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Is trading on crypto exchanges safe?

Is trading on crypto exchanges safe?

Explainers Essentials

14 Oct 2020

Like other online platforms, cryptocurrency exchanges face a huge task: ensuring top-notch security. Bad actors constantly target financial platforms in an attempt to steal data or funds. Cryptocurrency exchanges are no strangers to these attacks. This makes it very important for exchanges to take their security seriously and to keep updating their systems to stay ahead of the curve. In this article, we explore security in crypto.

There have been major hacks in the crypto space. Some of the most popular include the $538 million hack of Coincheck and the MtGox hack in 2013. These hacks caused the complete shutdown of these trading platforms and, sometimes, the permanent loss of user funds.

Due to the complex nature of managing vast sums of money, security standards have been created. One such measure is the Cryptocurrency Security Standard (CCSS).

What is Cryptocurrency Security Standard (CCSS)?

Cryptocurrency Security Standard (CCSS) is a set of criteria for all information systems that use cryptocurrencies. This includes applications, exchanges, and storage solutions. It was introduced in 2014 and is now the go-to security standard for cryptocurrency platforms.

CCSS creates a holistic approach to issues related to cryptocurrency security. It makes it easier for users to navigate several platforms and maintain a high level of security in a similar manner.

CCSS is built on top of existing internet information standards, with specifics for crypto. What's more, it is managed by the CCSS Steering Committee. The CCSS is broken into three different levels. The higher the level, the better the degree of security of the platform.

Is the CCSS enough?

The Cryptocurrency Security Standard (CCSS) is a great way to create a secure environment. However, the end-user has a role to play to protect themselves from potential attacks.

Using a strong password, enabling two-factor authentication (2FA), and checking your authorized accounts goes a long way to protect you against direct attempts to breach your account.

Exchanges like AAX use the best cryptocurrency standards to ensure that funds and user data are secured.

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