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September 28, 2020

4.5

Top 10 Exchanges with the highest security level according to Revain reviews

There are more than three hundred crypto exchanges listed on Revain Platform today with a combined review count of over six thousand. As far as you all know the Revain Platform has a highly advanced ranking system which is calculated from the rating of each company and the number of reviews. The thing is that sometimes it can be hard to understand which project, exchange, or any other subject of the crypto world suits your personal specific criteria.

You can easily identify the most popular exchange with the highest rating or review count using our filters, but what about finding the safest one? Security is a pretty narrow and very important criteria at the same time. You would have to scroll tens and hundreds of different reviews to figure out which crypto exchange to choose.

As far as a large number of our community participants are into crypto trading, we decided to make this unpleasant job for you. To be more precise, we made a list that consists of crypto exchanges taking from 1st to 10th rank places. Besides, we didn’t take into account all reviews left before 2020 in order to avoid outdated information. We gathered every negative and positive reviews and filtered out all non-security related statements. Eventually, we’ve managed to create the Top-10 list of crypto exchanges with the highest security level according to Revain reviews.

10. DragonEX

Pros

  • 2FA
  • Google Authentication

Cons

  • Suffered security breach in 2019

Unfortunately, DragonEx takes the last place in our chart as it has the worst negative and positive review proportion among the rest of exchanges. Most of the negative reviews refer to the 2019 security breach when DragonEx lost approximately $7M. Nevertheless, since the last cyber attack DragonEx has made some changes in their security system. They managed to implement 2FA and Google authentication which made DragonEx a little bit safer place for trading than it had been back in 2019.

Safety assessment: 9 positive reviews vs 6 negative

9. Huobi Global

Pros

  • Has never been hacked

  • DDoS protection

  • SMS verification

  • User protection fund

  • Google Authenticator

  • Cold Storage

  • 2FA

  • Good security team

    Cons

  • Security measures may seem too high

Despite the low general number of reviews in comparison to other exchanges Huobi doesn’t have any significant security issues according to your reviews. The platform offers a very unique system of user protection fund which may compensate all losses in case of security breach. This feature means 20% of the net revenue from the yearly trades goes to fund to buyback the native cryptocurrency of the exchange Huobi Tokens.

In addition, Huobi offers 2FA, SMS and email verification. The most part of digital assets are stored in secure cold wallets and the transaction limits are caped with hot wallets of the platform. The security team works perfectly as they monitor every wallet on the exchange 24/7.

Safety assessment: 9 positive reviews vs 1 negative

8. YoBit

Pros

  • 2FA
  • DDoS protection
  • Has never been hacked
  • Yobi codes
  • Lack of KYC

Cons

  • Was under investigation for fraudulent actions

YoBit has one distinctive feature that differs it from other exchanges in our list. Despite the fact that this procedure is obligatory in Europe, YoBit doesn’t support KYC. It means that all your personal data won’t be accessible to hackers in case of a breach. In addition, YoBit also supports SSL encryption and 2FA.

Safety assessment: 12 positive reviews vs 3 negative

7. Bitfinex

Pros

  • Cold and Hot storage system
  • 2FA
  • IP white lists
  • U2F

Cons

  • Was hacked twice
  • Security measures may seem too high

Bitfinex has the largest number of security breaches among all exchanges presented in our Top-10 list. The first one happened in 2015 and the last cyber attack took place in 2016. It’s possible to assume that the exchange which had passed through two largest security breaches didn’t have a chance to avoid some major security improvements.

*Nowadays security is a top priority at Bifinex as it has implemented a huge amount of security precautions. Among them are 2FA, U2F (which requires logging in through USB), IP address change detection and encrypted cold storage for client funds. *

Safety assessment: 14 positive reviews vs 4 negative

6. ABCC

Pros

  • 2FA

Cons

  • Weak security system

Despite the fact that ABCC has never been hacked, it doesn’t have any advanced security features in comparison to other exchanges. Some necessary features such as approving new IP addresses, whitelisting withdrawal addresses or a "cooldown" period after password change are not implemented as part of the security system.

Safety assessment: 15 positive reviews vs 3 negative

5. OKEx

Pros

  • Email verification
  • SMS verification
  • Google Authentication
  • 2FA
  • IP change monitoring

Cons

  • Hacked in 2017

*Despite the fact that nowadays OKex offers advanced security system, like many other exchanges in this list it has suffered a major security breach in 2017 with $3M losses.

Anyway, today OKex managed to implement 2FA, email and mobile verification. They also claim that all user funds are stored in a cold storage, but, unfortunately there is no way to check whether it’s true or not currently.*

Safety assessment: 18 positive reviews vs 1 negative

4. Poloniex

Pros

  • 2FA
  • Cold Storage system
  • High Safety assessment according to other sources
  • DDoS protection
  • IP lockout
  • Email Verification

Cons

  • Suffered a security breach

Poloniex had also suffered a security breach with 97BTC losses. It’s important to emphasize that they had managed the situation relatively well and there weren’t any successful hack attempts until then. Nowadays Poloniex implemented the following security measures: DDoS attack protection, cold storage for user funds, 2FA, IP lockouts and email confirmation.

Safety assessment: 20 positive reviews vs 3 negative

3. Binance

Pros

  • 2FA
  • ISO
  • Google Authenticator
  • U2F
  • Multi-tier and Multi-cluster security system architecture
  • SAFU
  • SMS verification
  • Email verification

Cons

  • Was a victim of a large scale security breach
  • Binance failed to provide information on how the funds are secured

Significant hack in May of 2019 forced Binance to become one of the first exchange to implement the U2F authentication method. Binance team actively encourages its users to enable 2FA and mobile authentication nowadays. Moreover, Binance added the opportunity to set up anti-phishing codes.

Since the beginning of 2020 Binance is seeking to implement AI risk control solutions and advanced face recognition technologies in order to improve KYC procedure.

Safety assessment: 36 positive reviews vs 17 negative

2. KuCoin

Pros

  • 2FA
  • Email verification
  • Trading Codes
  • Bank security level
  • SMS verification

Cons

  • Was hacked

We all know what had happened to Kuckoin Exchange in the last few days. Despite all security precautions and bank-level data encryption hackers managed to rob it. This is how Kucoin representatives commented on this unpleasant episode: "We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund". You can also read the full "KuCoin Security Incident Update".

All positive and negative reviews about Kucoin have been counted before the security breach. Nevertheless, we decided to let Kuckoin take its second place because our list relies on Revain reviews entirely.

Kuckoin has all necessary security features such as 2FA, security questions, mobile verfication, trading password and email verification. This factor makes us think that no one is 100% immune to hacker attacks on the crypto market.

Safety assessment: 23 positive vs 2 negative

1. Bittrex

Pros

  • 2FA
  • Best security team
  • Wallet white list
  • IP white list
  • Email verification
  • Lost funds recovery

Cons

  • None

Bittrex Exchange takes the first place due to the largest number of positive reviews and the lack of security breach cases. It’s hard to argue with the fact that security is Bittrex’s the most defining feature. In addition to IP whitelisting Bittrex also supports Wallet whitelisting which allows to enable withdrawals only to specified wallets.

For any cryptocurrency deposit worth more than USD 5,000 (at the time of being deposited), the exchange will recover the funds if they were accidentally transferred to a wallet of the wrong coin type.

Safety assessment: 59 positive reviews vs 3 negative

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Comments 1

ahmet yalçın

7 months ago

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