One of the most common questions asked by cryptocurrency traders and investors in 2021 is how to find safe Bitcoin trading platforms that have the ability to protect their funds and to ensure that hackers will not be able to access, with this often being a harder question to answer than many traders would expect.
Over the years there have been many unscrupulous platforms that have scammed their users, while many other platforms have been unable to effectively combat hackers and have seen the funds of the users stolen, sometimes to the children of tens or even hundreds of millions of dollars.
This guide answers the question of how to find safe crypto trading platforms, starting with a look at whether it is easy to find safe trading platforms in 2021, and continuing to look at why it is so important to only ever use safe crypto trading platforms, then looking at what kinds of things make a Bitcoin trading platform safe, and the finishing off with some safe crypto trading platforms to use in 2021.
Is it Easy to Find Safe Bitcoin Trading Platforms in 2021?
Trading platforms that allow cryptos to be bought and sold have evolved over time in terms of the coins they support and security they provide and a search online for safe Bitcoin trading platforms in 2021 will produce millions of results and reviews on trading platforms that are deemed safe and secure to use.
Crypto exchanges have grown in numbers over the years and since the first of its kind launched over ten years ago have improved security measures and protocols to ensure secure trading environments to the millions of retail and institutional investors that now invest in Bitcoin and other cryptos each/every day.
Given the tightening security standards that present-day traders now hold trading platforms to and with regulatory compliance mandates that mainstream exchanges satisfy it is easier for users to safely trade Bitcoin in 2021 than any other year as record-high trading volumes required security to greatly improve.
Security is the utmost concern of all crypto traders as platforms in the past have been cyber-attacked by hackers that resulted in Bitcoin losses for millions of holders though fortunately for traders, finding safe trading platforms to buy/sell, as well as hold/exchange, is easier now given reformed industry practices.
Why is it So Important to Only Use Safe Bitcoin Trading Platforms?
Safe Bitcoin trading platforms are essential to profits and security as unsafe storage methods can lead to assets being lost due to exposure or flaws in the system and given that assets are only as secure as the ways used to store them, trading Bitcoin on platforms known for credibility and security is imperative.
Crypto is the invention of the century and technology-creation of the millennia as it fulfills its intent to enable people to transact without relying on a bank or central authority but given its decentralization and lack of traditional-fiat protections, safety is most important of to all traders, or at least should be.
Cryptocurrencies are safer now than prior years to transact thanks to platforms that make their storage more secure and transfers easier to conduct though ensuring you use a trusted platform is essential to enjoying these perks as while all allow cryptos to be traded, not all sites offer equal security/protection.
Only using safe Bitcoin trading platforms is as important as investor goals as sites that do not implement standard security features, such as 2FA and bank-grade encryption or network monitoring, leave traders and their assets susceptible to hack-induced losses so choose your platform with care and consideration.
What Kinds of Things Make a Bitcoin Trading Platform Safe?
Good Security Track Record
Cryptocurrency exchanges have been around for over ten years and while time flew by to seem like only weeks to some since Bitcoin released to the public, which was in 2009, the market had time to mature in a buyer-frenzied market with demand for these coins spurring the emergence of many new exchanges.
Crypto-trading sites are usually unique to each other in terms of offered security and supported coins with most having value-propositions specific to them to allure users to their site and one of the wisest choices an investor can make is to consider the security/track record of the platform prior to investing.
Considering that Bitcoin is one of the most valued commodities in the world with a market cap that for the first time this year reached a trillion dollars it is more important now than ever before that current and future traders trade cryptos and Bitcoin on safe platforms with a clean history of protecting users.
Many factors contribute to the security of a trading platform that supports BTC, such as their following of regulatory requirements and procedures to being registered and licensed/insured, no matter the coin or crypto-asset being sold, using platforms with good track records better ensures the security of assets.
Implementation of Powerful Security Features
Billions of dollars worth of Bitcoin are traded and exchanged each day across the hundreds to thousands of sites that support them and such high-volume averages require unprecedented security measures to safeguard them from hackers/scammers that go to great lengths in an attempt to dupe users/platforms.
Implementing powerful security features to protect user data and funds is standard for most exchanges given the explosive growth in market traders and values and with more monies-worth of crypto stored on blockchain now than any other time is important that platforms employ effective security measures.
Current and prospective investors have more Bitcoin-trading platforms to choose from now than ever before and while all are unique in terms of fees/costs and supported coins, one of the most important aspects to consider prior to joining and trading on a platform is the security features they implement.
Security features range from one platform to the next and trading on ones offering top-tier security should not only be done for asset and data protection but for peace of mind and with so many in the market having great security to choose from, such as the ones below, trading safely is easier than ever.
Having a Good Reputation Amongst Traders for Being Safe
Reputation is important in all markets and industries but especially in crypto sectors as the platforms that process trades and store assets are responsible for securing the network and its users which not effectively done can leave customer data and assets susceptible to theft from hackers/cyber-attacks.
Thousands of crypto-trading platforms emerged since Bitcoin released over a decade ago and those having years of established history are the ones traders should join as many have been hacked over countless times so those with credibility and good reputations are surely to have fended off attempts.
Researching trading platforms online will result in a range of responses with opinions of which is best varying from one trader and investor to the next, and while the trading fees and supported coins are consider-worthy aspects of an exchange, no prospective investor should overlook their track record.
Engaging and participating in crypto forums/communities is a great way to see what platforms others are using and the reasons they are, and these hubs of other crypto traders are resourceful in learning which trading platforms are most valued and trusted by independents and the community as a whole.
What are Some Safe Crypto Trading Platforms to Use in 2021?
PrimeXBT
Not only is PrimeXBT the fastest growing major crypto trading platform on the market in 2021, it is also a platform that has built a strong reputation in a relatively short period of time as a result of the consistent value that it is provided for its uses and the platforms ability to be able to protect its uses funds for 100% of the time of its operation.
PrimeXBT has never been hacked or breached by hackers, with this putting it in a small group of crypto trading platforms that have been able to effectively mitigate against the risk risk of hackers which is ever present in the cryptocurrency space and has seen many of the largest crypto trading platforms fall afoul of hackers including finances 2019 hacked for more than $50 million, and Q coins 2020 hacked for more than $150 million.
PrimeXBT has achieved this by implementing a range of bank-grade security measures that include cold storage of digital assets with multi-signature technology and hardware security modules with rating of FIPS PUB 140-2 Level 3 or higher, with these measures and more ensuring that hackers have not been able to breach the defenses of PrimeXBT.
In particular, one security feature that has perhaps had a bigger impact in others is the fact that PrimeXBT does not use a hot and cold water system as many other crypto trading platforms to, but instead only stores its uses funds in cohorts that are disconnected from the internet, with this ensuring that one of the most popular attack factors for hackers is completely mitigated against.
Kraken
Kraken was among the earliest of crypto trading platforms to launch and since founded ten years ago in 2011 upheld their mission to be a safe and secure platform that traders and investors could trust and is now one of the most trusted crypto exchanges having millions of users and billions in processed trades.
Based in the United States with over a thousand employees and years of operational experience it is one of the most popular trading platforms among users prioritizing security as their large workforce enabled them to comprise a powerful security team unlike any other that monitors the network and its activity.
Crypto evolved over the years and to protect these assets the platforms that enable their trading have too and Kraken is a prime example as their platform and security underwent a series of improvements over their years of running and known for industry-leading security now has millions of monthly traders.
Standing Kraken apart from the rest is the fact its history is unlike most as they have never been hacked successfully which is a notable achievement given the many that have and to sustain this stature as the hack-free exchange, they strive to improve upon what is already among the best security of all others.
Coinbase
Coinbase is in a league of its own as far as the ease at which users can trade as many supported funding sources and quick account verification results in a platform that can be traded on within just moments of creating an account and with ten years in the industry are one of the most trusted among traders too.
Operating in the U.S. as a registered/licensed exchange with over thirty million monthly traders and high market liquidity this platform has become a safe haven to retail traders and institutional investors as this exchange is no longer storing assets in its network but in cold-storage wallets not accessible by hackers.
They are one of the most popular trading sites and one of the largest in terms of average trade volumes and market liquidity and since launching Coinbase Pro a few years ago is now geared for advanced users with special trading requirements and with its release came new and improved security features as well.
Coinbase stores most assets using offline storage to prevent theft even in the event the site is breached and if that takes place the cryptos held on their servers are covered by their insurance policy, no matter the trading or security needs, Coinbase enables users to trade with peace of mind and ease/confidence.
In Conclusion
Finding safe crypto trading platforms to use in 2021 is essential for any professional trader or investor that does not want to take a risk with the funds that they deposit on platforms and would instead like to be able to simply focus on generating revenue and looking for new opportunities to profit.
There are a number of ways of comparing different trading platforms in order to find the best ones with a few of these being looking for platforms that have a good security track record, looking for platforms implement a power implement powerful security features, and also looking for trading platforms that have a good reputation amongst traders for being safe to use.
To find out more about the three platforms we would select as the most safe trading platforms to use in 2021, check out PrimeXBT, Kraken, and Coinbase.