What is the most secure and reliable cryptocurrency exchange? / World of digital information

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Cryptocurrency and NFT owners are worried about their accounts being hacked, and they have every right to be. While most online data is prone to sticky hackers, these digital assets can be particularly vulnerable.

According to a recent study by Beyond Identity, crypto security breaches cost the average victim more than $150. Considering that 30% of crypto traders have experienced a breach, it seems like a lot of currencies have ended up in the wrong hands lately.

The study also found that more than half of these investors admitted to forgetting an account password, kicking them out of their holdings at least once. This finding highlights the importance of prompt customer service in a trading platform as well as good security behavior on the part of the user.

But fortunately, Beyond Identity also revealed the most secure and user-trusted crypto exchanges. We’ve gleaned some key points from the research that will help protect your crypto and NFT assets from cybercriminals.

Searching for scammers

Beyond Identity used Google search history to find out how many people are looking to scam and hack into people’s crypto accounts and how many are looking to protect themselves. They found that searches such as “how to scam NFT” had increased almost 200% in the past year.

Meanwhile, crypto and NFT traders are on high alert. Search phrases such as “safest NFT wallet” grew by almost 1500% on average. Survey responses from study participants showed that 13% of those who hold crypto or NFT holdings are “very worried” about those assets being compromised by a security breach in their account.

If you’re among the growing number of blockchain users concerned about cybersecurity, check out some of these exchanges that are highly rated by over 1,000 crypto and NFT investors.

Most Trusted: Binance

The study’s survey revealed that most investors have trusted Binance as their leading crypto exchange. Gen Z respondents leaned more towards Coinbase, a platform that gained the most trust by just 13% overall. Crypto.com was the top choice for 11%, and less than 10% chose FTX or Bitfinex. Binance came out on top with 17% of the total vote.

But why? According to Investopedia, Binance users gave it only two out of five stars on Trustpilot, often citing usability issues. Respondents’ trust in the platform may be due to benefits other than account security. One of Binance’s main advantages is the low fees, which is perhaps why it has garnered so much favor.

So, which exchange has the best security?

The most secure: Crypto.com

Beyond Identity analyzed the security of a handful of popular crypto and NFT marketplaces based on factors such as whether they offer insurance against theft, the reliability of their user authentication process, and the accessibility of their Customer Support.

With these measures, Crypto.com ranked first among the safest exchanges overall, with FTX and Gemini taking second and third place. Among the markets that offer NFT trading, Crypto.com also came out on top, followed by FTX and user favorite Binance. When it comes to platforms that don’t allow users to trade NFTs, Gemini was number one, with Bitstamp and WhiteBIT taking second and third place respectively.

Security measures

Although user trust in Crypto.com is well founded, according to the study, trust can only go so far in protecting crypto and NFT assets. Much of the responsibility for account security rests with the trading platform, but investors should also employ a few best practices to protect their data and holdings.

In the survey portion of Beyond Identity’s study, experienced crypto and NFT investors were asked about the security practices they use to protect their accounts. Multi-factor authentication (MFA) was the number one security method used by more than half of respondents to secure their data.

MFA refers to the use of multiple forms of identification to authenticate a user’s identity. A password alone is usually not enough to secure an account. It’s a good idea to require at least one other login to keep attackers out.

Other common ways to prevent cybercriminals from gaining access to investors’ holdings were to use multiple crypto and NFT wallets, backup wallets, or cold wallets. There are different types of crypto wallets, and a cold wallet is a completely offline wallet, which makes it more difficult for others to gain access.

User error

There are also some bad habits that investors should avoid, but many are guilty of. Unfortunately, nearly half of Beyond Identity respondents used their browser to save an account password. It’s easy to do and you’re probably asked to do it often. But while that’s tempting, it also makes your passwords easy for others to see.

Almost as many had also used public WiFi to access their crypto wallets, which is another faux pas. When you transmit information over an unsecured wireless network such as public Wi-Fi, it is accessible to anyone using that network. That means everyone at Starbucks or the library, for example.

Surprisingly, nearly 20% of survey participants admitted to sharing their crypto account passwords with others. This may be common practice with streaming account login credentials, but it is a very bad idea when managing financial and crypto assets. You never know what this “friend” might do with your information!

Keep cryptos safe

Cybersecurity concerns about cryptos and NFTs are sending investors to Google for solutions and causing them to trust certain platforms based on flawed reasoning. But according to research from Beyond Identity, Crypto.com is a solid bet for securing your assets.

Nonetheless, crypto traders should adopt a few security best practices to do their part in protecting their data. Using MFA and multiple wallets is a good start, but it’s also important to break some bad habits. Do you still use your browser to store your password or allow other people to access your account? We suggest you change your login credentials now and keep them to yourself in the future.

Read next: For half of Americans, Wi-Fi and electronics are now essential to life

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