6.
Actions matter more than words – so take a look at what they have been doing to protect themselves from hacks and keep their platforms secure.
Investment in fraud analytics matters. When exchanges spend money on trying to ensure their systems are robust, it helps to protect you: the user.
Many platforms regularly submit themselves to security audits by independent parties, who then publish their findings and disclose the vulnerabilities they have found. Reputable exchanges will publish the outcome of these audits in full – enabling you to see for yourself their strengths and weaknesses, and the steps they have taken to resolve things.
You should also see whether or not the exchange you’re interested in participates in bug bounty programs. Put simply, this is where a platform offers a reward to “white hat” hackers who expose security flaws in their systems – playing cyber criminals at their own game and trying to exploit a glitch before they do. It’s a practice that has gained traction in recent years, with major corporations and even governments subscribing to these schemes.
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