In this article we will discuss what crypto trading sites are safe to use?
To do so, we need to make security reviews of crypto trading platforms.
But how do you make a security review of a crypto trading platform?
Also, how can you determine is such a security review is good or bad?
Lets discuss some easy tips and hints to avoid the worst crypto trading sites and find the best and most secure crypto trading sites.
If you are interested in start trading directly we have already sorted out the top Bitcoin trading sites that we consider safe to use.
What is a crypto trading site?
A crypto trading site is an application where you can trade cryptocurrencies.
What is a safe crypto trading site?
A safe crypto trading site is where you can deposit your cryptocurrencies without have to worry about beings scammed or hacked.
Can a crypto trading site ever guarantee to not be hacked?
No, they cant. However, there are crypto trading sites that have been hacked historically and they have handled this issue differently
What crypto trading sites are safe to use?
We will create 3 rules on how to find a safe crypto trading site.
At least, these 3 tips will help you to avoid the worst crypto trading sites in terms of security.
- Only trade with large crypto trading sites
- Only trade on crypto trading sites with a history
- Be suspicious for great ads and great offers
Large and Safe Crypto Trading Sites
The most simple rules to stay with safe crypto trading sites is to always stay with the large crypto trading platforms.
By large, we are meaning the crypto trading sites with deepest liquidity or largest trading volumes.
Those are usually ranked among the top trading platforms in every review site.
They include Binance, Bitfinex, Kraken, Coinbase, BitMEX, ByBit and a few more.
Why is this important? For several reasons
- If there is a hack they can easily cover it lite Binance and Bitfinex have done.
- Since they are large crypto trading sites they can spend more time on security than small crypto trading platforms
- They have more advanced trading features (there is no reason or need for a small trading platform)
Safe crypto trading site, Tip1: Stay with large and well-know crypto trading sites. Avoid small crypto trading platforms.
History of Safe Crypto Trading Sites
Always check the history of the crypto trading platform. For how long time has it been around?
Simply becasue if a crypto trading platform have existed for 5 years with no security breach it will have lower security risk than a new crypto trading platform.
In addition, if the crypto trading platform have some profitable years behind it will have a higher probability to cover a potential hack, or similar loss of crypto money.
Safe crypto trading site, Tip 2: Only go with crypto trading sites that have been around for at least a couple of years.
Crypto Trading Sites - Bonus and Offers
Be careful if a crypto trading sites have great bonus and offers. Also, if they perform aggressive marketing and profit guarantees.
There are some legit and safe crypto trading platforms with great offers, such as, ByBit and Crypto.com
However, there are way more bad crypto trading sites with aggressive welcome bonuses and sign up offers. Stay away from them.
Safe crypto trading site, Tip 3: Only go with legit crypto trading sites bonus and offers. If something sounds to good to be true, be suspicious.
Summary - What crypto trading sites are safe to use?
In this guide we learned how you easily can stay with safe crypto trading sites.
Don´t get fool by new crypto trading sites with aggressive marketing strategies and great bonus and offers.
- Stay withe the large crypto trading sites
- Look for how long a trading site have existed
- Don´t only look for great bonuses and offers. More important, look for a great crypto trading site.