The cryptocurrency market continues to grow globally. According to data, the total crypto market size will reach 4.94 billion USD by 2030. As a result, the cryptocurrency exchange platforms that enable you to transact these currencies are also rising.
Swyftx is one such platform that lets you buy, sell and trade crypto, with over 320 assets. Low fees, small spreads, valuable features, and exceptional customer support make the platform popular amongst investors.
But what about the Security at Swyftx? Does it have a robust, dependable, and solid security system?
Dealing with digital currencies can be risky without adequate measures in place. A weak security infrastructure leaves the space open to internet thefts. Fraud and ransomware are the top threats facing several digital currency platforms. For example, hackers stole half a billion dollars in 86 attacks in 2020.
If you want to know about the security measures you should look for in an exchange before transacting, here is the information.
What makes a Crypto Exchange Trustworthy?
Transactions in digital currencies run into billions of dollars. Even the slightest breach leaves the dealers open to hackers who resort to various measures and employ ransomware attacks. Therefore, security is one of the topmost concerns of investors.
Below are some security features that make a crypto exchange trustworthy for conducting transactions.
Adequate security measures
An efficient crypto exchange is one with solid protection measures in place. It uses class-leading technologies and strategies to protect its customers’ funds and data.
Exchanges like Swyftx use measures like two-factor authentication, data encryption, penetration testing, least privilege, and password detection. They have a Security Operations Center that identifies attackers and makes appropriate responses.
Offering High Reliability
An efficient exchange platform promises the highest reliability because its creators designed it to deliver high performance and functionality using the latest technologies. A reliable platform constantly tests, evaluates and measures its performance with the ultimate improvement goal.
Complete Privacy Measures
The privacy of customer data is essential for exchanges. Since users share plenty of personal information while dealing with cryptocurrencies, the platform needs to implement industry-leading privacy safeguards. Doing so prevents hackers from accessing sensitive data that they could use later. It also assures the users that their money is in safe hands.
Compliance with Standard Practices
Platforms need to prioritize security and comply with standard practices. One way is aligning their corporate security program and risk management practices with the ISO27001 framework.
The Internal Organization for Standardization (ISO) states the requirements for an information security management system (ISMS). Following them enables an organization to protect the users’ intellectual property, employee details, and financial information.
Options for Customers to Protect their Account
Platforms like Swyftx provide various options to customers to secure their accounts, like the ones mentioned below.
- Two-factor authentication – It is one of the best measures for enhancing access security. In addition to your regular password, it provides an additional layer of identity verification.
- Unique password – A unique password is a tried-and-tested way of protecting your account. Because it consists of unique characters, numbers, and numerical, it is highly challenging for hackers to get passwords.
- Recognize phishing scams – Phishing is a significant problem faced by crypto users. The best way to identify a scammer is to check their email address or social media account and if they have a blue tick (a blue tick establishes the authenticity).
- Cold storage – Exchange platforms use measures like cold storage to protect cryptocurrencies. A cold storage facility enables users to store their assets offline, thus reducing the risk of online attacks.
These are some ways that the security at Swyftx is solid, minimizing the chances for hacking and phishing. From cold storage to unique passwords, they provide users with various options to protect their accounts.