While it’s extremely difficult to hack major cryptocurrencies’ blockchain algorithms, crypto exchanges present lower hanging fruit. The exchanges handle user finances and confidential personal information and security policies and enforcement vary widely between platforms. Choosing a secure crypto platform is therefore one of the most important investment decisions you should make. CoinSpot is a leader in this regard, and is widely regarded as the most secure crypto exchange in Australia, with ISO27001 certification and the majority of crypto assets held in cold storage.

The Importance of Security in Crypto Exchanges

As custodians of digital currency, crypto exchanges will always be a target for bad actors. Some of the most significant security concerns associated with exchanges include:

Overall, the potential security threats to a crypto exchange are vast. But there is a core set of criteria that shows whether a platform has its security under control: 

Overview of CoinSpot

CoinSpot was founded in 2013 which makes it one of the oldest crypto exchanges in the world. Such longevity as a leading exchange is noteworthy given the turbulence the industry has experienced over the last decade. CoinSpot is certified by Blockchain Australia as a Digital Currency Exchange provider confirming its adherence to the Australian Digital Currency Industry Code of Conduct. 

It’s the preferred crypto exchange for 2.5 million Australians in large part due to its market-leading position, ease-of-use, diversity of cryptocurrencies, and importantly, its reputation for best practice security controls.

CoinSpot’s Security Features

CoinSpot’s principal security features include:

ISO Certification

A number of exchanges subscribe to the Cryptocurrency Security Standards developed by C4. However, these standards apply to the secure management of crypto wallets only. The ISO/IEC 27001 is a much broader world-class security standard that covers every facet of the operational environment. Crypto exchanges that receive an ISO/IEC 27001 certification have demonstrated end-to-end compliance with security best practices. 

To earn the certification, CoinSpot was subjected to an external audit. The audit entailed an in-depth assessment and investigation of the organisation’s information security management policies, procedures, processes and practice. This encompassed everything from products, intellectual property and digital storage, to employees, contractors and clients. 

The ISO certification confirms that the company’s cybersecurity policies follow best practices in mitigating against unauthorised data access, use, modification or destruction.

Additional Security Measures at CoinSpot

CoinSpot’s security features follow a defence-in-depth strategy. That is, multiple controls working in concert so the failure of one does not automatically lead to a data breach. In addition to the primary security controls, the platform also has:

User Responsibility in Maintaining Account Security

While CoinSpot and other best-in-class platforms may offer robust controls, that will not matter much if you do not take the basic steps required to keep your confidential cryptocurrency data secure. Among the responsibilities that fall within your domain include:

Conclusion

Just like your choice of bank, security should be a major consideration when picking a cryptocurrency exchange. Everything else around using a crypto exchange revolves around the confidence that you can access your holdings as and when you need to. CoinSpot has proved to be one of Australia’s safest crypto exchanges. ISO 27001 certification confirms the platform’s elaborate security measures including 2FA, geo-locked login, biometric authentication, session timeouts and manual withdrawal restrictions.