Report: Coinbase Pro and Kraken Score Highest in Exchange Security Rankings
ICORating, a leading research group focused on digital assets, released a report this week that outlined the general security ratings for major cryptocurrency exchanges across multiple parameters.
According to the report, which reviewed everything from frequency of console errors to user account, domain and web protocol security, Coinbase Pro is currently the most secure trading platform with a total score of 89/100. Much like the other exchanges, Coinbase Pro lagged in registrar and domain security.
The second place spot was filled by Kraken, a San Francisco-based cryptocurrency exchange that hosts more than 57 trading pairs for 17 different coins. Similar to Coinbase Pro, Kraken’s only point deductions came from the registrar and domain category.
Interestingly, Binance did not make the top-10 but took the 17th ranked spot, one above HitBTC. Ethfinex, the brand new decentralized exchange built on the Ethereum blockchain by Bitfinex, surprisingly made the list at 12.
This report comes just weeks after both Coinbase and Kraken came under regulatory scrutiny by the New York Attorney General’s office, which questioned the health of the operations of both exchanges.
According to the regulators, Kraken had refused to participate in the attorney general’s review, following allegations that the company presented “alarming” public statements regarding abusive trading, including claims that market manipulation “doesn’t matter to most crypto traders,” despite rampant scams. The exchange has since come out to refute the claims and blast the attorney general’s office for its tactics.
As for Coinbase, the AG cited concerns over internal activity, as 20% of executed volume on its platform is attributed to the company’s own trading. This has raised concerns among the regulators, as they state that “high levels of proprietary trading raise serious questions about the risks customers face on those platforms.”
Nonetheless, as security is critically important for the often-targeted crypto exchanges, this list should be consulted before investors decide to join a particular platform.
More: Exchange Security Report
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.