Only 1 in 6 Exchanges Get “A-Grade” Security Rating

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Only 1 in 6 Exchanges Get "A-Grade" Security Rating

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Only 16% of the world’s biggest cryptocurrency exchanges were given an A rating by independent analysts at ICORating; none achieved the top A+ rating. The report declared Kraken, Poloniex, and Cobinhood as the top three most secure exchanges in the world.

A total of 135 crypto exchanges with daily trade volumes of USD 100,000 were judged on the basis of four security categories: registrar and domain security, Denial-of-Service (DoS) attack protection, user account security and web security.

The final report states that none of the exchanges got an A+ rating. Only two exchanges were awarded a solid A rating whereas 16% of the exchanges were rated as A or A-. On the other hand, B+ and B- ratings were allotted to 55% exchanges. The remainder were rated as C+, C or C-.

The four security categories mentioned above were further subdivided into a spectrum of concrete testing parameters. For example, for assessing the level of user security, password security and two-factor authentication were also assessed. The report claims that only 22% of the exchanges met all four security criteria.

Surprisingly, only 3% fulfilled the criteria of Domain and Registrar Security. For evaluating the domain and registrar security, raters included safeguards such as the use of a registry lock and an expiration window for high-profile domains.

Ten criteria were defined to judge the level of web security. These criteria included: protection from man-in-the-middle (MITM) attack, the presence of HSTS header and clickjacking attack protection. The report noted that all exchanges have the ability to avoid POODLE, MITM and Heartbleed attacks, while HSTS header were used by 37%. Along with that, 60% of the exchanges have the ability to provide protection against clickjacking. Lastly, 74% can provide protection against DoS attacks.

Some ranks of notable exchanges: BitMEX (4), Coinbase (9), HitBTC (13), and Binance (34).


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