Security Parameters To Look Forward To

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.

Email is of the most important aspect between the user and the software. It is used to alert the user for new activities happening around with his account – login via the new device, one-time password, etc. It can also be used to communicate with the user, when he/she needs support. We make sure that your email address and password are secure and never compromised. The engine helps the user to choose a password that consists of permutations and combinations of varied characters.

The software exchange terminal comes with a secure and optimized login process. This serves the purpose for the end-user as well as guarantee minimal data breach impact. It consists of the usage of SSL encryption, reCAPTCHA, limit login, and password reset attempts, geo-location security, etc.

The software exchange terminal has the forget password feature to help the users reset it. It will ask a particular set of security questions that are pre-selected and filled by the user. If the user is able to answer it correctly, then and only then the software allows to reset the password. Else, it throws error message or blocks your account.

2-factor authentications also known as dual-factor authentication is mostly used protection mechanism features. It means the user needs to have a hold of two different authorization keys to enable him to log in to his respective account. Generally, it consists of the password set by the user and the random alphanumeric character. It is mandatory for the user to remember the password, but needs to follow the below-mentioned approaches to get the second code. 

• It can be availed via message of call
• It can be availed via specific applications

The latter approach is considered to be reliable because the code generated by the applications has a shorter life span say 30 seconds. This makes it difficult for the hackers provided your device is at a safe place.

As the name suggests, the whitelist is basically a cyber-security list which only permits the administrator approved programs, devices, IP, email addresses, etc. to access the software. The points not mentioned in the list are under the blocked category. Anything which is not whitelisted is considered to be unsafe and blocked. The Espay-X software development team provides two types of whitelisting namely

• Device Whitelisting – It is a list of devices that are allowed to access the software. Only those devices will be allowed to login and enroll. The user’s registration record is updated with the device information after he/she logs in the system. If the device is lost or stolen, the user can put it in a blacklist. It will un-enroll the device and remove the user profile from it. 

• IP Whitelisting – Similarly, IP whitelisting is the list of approved IP addresses and/or IP domains that are allowed to have access to your domain. It is provided only to trusted users. It is set and modified by the site administrator.

Personal identity verification can be done via the digital channel. This type of verification includes phone numbers, personal details, and photo IDs.  In the US, the customer is also asked for a social security number.

Corporate identity verification is for customers working in the corporate sector. They are asked to upload their identity proof of their employment in that particular corporate. Corporates make sure to perform thorough background checks of the employee before hiring them. This gives an added round of security for the users of the software exchange terminal. A win-win situation of the exchange as well as the fellow traders.

Know Your Customer (KYC) is the set of steps and processes used by the exchanges to confirm the identity of the person enrolling in the exchange. It involves the customer to submit the identity proofs such as photo IDs, residential addresses, passport, driving licenses, contact number, etc. The prime purpose of undergoing the KYC is to avoid the entrance of unqualified customers into the crypto exchanges. By unqualified, I mean the customers with a criminal record, undocumented immigrants, etc.

The user gets an email confirmation alert to notify if there’s suspicious sign-in activity. For example, if the login is done on a new device, or from a different location then the confirmation alert is received by the user. In the user confirms that the activity performed is not by him, then the account will be signed off from the rest of the devices and systems.

The password should be changed after a regular interval of time. The software exchange terminal should have a feature asking the user to set a new password. It should also confirm that the new password is not similar to the old password.

Login history gives a detailed picture of the time the user logged in, the duration he used the software, and other details. It helps the user to know the time he spends on the software and whether the last activity was performed under his watch or not.

The crypto exchange should have a support portal for the customers. This portal can be used by the customers to raise a complaint. The status of the complaint can be tracked. It fastens up the process of handling and solving customer queries. 

There are the prime functionalities to be included in any crypto derivatives trading platform. 

Well, if you are wondering to have your very own crypto derivative trading platform, Espay has got your back. We are a cryptocurrency derivatives exchange software development firm. Espay derivative exchange software provides extensive functionality for trading. It is a cost-effective, real-time data analysis application that meets the compliance needs of the most demanding financial institutions. Are you ready to launch your own white label derivative exchange software? Your crypto derivative solution is just a text away!