PrimeXBT Ensures Unparalleled Security for Its Users
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The level of security provided by a cryptocurrency exchange is a key factor in determining its quality. Recent events have highlighted the importance of not compromising on security.
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For any reputable trading platform, ensuring maximum security for its users is of utmost importance. PrimeXBT has built a solid reputation for its reliability and the way its administrators safeguard the security of this essential exchange.
Cold Storage: Maximum Security
It’s worth noting that the majority of bitcoins are stored on the platform’s wallet through “cold” wallets, a method known as cold storage. This storage approach offers users maximum security as the funds are not directly accessible from the outside but are kept offline to minimize the risk of unauthorized access.
Additionally, PrimeXBT keeps a number of crypto assets in a “hot” wallet or hot storage to facilitate smooth daily withdrawals for its users. Transfers between the hot and cold wallets are confirmed using multiple signatures (Multisig), which is the most secure and widely used method in the crypto industry. This security standard significantly reduces the risk of a single point of failure.
Cloudflare Protection
In addition to the above security measures, PrimeXBT employs Cloudflare, a specialized solution against distributed denial-of-service (DDoS) attacks, to protect its users’ crypto assets.
“Cloudflare’s anti-DDoS protection solution secures websites, applications, and entire networks while ensuring that legitimate traffic remains unaffected. With a capacity of 172 Tbps, Cloudflare’s network blocks an average of 126 billion daily threats, including some of the largest DDoS attacks in history.”
It’s worth mentioning that the platform’s hardware is hosted on Amazon Web Services (AWS) servers, providing sufficient capacity to run its powerful and efficient trading engine.
Secure User-Side Practices
PrimeXBT has implemented industry-standard security practices to ensure the best protection for its users. These practices include robust password combinations and 2FA authentication based on Google Authenticator. 2FA authentication is a highly secure method that requires users to present two distinct proofs of identity to access a computer resource, such as a computer, smartphone, or website.
Using 2FA authentication
In addition, PrimeXBT further secures user passwords and privacy by hashing them using bcrypt with a “cost factor” of 12, as well as encrypting all other sensitive data.
Fast Registration Process without KYC
PrimeXBT’s commitment to security extends to its users’ privacy. The platform does not require mandatory KYC (know your customer) checks, ensuring that users’ data is not linked to their identities. This becomes particularly crucial in the event of a platform hack, as hackers would be unable to associate an account with personal identifying information, such as a physical address, phone number, or email address.
PrimeXBT is an unregulated exchange that operates outside of local banking restrictions.
Use of Whitelists
In the unlikely event that a hacker gains access to a user’s account, PrimeXBT protects their crypto funds through the use of a whitelist of pre-approved Bitcoin addresses. This prevents hackers from sending bitcoins to any addresses not on the user’s validated whitelist.
Use of whitelists
Email Notifications
In addition to the aforementioned measures, PrimeXBT allows users to maintain control over their accounts by enabling email notifications for login activities and transactions.
In summary, PrimeXBT is undeniably one of the most secure platforms available today. While it may not be regulated, it compensates for this by offering users complete security and confidentiality for their accounts.
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