The international cryptocurrency exchange CEX.IO made it into the CryptoCompare top 10 July 2020 report, with an overall A grade. The CryptoCompare Exchange Benchmark rating evaluates over 165 exchanges around the world on aspects like adherence to regulations, platform security, liquidity, asset diversity, senior management team, API connectivity stability and performance, and number of negative events, while ensuring the necessary transparency in crypto asset trading.
CEX.IO, one of the world’s largest crypto exchanges, is based in London. It has been in operation since 2013 and has over 7 years’ experience in the digital currency market. It currently has offices in the UK, USA, Ukraine, Gibraltar, Cyprus and Singapore. CEX.IO is aimed at a broad target audience, from novice private traders to professional financial institutions.
CEX.IO’s highest score in the rating, at 12.5 points out of 15, was in the Security category, putting it in the third place among all the competing exchanges. The evaluation took into account security certificates, two-factor authentication, SSL rating, percentage of cold wallet usage, distribution of keys, and the number of hacking attempts. According to CryptoCompare’s data, in 2020 CEX.IO did not experience a single negative event.
“The security of our customers and their funds is CEX.IO’s top priority,” comments Dmytro Volkov, the exchange’s CTO. “We use a comprehensive, thoroughly thought-through system of protection measures to ensure it. High-level certificates protect the platform against phishing, while constant monitoring allows us to track both suspicious activity within the system and manipulations on the market and catch them in time.”
To increase its level of security, CEX.IO decided to minimize its use of third-party services. All the key components and decisions, including KYC and AML, wallet operations, server maintenance, and trading, are proprietary intellectual property, developed by the CEX.IO’s internal outstanding R&D department.
In particular, for the sake of security hot wallets hold only the amount necessary for the exchange’s normal operations, while 95%+ of funds are kept in cold storage; transactions are reliably secured using a system of multiple signatures and two-factor authentication. The platform’s operations also include several additional measures to protect against hacking, including a ban on withdrawals for several days after changing important account security settings, as well as confirmation of important transactions via multiple independent channels.
In addition to security, the exchange earned high scores in Market Quality (11.2), Team/Exchange (11.0), Data Provision (10.1), and Legal/Regulation (9.2). The exchange team’s expertise in cryptocurrency regulation in various world countries has frequently given them a seat at the table in task forces working on developing and implementing industry standards.
“We appreciate this evaluation of our work and our competence. July was a fruitful month for us: in addition to the CryptoCompare rating, CEX.IO also made into the Coin Metrics list of trusted exchanges” notes Oleksandr Lutskevych, the exchange’s founder and CEO.
The analytics platform developed by Coin Metrics makes it possible to gather data from exchanges, evaluate real trends and trading volume, as well as identify exaggerations in public metrics. Successfully passing independent verification by this platform is an additional important indicator of an exchange’s reliability.
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