In general Cryptocurrency exchanges are vulnerable to security attacks, since they are dealing with decentralized virtual currencies. Unlike the general fiat currencies, the method of payment and transactions are completely different from the traditional financial system. Cryptocurrency exchanges often rely on a centralized secured wallet storage, or an offline hardware wallet storage. So to comply with the rules of cryptocurrency transactions, one should enable payment through the wallets. During this transaction time, a well secured cryptocurrency exchange should save the trader and the money from all aspects. This security enhancement can bring more trustworthiness. But, no matter how popular an exchange is, in order to get world wide adoption and trust , it must need a proper certification from an approved authority. So, that’s why a cryptocurrency exchange security standard is required.
Before getting started to the session, i would like to clear you “what is a cryptocurrency exchange security standard? “.
Cryptocurrency Exchange Security Standard Proposed by Hacken
Since cryptocurrency exchanges are responsible for the worth of millions of dollars in transactions, it is very important they must be tightened with high end transactions security as well as user security protocols. By understanding this fact, Hacken- A cyber security company have release the security standards for cryptocurrency exchange along with its cryptocurrency exchanges ranking and certification platform CER.Live
How a Cryptocurrency Exchange Can Be Certified ?
The goal of the cryptocurrency exchange security standard is to prevent traders from interacting with exchanges which have no much concern and investments for user security. A cryptocurrency exchange security standard (CESS) will have the following examination process.
- Cyber Security Score Check
- Penetration Assessment
- Proof Of Funds
- Bug Bounty Programs
Let’s see each process in detail.
CESS Criteria 1 : Cyber Security Score Check
This is the first process that takes in place to examine a cryptocurrency exchange. The cyber security Score will be assessed by the combination of server security,user security, crowdsourced security, and the history of cyber security incidents. By calculating all these factors the cyber security score will be provided for an exchange.
CESS Criteria 2 : Penetration Test
Penetration test is an important cyber security check to identify the exploitable vulnerabilities, that can be advantageous for attackers. If an exchange added new features or has been updated, then it should go through an penetration test. In order to ensure the security of funds and user privacy data, an exchange should pass the penetration test.
CESS Criteria 3 : Proof Of Funds
This is a test to identify the insolvent exchanges, because they can make a huge disaster for the future. This may happen when an user tries to withdraw money more than the exchange can hold. So, to pass this test, an exchange should have to meet the following.
- Disclose identifiable wallets
- Minimum Fund eligibility
CESS Criteria 4 : Bug Bounty
An exchange should go through a bug bounty program conducted by external crowdsource security provider A bug bounty program can help an exchange owner to find out the software bugs and configuration errors which were slipped with the past developers and security team.
As claimed by Hacken, if an exchange can pass through all the above tests then it can be ranked with stars ranging from 1 to 3.
Here is the list of top 10 exchanges from 100, which has high security standards
Top 10 Cryptocurrency ExchangesThat Meets Security Standards
How To Get Certified ?
To get certified and ranked on CER.Live you can reach the hacken team, By filling up the form provided here . Get Certified
How To Make a Cryptocurrency Exchange With High Security Standards?
Getting certified will be much easier, when you cross check and ensure all the above metrics during the development of your own cryptocurrency exchange. We at Bitdeal simplify the process of certification, by implementing high end security standards with our cryptocurrency exchange development process. We follow the water flow model on each development phase, and go to the next level only if the beta project has fulfilled the certain criteria on each development and integration phase. We have a ready made cryptocurrency exchange script, which has been tested and verified through a bug bounty program conducted with an expert security team. Our cryptocurrency exchange script ensures all the security measures and has been created to comply with the global cryptocurrency exchange security standards. You can check the demo of the script at any time. Talk to our team below. !
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Thanks for sharing informative post!