Newest ICORating Exchange Security Report Puts Kraken, Cobinhood and Poloniex as Most Safe
ICORating has recently released a new report ranking the most secure crypto exchanges in the market. In its Exchange Security Report, it ranks around 100 crypto exchanges and analyses their security such as user account safety and DoS attack protection.
The report shows that 55% of the exchanges received a rating between B- and B+. Only 15% received an A- or A rating. The remaining were rated with a C-, C or C+. The top three cryptocurrency exchanges listed were Kraken with an A, Cobinhood with an A and Poloniex with an A-.
Binance, one of the largest virtual currency exchanges was ranked 35 in terms of security. Coinbase Pro was able to be ranked among the top 10. Coinbase Pro is the cryptocurrency exchanged developed by Coinbase, one of the largest and most popular crypto platforms in the market.
The categories that were analyzed by ICORating are user security, domain and registrar security and DoS attack Protection. According to the report, 74% of the crypto exchanges were protected from DoS attack. These attacks can disrupt the services provided by a specific crypto exchange.
For User Security, accounts were created on each exchange and several tests were conducted. In order to understand how good the user security was they took into account four different parameters. These included the ability to create a 2FA, mistakes and errors in the content of the exchange code, the possibility to create a weak password and confirmation of actions using email.
Furthermore, the team behind ICORating checked security standards including HSTS header presence, click-jacking attack protection, Man-in-the-middle (MITM) attack protection, among other things.
None of the exchanges was able to receive 100 points, equal to an A+ rating.