How to Choose a Secure Crypto Exchange: Key Criteria for Safe Trading

According to the latest estimates, the total number of existing cryptocurrency exchanges exceeds 1500, representing both centralised and decentralised platforms. So, with such a large number, it will take a lot of time to research and narrow down your choice.

But what should you look for to choose the right exchange? Of course, there are a number of factors to consider: user-friendly interface, number of supported cryptocurrencies, fees, etc.

However, one of the most important factors for every user should be the security features and its reliability to make sure that your funds don’t just suddenly disappear. Today’s article will help you understand what criteria you should pay attention to when choosing a reliable crypto exchange.

Key Criteria for Secure Crypto Exchanges

To choose a reliable crypto exchange, it is important to pay attention to several key criteria that will help determine its security. Below are the main ones and why they matter when choosing a platform.

Additional tools for users

In addition, exchanges can offer users additional tools to improve security. For example:

Crypto trader Mikybull Crypto has exclusively shared his tips for choosing a reliable crypto exchange:

‘You can start by using DeFiLlamma to check inflows and outflows, then you check POR for each CEX you want to use. Because CEX is centralized, sometime doing due diligence is kind og hard as there is not much data points. But in conclusion, you want to use the CEX most people are using.’

Comparison of Several Crypto Exchanges

For comparison, we will choose three main categories: trading volumes, fees, and market capitalisation. All data is taken from CoinMarketCap, official statements from cryptocurrency exchanges, and a recent capitalisation study.

Mikybull Crypto’s Advice:

‘While using a CEX, some of the best security measures I can suggest is not to dump all your assets in one CEX to avoid FTX kind of situation. Also, always use Google Authenticator to double protect yourself.Nowadays, there are phishing emails targeted to CEX users emails claiming to come from the CEX an individual is using, you must binf your account with a pin that shows on every message sent by that exchange. Other security measures like using different passwords for different CEXs can also come in.’

Originally published at https://36crypto.com on February 3, 2025.