Recently, our country’s agenda has been busy with regulations that will come to the cryptocurrency markets and cryptocurrency exchanges that have been emptied or stopped trading. So how to choose a secure cryptocurrency exchange?
Especially in the departments on management Informatics, one of the main concepts taught even to engineering students is change management. One of the issues that is especially focused on when talking about change management is access to the right information and the correct transmission of this information.
Although studying these subjects may seem like a chore to many, what is actually being done in universities is to guide the student in a way that allows them to turn theoretical knowledge into practical skills. In other words, we are talking about the correct evaluation of information for a long time so that people do not lose their money in unreliable exchanges opened by people who drop out of high school or people who run an iddaa dealer, do not have problems.
The answer is no, but wait until the end of the post before using this answer to vilify cryptocurrencies. No economic system on earth is safe. For example, in some deposit funds (popularly called “interest deposit”), the banks ‘ provision rate was 3%. In other words, banks can trade as if they have 100 pounds against 3 pounds in their vaults. As a matter of fact, if everyone tries to withdraw 3 pounds at the same time, 32 out of 33 people will be victims, even if the state covers this damage over time. As a matter of fact, no system is completely secure.
However, in our country, cryptocurrency is basically spread by word of mouth. People have a tendency to use their trust in each other to trust something else. In other words, there are many who go and enter the stock market, “our Igbo also plays from there.” IBO’s skill here is not questioned. Celebrities and politicians in ads are also technically used in a similar logic to attract users to sites from your trust in them.
And the things we need to look at are actually none of these things. Even if a nutmegist has hung a sign called “chickpea Bank” since we go and say, “Brother, I have 37 thousand dollars of money, I will deposit it in your deposit account”, we need to maintain a similar logic for cryptocurrencies. Because investing in cryptocurrencies is not a bet, it is an economic move.
How to choose a secure cryptocurrency exchange?
If you are going to choose a secure cryptocurrency exchange, the number of details you need to look at is actually quite large, we will look at the most basic points in this article. Let’s also note that looking at these details can’t protect you 100%. However, it will be useful to reduce risks.
1 – Site Security
It’s almost impossible to break a crypto wallet. That’s why malicious people often target exchanges. Most crypto exchanges, which are confident because they also know the reservations about this, also display the security measures and security licenses they use on their site.
If a crypto exchange doesn’t have the following, run away from it, and if anyone praises it again, don’t take it seriously:
Lack of HTTPS on site: they now pay attention to this even on WordPress blogs. The most basic security measure is to see if the door has a lock, not if it has a lock.
No two-factor authentication: it is essential if you want someone who can somehow get a password from a database or computer to not have all your cryptos.
How funds are stored: exchanges that store funds in cold wallets, rather than in a way that someone else can access somewhere, are usually better. He also has risks, but not as much as hot wallets.
Another important issue is transparency. OK, we are not saying that all employees of the company should be listed from top to bottom on the site, but if you are going to enter the stock market, you should be able to see who the founder, CEO or something like that is. Don’t go into uncertain exchanges, look at projects.
Most exchanges publish their own cold wallet information. After the Thodex hit, people started comparing wallet information one by one on Twitter to understand how much money was being carried out. Reliable exchanges also share cold wallet information.
One of the most basic methods of understanding whether anything can be trusted is responsibility and accountability. In this content, we used only fictional names, except for the stock markets that have already sunk, so that the article would only be an idea, and we would not have inadvertently directed it. It is our responsibility to you.
A similar situation applies to exchanges, but it is important that they-especially recently – can act in accordance with the law, have a structure that can be reconciled with legislators. Otherwise, serious problems may occur. Under the fact that not every stock market is open to every country, there are similar reasons.
Technically, when trading on a cryptocurrency exchange, the money changes hands. If there is no movement in the market, trading cannot be done, or it takes too long, stay away from it. Even if you make a profit on small-volume exchanges, it is not always easy to use your earnings. In addition, price fluctuations can also have a very negative impact.
CEX and DEX
Cryptocurrency exchanges see two different acronyms called CEX and DeX. Of these, CEX is used to identify cryptocurrency exchanges or blockchains with headquarters. DEX is decentralized cryptocurrency exchanges and blockchains.
Both approaches have advantages and disadvantages among themselves. Let’s say Atbank has launched a stock market called Atcoin Trade, which is a stock market under its control. After all, there is an owner of this stock market, a bank that holds control, and this system is an example of CEX.
DEX, on the other hand, are decentralized exchanges that use the logic of nodes instead. In this way, the work of malicious people becomes difficult. It must attack all nodes at the same time, not a single node. Because there is no central structure, anyone can control it. Although both systems have their advantages and disadvantages, this is their main difference.
We cannot completely guarantee that you will be one hundred percent secure when you pay attention to the criteria written here. Even if you choose a stock market that meets all the criteria, a law that will come out in the country where that stock market is located can turn everything upside down in an instant. However, these details will help you make transactions more secure.