HotBTC cryptocurrency exchange is an online platform built for traders to buy or sell cryptocurrencies, and can even store their assets using digital provided by the platform. When talking about the cyber security issues associated with the cryptocurrency exchanges, if there is a high monthly trading volume on the exchange which may exceed hundreds of billions US dollars then it can be a vulnerable target for cyber criminals. The most interesting fact is that the trade volume easily lures cyber criminals and they simply cannot resist. This is the reason why they regularly target the cryptocurrency exchanges and they even succeed in some of the attacks.
In the category of top crypto exchange, HotBTC offers trades with cryptocurrencies, such as Bitcoins, Ethereums, Litecoins, and various other digital alternatives. The cryptocurrencies used on the exchange are fully decentralized and are operated independently without the intervention of banking authorities. Moreover, the digital assets that are traded on the platform do work as a medium of exchange following the principles of cryptography to ensure a more secure transaction.
It is a true fact that the cyber criminals usually do not cash in on the vulnerabilities of cryptocurrencies because of being difficult to hack, and they also rarely attack the wallets as well. In most cases, it is observed that they are interested in crypto exchange only since it is the only centralized application that can be hacked easily. HotBTC is considered the best crypto trading platform in terms of providing security from the cybercriminals because of incorporating the AML (anti-money laundering) security measure.
The AML regulations can be further divided into several parts such as –
- To manage risks on the platform which may arise once you are trading on the platform.
- To maintain customer acceptance policy (CAP), this is yet another important thing to be considered by the exchange according to the demographics of the country.
- To continuously monitor the transactions on the platform and ensure regulatory compliance and to identify any suspicious activities or risk management.
- To maintain a proper customer identification program (CIP), and by doing this the exchange can successfully confirm the identity between a potential customer or trader, or a cyber criminal.
HotBTC complies with all the AML regulations or policies mentioned-above and swiftly handle different stages of trades efficiently. On this exchange platform, the crypto exchanges can be divided into two different stages such as crypto-to-crypto and fiat-to-crypto. HotBTC is counted among the top crypto exchange for allowing traders to trade with cryptocurrencies on the platform without any fear of cyber criminals.
In terms of cyber security, HotBTC emphasizes more on security and anonymity and only allows traders to sign up in a secure manner without revealing any personal information by generating a private recovery seed. The cryptocurrency market is a bit shallow, so the liquidity incorporated by the exchanges allows you to transact a huge sum of capital which is even necessary to buy or sell cryptos from other exchanges simultaneously. Because of being operated on the basis of blockchain technology, HotBTC only operates on ‘Proof of Work’, which enables a person/group with the largest computing power to take decisions and provide more security from cyber criminals and let you trade with the cryptocurrencies in a more secure manner.