Many people who want to engage with crypto investments or trading are looking for the best and most secure platform to work with. There are several options where you can buy and sell assets. The safest is a centralized crypto exchange (CEX).
When depositing your funds to a CEX, you share the responsibility for your investment’s safety with a platform. If you lose the key to your account, the cryptocurrency exchange can restore it.
CEX operates officially, similarly to conventional financial establishments with central regulation. CEX complies with all necessary rules and regulations.
The safest crypto exchange is one that focuses on the client’s security. In this article, we will talk about how CEX reaches a high level of safety for users.
The Range Of Security Measures
Cryptocurrency trading implies depositing your money to exchange and placing an order to buy another asset. Often, crypto traders and investors store large amounts on crypto platforms. It requires a high level of the exchange’s security and compliance with all the regulations and laws that protect users against fraudulent actions and hackers.
CEX implements the following measures to secure clients’ assets:
- KYC verification. To access the full range of the platform’s tools, users have to pass KYC (know-your-client). For this, a client provides personal data, ID, and other documents for checking. KYC identifies users and helps protect the platform from fraudsters. All legally working exchanges demand KYC.
- Customer Due Diligence. This procedure helps determine if the user was noticed in illegal financial schemes.
- CEX keeps track of users’ transactions and finds out about suspicious activities. If there is any danger noticed, the suspicious account is blocked and the data is sent to the regulatory authorities for investigation.
Such a serious approach ensures the safety of clients and transactions. The most often used and trustable cryptocurrency exchange in Europe, WhiteBIT complies with all the regulations and provides security for every user.
