The international cryptocurrency exchange CEX.IO entered the TOP-10 CryptoCompare at the end of July, having received an overall rating of “A”.
The CryptoCompare Exchange Benchmark evaluates the performance of more than 165 exchanges around the world in terms of compliance with regulations, platform security, liquidity, asset diversity and number of negative events, providing the necessary transparency in the exchange of cryptoassets.
CEX.IO, one of the largest crypto exchanges in the world, is based in London. The exchange has been operating since 2013 and has over 7 years of experience in the digital currency market. At the moment, its offices are located in the UK, USA, Ukraine, Gibraltar and Cyprus. CEX.IO is aimed at a wide target audience: from novice private traders to professional financial institutions.
CEX.IO received its highest score in the rating – 12.5 points out of 15 possible – in the “Security” category, taking 3rd place among competing exchanges. The assessment took into account the availability of security certificates and two-factor authentication, SSL rating, percentage of cold wallets used, key distribution, and the number of hacker attacks. According to data published by CryptoCompare, no negative events were registered on CEX.IO during the month.
“The safety of our clients and their funds is the main priority of CEX.IO,” commented Dmitry Volkov, CTO of the exchange. “For this we use a comprehensive, carefully thought-out security system. High-level certificates protect the platform from phishing, and constant monitoring allows us to track both suspicious actions in the system and manipulations in the market in time. “
For the sake of increasing the level of security of the system, CEX.IO has decided to use third-party services to a minimum. All key components and solutions, including KYC & AML, wallet handling, server maintenance and trading, are created and supported by an in-house R&D department.
In particular, for the sake of security, only the amounts necessary for the normal operation of the exchange are stored on the hot wallet, and more than 95% of the funds are stored in cold wallets; transactions are securely protected using multiple signatures and double verification systems. Also, several additional levels of protection against hacking were introduced into the work of the platform, for example, prohibiting withdrawals for several days when important account security settings are changed, as well as confirmation of important operations through several independent channels.
In addition to the level of security, the exchange earned a high score for market quality (11.2), professionalism and competence (11.0), data provision (10.1) and legal compliance (9.2). The expertise of the exchange representatives on the regulation of cryptocurrencies in different countries of the world made them multiple members of the working groups on the formation and implementation of industry standards.
“We are grateful for the assessment of our work and our competence. July has become a fruitful month for us: in addition to the CryptoCompare TOP rating, CEX.IO was included in the list of trustworthy exchanges compiled by Coin Metrics , ”notes Alexander Lutskevich, founder and CEO of the exchange.
The analytical platform developed by Coin Metrics allows you to collect data from exchanges, assess the real dynamics and trading volume, as well as identify exaggerations in public metrics. The successful completion of independent verification from this platform is an important indicator of the reliability of the exchange.