CEX.IO Is a Leading Crypto Exchange in Terms of Safety
The ranking comes by way of the Crypto Compare Exchange Benchmark. The enterprise monitored more than 160 separate crypto exchanges around the world to see which ones boasted the strongest security measures available today, and CEX.IO has made the top ten, thereby earning an “A” grade.
The ranking is for February of this year, which means the crypto platform could move up or down in the future. Overall, it ranks as the eighth safest in the world in a more general sense, though the third-place spot it’s earned for last month was also garnered through the company’s efforts last July. Thus, CEX.IO has consistently been found to possess some of the strongest security protocols in the arena of cryptocurrency trading.
This has been a huge goal for several digital exchanges over the past few years given how unregulated the market is. This lack of regulation, clear order and rules has often led to serious problems with many of the world’s most prominent crypto exchange platforms, such as Mt. Gox and Coincheck. Both are based in Japan, and both are the subjects of major investigations following two of the largest cryptocurrency thefts in the history of the space.
Mt. Gox occurred seven years ago in February of 2014. Overall, it is estimated that more than $400 million in BTC funds vanished overnight from the trading platform. However, this was small beans when compared with the likes of Coincheck, which occurred just four years later in January of 2018. The Japanese exchange lost more than half a billion in assorted crypto funds, few of which have ever been recovered. The situation called for stronger monitorization of crypto activity within the Asian country.
Oleksandr Lutskevych – the founder and CEO of CEX.IO – explained in a statement:
We are delighted to once again rank among the top ten cryptocurrency exchanges. This evaluation of our work and competence gives us a confidence boost and brings us a step forward to fulfilling our mission, which is to provide a gateway into the world of an open financial system.
Beating Out Other Big Names
CEX.IO also outranked some of its biggest competitors such as Binance, Kraken, Huobi, Bittrex, Bitstamp and Bitfinex. The exchange has garnered a whopping 12.5 points out of 15 and thus far, hasn’t experienced any seriously negative incidents during this period or when the July report was issued.
In addition, Coin Metrics has also included the firm on its list of the most trusted cryptocurrency exchanges. Headquartered in London, CEX.IO was founded eight years ago in 2013 and boasts more than four million clients across the globe.