The cryptocurrency space has seen massive changes since Bitcoin’s earliest days, but one thing that’s remained constant is exchange breaches. About $1.1 billion worth of cryptocurrencies were stolen in the first half of 2018. The survey conducted by the ICOrating.com has revealed some scary statistics relating to the security practices in many exchanges.
- 41% of exchanges allow passwords with fewer than 8 symbols
- 37% of exchanges allow passwords with either digits or letters alone
- 5% of exchanges allow the creation of accounts without email verification
- 4% of exchanges lack 2FA
- Only 46% of exchanges meet all four parameters
- Just 4% of Exchanges were found to have a best practice for domain security
Numbers don’t lie and it makes me scared. Is it safe to trade my hard-earned money in such exchanges?
The Cryptocurrency derivatives exchange platform should consider safety features for securing the user against any unwanted potential threats and losses. Espay-X crypto derivative exchange software development team makes sure that your software exchange terminal has the below-mentioned features.