Security Aspects for Safe Crypto Trading

Posted On : 29 May 2020
Category : Blog, Cryptocurrency, Exchange
HotBTC Crypto Trading

HotBTC is the best place for trading cryptocurrencies and is one of the top decentralized crypto exchanges providing essential asset security to all its traders. Basically a cryptocurrency exchange is made secure cryptographically and HotBTC is no different in terms of it. Putting in the cryptographically advanced security features it is nearly impossible to counterfeit or make way with fraudulence. Moreover, this exchange is based on blockchain technology which uses a distributed ledger system enforced by a myriad of computer networks.

Apart from the latest security features, HotBTC is a feature-loaded, robust, and hassle-free cryptocurrency exchange platform best suited to trade major digital assets such as Bitcoins, Ethereum, EOS, Litecoin, Ripple, NEO, Monero and several others. Let’s discuss more on the most advanced security features enforced by HotBTC –

•       2FA or two-factor authentication
Before choosing any cryptocurrency exchange all you need to do is check that the exchange has enforced the two-factor authentication (2FA) process or not. HotrBTC has the 2FA process which makes it worth to be accepted in terms of security standards. This exchange platform uses Google 2FA authenticator which is best known to offer better security in comparison to the mobile text-based 2FA.

•       KYC or know your customer
There are several crypto exchanges that comply with different laws and regulations based on their locations and offerings. While you may find that HotBTC has the Know Your Customer (KYC) practices which are best and required in this market. To comply with it the traders simply need to submit their personal information during account creation. However, this practice may vary from one exchange to another, and there are several other exchanges that can even ban trading for traders residing
in a different country.

•       SSL certificate or secure socket layer
HotBTC has incorporated an SSL certificate which is basically used for the safety of the information entered into the network. This security feature prevents users from fake cryptocurrency exchange sites and provides protection from hackers at the same time. It works by developing a secure channel or network between two operating computers over the internet. SSL is best at securing and encrypting the confidentiality of every massage shared on the network.

•       Email notification and OTP (one-time-password)
For trading on HotBTC, you need to have a valid email account which will be later used for security purposes as well. HotBTC will send various email notifications with real-time price updates and current exchange rates on the registered email id. Your new trading account will be verified by sending an OTP on your email to ensure proper identity.

Moreover, HotBTC uses the latest distributed ledger technology based on blockchain which is even applied in other fields of work as well. Blockchain encryption is best used for a variety of different security applications in the cryptocurrency exchanges such as record keeping, real-time updates, active data infrastructure, securing trader identity, transaction data, and is best used for tamper-proofing the past transaction data in the network.

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