How to keep your cryptocurrency exchange platform safe and secure?

Crypto investors worldwide are increasingly interested in cryptocurrency exchanges because they can trade multiple cryptocurrencies and make more money. They also provide liquidity, convenience, and other advantages. As the number of people who use and want to buy crypto exchanges has grown over time, they have evolved into new forms such as margin trading exchanges, peer-to-peer exchanges, and so on. Aside from that, businesses have become lenders, custodians, and so on to make it easier and more efficient for users to make trades on their platforms.

Even with this information, some investors need clarification on how secure a cryptocurrency exchange is. The crypto exchange holds the majority of the user's funds in trust. As a result, the most important factor is the security of the crypto exchange's software. Let's look at the current state of security in the crypto space.

How secure is the cryptocurrency sphere right now?

In terms of security, the crypto space has several issues. Some form of technology is required to store money, keep track of transactions, and retrieve a coin. As a result, the exchange is more likely to be hacked or used in other scams. Most businesses have also begun to support mobile apps, which is very convenient but makes it easy for hackers to gain access. This implies that security systems and transactions must strengthen.

To address these security issues, many crypto entrepreneurs and companies have begun implementing modern security measures to protect themselves and their businesses. Some people opt for a smart wallet, a dependable smart contracts system, hot and cold storage, and various other options. Each option has advantages and disadvantages.

Because of the high demand and competition, many businesses have begun to offer Cryptocurrency Exchange Software Development Company services to their clients. To assist entrepreneurs in protecting their platforms and the interests of investors, such companies have begun to add strong, multi-layered security protocols to the exchange.

If you want to start your conversation, we'll review the key security features you should consider in this blog. This will assist you in developing a strong user base, retaining them, and making business safe and simple for both parties. Let's find out what they are.

Basic security features should implement on your cryptocurrency exchange platform.

Cryptocurrency Registry Lock

A registry lock adds an extra layer of security to your cryptocurrency exchange platform by locking your domain at the registry level. This means that your registrar cannot transfer your domain to another server. It can make it nearly impossible for a hacker to change or delete parts of the field, such as registration information. When you add the registry lock feature to your exchange, a three-way security pass will require between you (the domain registrant), your service provider (the registrar), and the registry. This protects your cryptocurrency exchange software's security at the top-level domain level.

DNSSEC Implementation (Domain Name System Security Extensions)

DNSSEC is a set of protocols that ensures all DNS (Domain Name System) queries are valid. It prevents people from creating fake DNS data by using public-key cryptography and digital signatures to verify that the data is genuine. This eliminates unauthorized DNS entries and responses and prevents users from allowing websites to be vulnerable to hacking and other bad things.

Cold Wallet

A cold wallet is an offline method of storing and protecting cryptocurrency funds. When a cryptocurrency exchange integrates a cold wallet into its software, it adds an extra layer of security because the funds in the cold wallet are not affected if the business does hack. Make the wallet hack-proof to protect user access the coldest wallets include multi-signature and biometric authentication.

Web Protocol cryptocurrency security

It is critical to ensure the security of the web protocol to protect your exchange from cyberattacks. To do so, ensure that your company has the following in place:

The HTTP- Strict- Transport- Security (HSTS) protocol ensures that browning sessions use HTTP protocols.

Cross-site scripting attacks against users are not possible because of this protocol.

CSP (Content-Security-Policy) reduces the risk of XSS attacks by determining which resources can and cannot be loaded.

X-Frame Options safeguard your content against click-jacking attacks and prevent it from being embedded in other websites.

DDoS protection for Cryptocurrency

DoS attacks typically bring down a network or server by flooding it with bogus internet traffic, causing it to malfunction. This attack was previously used against many exchanges, resulting in server downtime. To avoid this happening to your company, you must install anti-DDoS hardware and software modules such as network fireballs.

These are the most important security measures you should implement for your exchange to prevent it from being used for malicious purposes. To make things easier for you, here are the top security features that your cryptocurrency exchange software should have:

Anti-Denial of Service (DoS) 

DDoS (Distributed Denial of Service) protection for encrypted data HTTPS authentication 

Jail Login

Cross-Site Request Forgery (CSRF) Protection Server

Side Request Forgery (SSRF)

Several Authentication Factors

HTTP Variable Pollution Protection 

Escrow System

Cryptocurrency exchange platform Escrow System

All of the above security features must be built into your cryptocurrency exchange platform to ensure the safety and security of the venue and the users' funds.

Although cryptocurrency exchanges have been hacked in the past, most entrepreneurs and investors who have invested in a crypto exchange have become millionaires. This is why competition and demand are constantly increasing. When millions of dollars pass through a business, the exchange's security should, without a doubt, receive the most attention.

However, as technology advances, companies have begun to provide users with increasingly robust security features, and the number of hacks and other theft issues is gradually decreasing. To ensure a platform like this, you must conduct extensive research and select the best company that builds cryptocurrency exchange platforms.

One of the first companies to work in this field was Cryptocurrency Exchange Script. It is a dedicated crypto exchange development company with an experienced team of developers, market experts, programmers, analysts, and strategists. We ensure that any size business can use a secure, stable, and scalable crypto exchange platform. Contact our experts to learn more about how we can assist you in establishing a cryptocurrency exchange.

How to Keep Your Cryptocurrency Safe?

Investing is always risky, but according to consumer reports and some experts, Cryptocurrency is one of the most difficult ways to invest your money. However, many of the most popular items are also digital currencies. CNBC predicted that the cryptocurrency market would be worth $1 trillion by the end of 2018. If you want to start investing in cryptocurrencies, the advice provided below can assist you in making sound decisions.

Exchanges of Research

Before you put in even a single dollar, research cryptocurrency exchanges, these platforms allow you to buy and sell digital currencies, but according to Bitcoin.com, you can choose from 500 deals. Before proceeding, you should research, read reviews, and speak with experienced investors.

Discover how to keep your digital money secure

If you obtain Cryptocurrency, you must store it on an exchange or in a digital "wallet," such as one of the ones discussed in our blog post on which Cryptocurrency wallet to select. There are numerous types of wallets, each with its benefits, technical requirements, and level of security. Before investing, as with exchanges, you should investigate your storage options.

Distribute your funds

Diversification is the key to any good investment strategy, especially when investing in Cryptocurrency. Don't put all your money into Bitcoin just because that's what it's called. There are numerous options on the market, and it is best to diversify your investments across multiple currencies.

Conclusion

Because the cryptocurrency industry is constantly changing, it is your responsibility to protect your digital money by ensuring the safety and security of your wallet. Keep up with the latest security news, attack methods, and self-defense techniques.

You can only choose the best way to begin your crypto wallet and other digital assets with seed phrase backups and other wallet setup options and hope for the best. The simplest way to stay safe in the crypto world is to stay updated on security news and information.