Individual centralized cryptocurrency exchanges have always come out to say that they are the most secure with the best security team, technicians and engineers that would ensure that their users are protected while using their sites. However, an independent body, called ICORating that helps in rating initial coin offerings and crypto projects has released a 10-page report that is available online on how secured more than 100 cryptocurrency exchanges that were checked are.
Four major categories were used in determining how secured an exchange are. They are:
1) User security with a maximum of 17 points and contains 4 parameters which are: the possibility of error code while using the website interface of the exchange, verification using 2FA, ability to create weak passwords that could easily be hacked and notification of user activities through email.
2) Domain and Registrar Security with a maximum of 18 points and contains 4 parameters which include an error in registrar lock and Domain Name System Security Extensions.
3) Web Security: has 57 points and 10 parameters were checked.
4) DoS: with 8 points and one parameter which is the denial of service (DoS) attack protection.
Out of the 100 points that were assigned, none of the more than 100 cryptocurrency exchanges scored an A+.
However, Kraken came first as the most secured cryptocurrency exchange with an A rating, while Cobinhoob came second with an A rating. Both are the only exchanges with A ratings.
The largest cryptocurrency exchange in the world came behind at the 34th position.
