Better Be Safe Than Be Scammed – Consider Some of the Safest Bitcoin Exchanges

Trading in cryptocurrency has taken the business world by storm. Many individuals and companies are lining up to invest in this lucrative business. Still, many others are reaping untold profits from the same. However, this business, which involves the exchange of digital currencies, has attracted the attention of unscrupulous people who steal the hard-earned money of investors. They are the scammers that target bitcoin trading. Many people have been scammed. Therefore, this paper suggests and discusses some of the safest bitcoin exchanges that are scam-free. 

Coinbase

This is one of the world’s most renowned bitcoin exchanges based in the US. No reports of scams have been linked to this cryptocurrency exchange, despite some hacking attempts. Coinbase is beginner-friendly, well-optimized, and multi-functional. Moreover, its users are guaranteed a 100% insurance cover for their bitcoins. Coinbase has an effective security protocol that effectively detects hackers, including phishing. Therefore, it is safe for investors to contemplate trading in bitcoins.

Gemini

Gemini is considered one of the safest cryptocurrency exchanges around the globe because it has never been hacked. Started by the Winklevoss twins, Gemini successfully converted an $11m investment in bitcoin into a whopping $1b worth of profits. This successful turnover in profits is well attributed to the state of safety guaranteed by the Gemini bitcoin exchange.

Nash

This is yet another cryptocurrency that is enacting security policies to protect its users. Currently adopting bitcoins, Nash ensures safety against scamming by eliminating the need for third parties. This means the coins purchased are directly stored by Nash, minimizing the chances of hacking.

NordikCoin

It is the first cryptocurrency exchange that incorporates the use of ID verification. Furthermore, when trading with this digital currency exchange, the user’s bitcoins are protected with multi-signature cold storage, immensely reducing the risks of hacking to almost none. NordikCoin is run and managed by experts from the fields of law, technology, and auditing. The system uses anti-money laundering and, as well as Know-Your-Customer (KYC) procedures, to ensure client safety. Additionally, users must log in and register using electronic ID solutions, such as BankID, MobileID, and NemID. With these security measures in place, this bitcoin exchange guarantees to protect its users against all possibly detectable hacking attempts, meaning it is safer for trade.

Kraken

It is an American bitcoin exchange that, since its inception in 2011, has not been hacked. They take it slow. At times, they are behind compared to other transactions because rigorous security checks have to be run before they add new cryptocurrency. Before opening doors to trading, Kraken had to spend two years of beta testing. This implies the level of security guaranteed by this bitcoin exchange, which blocks out any possible chances of hacking and scamming.

Jaxx

Jaxx is used both as a digital online wallet, as well as from the desktop. It is considered the first smartphone wallet worldwide, with the features necessary to ensure the users’ bitcoins’ safety. Therefore, there are quite minimum possibilities of the bitcoin wallet being hacked, and the users’ accounts are virtually free from scams.

Trezzor

It is counted among the safest bitcoin wallets and is regarded as the original hardware store for this cryptocurrency exchange. Trezzor is considered highly secure by many bitcoin traders.

Ledger Nano S

This bitcoin wallet works in a way similar to Trezzor, although it comes at competitive prices. Security-wise, it has the same features as Trezzor, ensuring that the users’ accounts are immune to hacking. 

Bittrex

This is a US-based cryptocurrency that also ensures high safety for its users. Much like NordikCoin, Bittrex provides users with security protocols while registering and presenting Identification documents and phone numbers. The same procedure is followed when one wants to make withdrawals, which at times requires two-factor authentication. Also, Bittrex uses candlestick charts and crosshairs to monitor the flow of currencies, which means there is a limited probability of the users’ accounts being hacked. 

Bitpanda

This is a secure cryptocurrency exchange that is run by a European brokerage firm, Bitpanda. To register with this system, one needs to provide national identification and go through a video verification with a member of their staff. As a result, there are lower chances of the system being hacked.

Bitstamp

To make deposits and withdrawals from this cryptocurrency exchange, one is required to verify their identification. Moreover, the driver’s license, passport, and national ID are scanned to validate their residence and address. Bitstamp charges its users specific transaction fees. These fees are charged when making deposits, withdrawals, or trading with its users. Consequently, hacking or scamming is minimized due to the verification measures that are put in place.

CEX.IO

This is yet another cryptocurrency exchange that ensures the safety of users’ accounts through various security measures. The security measures include oma two-factor authentication, which is conducted through Google Authenticator, SMS, or call requests. Verifications are required at multiple stages, including registration and making deposits. Furthermore, users from specific locations are not mandated to transact using credit cards. Among many security measures, CEX.IO ensures user safety, and in the process, limiting the possibilities of hacking.

The Bottom Line

As discussed in this paper, trading in bitcoins is lucrative and risky in hacking and scamming. In the current technology generation, individuals and companies are out to con and steal money from investors aspiring to make a living from a cryptocurrency exchange. Therefore, investors should pay attention when selecting the safest bitcoin wallets, as either hot or cold storage. 

We highlighted several wallets that are deemed to be safe while trading in bitcoins. Of all the highlighted bitcoin exchanges above, Coinbase and Trezzor top the list of the most reliable bitcoin wallets to trade with. These two bitcoin exchanges guarantee the highest security to their users, as evidenced by their unmatched popularity on the market, and their competitive prices. I hope that this information helps decide on the most appropriate bitcoin exchange that is both pocket-friendly and safe from scammers. Still, you can learn more about bitcoin scams from https://www.loanadvisor.sg/.

Adam Hansen