

Headquartered in Poland and developed in 2014, Paybis is one of the earliest crypto exchanges. It currently supports the exchange of over  150 cryptos and fiat currencies, including major assets such as BTC and ETH and meme coins such as Shiba Inu and Dogecoin. The platform has processed over $2 billion worth of transactions.

Despite being one of the oldest, Paybis has no history of notorious DDoS attacks or a loss of crypto. The platform highly emphasizes security and fully complies with AML laws in the US and Europe. It is also registered with Canada’s FINTRAC and FinCEN in the US. The exchange’s KYC verification process accepts documents from over 180 countries and takes approximately 15 minutes to complete. 

Paybis allows you to store your crypto in a custodial wallet that you can access directly from your main account. You can top up your crypto assets with the quick buy option and enjoy real-time price tracking. Besides, you can manage all your cryptos within a single wallet and independently track your assets at your discretion.

The withdrawal methods on Paybis are quite straightforward. You only need to select the crypto you want to sell and specify your Neteller/Skrill or bank details to cash out. The platform uses a TLS protocol secures and employs the Multi-Party Computation (MPC) model to add an extra layer of security.

Bisq

Bisq lets you buy and sell crypto securely. This exchange platform gives you full control of your crypto through its open-source software that is not hosted online. Bisq currently supports the most popular assets, including BTC, ETH, XMR, and Doge, and fiat currencies such as USD, EUR, and GBP.

Unlike other web-hosted exchanges, Bisq comes as software that you download and install on your PC. Once set up, you can use various payment methods such as wire transfer, ACH and Zelle to transact within the peer-to-peer network.

Since Bisq is a DEX, it doesn’t require you to provide identification details to access the network. Therefore, there is no need to worry about the loss of your personal data to hackers. The downside to this is that there is an opportunity for prospective scammers to also use the network.

Gemini 

Founded in 2015, Gemini is more than a simple crypto exchange platform. It is also registered as a custodian bank under the New York jurisdiction, highlighting its safety. Gemini carries out 3rd party security assessments, including an annual penetration test and SOC2 Type 2. The platform supports a wide range of cryptocurrencies and is a good fit for novice and professional traders. It offers a default trading platform with a straightforward user interface where you can buy and sell crypto.

For experienced traders, the Gemini ActiveTrader feature offers high-performance crypto trading with advanced charting tools and deep order book visibility.

Conclusion

Cryptocurrency adoption has risen rapidly thanks to regulatory clarity and improved user experience over the past few years. If you are a new crypto trader looking for a crypto exchange, safety should be at the top of the list of factors to consider. Secure crypto exchange platforms should have SSL certificates, comply with AML regulations, offer 2-FA, and support multi-sig wallets to protect you from fraudsters. 

Besides multiple benefits, such as offering extensive cryptocurrencies and low trading fees, platforms like Paybis, Gemini, and Bisq have strong security measures and reputation. That said, it’s advisable to research before deciding on the best crypto exchange to use.




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