Cryptocurrencies have become very attractive since their rates are so unstable and the market constantly fluctuates up and down. It opens a lot of earning opportunities for traders. Choosing a crypto exchange is the number one task for traders. Let’s find out what is the safest crypto exchange and why.
There are centralized and decentralized platforms. Traders and investors use both types. However, we recommend first registering on one of the centralized exchanges because they are more accessible and safer.
Examples of such exchanges:
- Binance (the most popular platform might be rather difficult for a novice trader)
- WhiteBIT (a young exchange with a good reputation and easy-to-handle interface).
We recommend using the WhiteBIT platform if you are a beginner trader. First, this exchange holds 96% of users’ investments offline, which means a high level of security. Hackers will have no chance to reach your funds.
Secondly, the platform offers over 400 crypto pairs, including pairs with fiat money. If you have not got any crypto, you can easily buy it on the WhiteBIT exchange with your bank card.
The next thing worth mentioning is that this platform allows practicing trading using a demo account. That means you don’t deposit your money but use domestic exchange coins designed specifically for demo trading.
Why do we call WhiteBIT the safest crypto exchange? Besides offline assets storage, the platform offers additional levels of client safety – a two-factor authentication. The procedure implies connecting your phone number with your account. The system randomly requests the code when you enter it. You are the only one who can get the code.
The next thing to discuss is KYC. The “know your customer” verification is necessary for every client who wants to take advantage of all the tools on the exchange. KYC allows to sort out who leads illegal or suspicious activity on the platform, identify and block them. This mechanism helps protect the exchange from hackers and financial crimes.