The crypto market is worth more than a trillion U.S dollars currently which indicates its dominance and significance as a financial investment. Millions of people feel comfortable with trading crypto anonymously using the best cryptocurrency exchanges. The reason for its explosive growth is the ease of access and top security features that secure people’s trading experience.
Security is a must for any crypto market participant as there are too many hackers who steal traders’ assets from crypto exchanges, wallets, and even their personal information. Therefore, it becomes necessary to pick a secure platform for trading crypto.
Security for Novice Traders
A lot of newcomers find it tricky to find a secure and trustworthy crypto exchange platform from the most popular one available. The confusion makes sense if one has limited experience with handling digital assets and has many concerns about trading them safely. A majority of novice traders choose to go with one of the best cryptocurrency exchanges just to be on the safe side. Names like Binance, Coinbase, and others are famous not only for being easy to trade with but also because they offer top-notch security features.
Let us take a look at the most important security features you will find in the best cryptocurrency exchanges:
Web protocol Security
Most of the cyber attacks that target crypto exchanges occur due to frail web protocol security features. According to cyber security experts around the world, it is possible to make an exchange platform 29% more secure than others by implementing security headers as below:
- X-XXXX-Protection: This security header is mainly used to prevent any sort of cross-site scripting attacks that could take place at any moment. Cross-site scripting could turn any reputed and trustworthy web platform into a malicious one within seconds.
- HTTP strict transport security: most cyber attacks are successful because the hackers can start a browsing session posing as a regular trader. But with the help of this particular security feature, HTTPS protocols are checked for all browsing sessions to identify the harmful ones.
- Content security policy: XSS attacks are a type of software attack during which damaging scripts are injected into trusted websites. The policy of content security minimizes this risk substantially and allows authorities to determine which of the resources have the permission to load.
- X-frame options: Clickjacking attacks are notorious within crypto that easily mislead unsuspecting traders into clicking on something malicious without even realizing it. But with X-frame options, the original piece of content cannot be embedded into other trick websites.
Every single cryptocurrency enthusiast can recognize the word DDoS attack as a disruption of service attack that usually targets the best cryptocurrency exchanges. DDoS stands for designated denial of service that could affect and disable any system, especially crypto exchanges. There is always a malicious actor behind every DDoS attack who overloads the blockchain network server by sending numerous requests that ultimately cause the server to lose connection. To prevent this, Binance, Coinbase, and many other best cryptocurrency exchanges have implemented hardware and software anti-DDoS modules.
A Registry Lock
Whenever a cryptocurrency exchange software requires an additional layer of security then a registry lock is added to its fabric. A registry lock functions by locking the domain at the registry level so that no hacker can make malicious changes on a platform. It also prevents any outsider from deleting critical elements from the domain name such as the registration details. But unfortunately, this security feature is not generally used by existing crypto exchanges. An estimate shows that only a handful of the best exchanges use registry lock.
Domain Name Security Extension
Also known as DNSSEC, this security protocol is required to authenticate DNS or domain name system queries. By exploiting the various combinations of digital signatures as well as public keys, DNSSEC can validate data and check its authenticity. A properly implemented DNSSEC can discard unauthorized DNS entries and responses so that users don’t end up on fraudulent websites. But it should be noted that this feature does not offer data confidentiality and protection against DDoS.
The aforementioned security features play a vital role in protecting users of some of the best crypto exchanges.