Crypto exchanges, Crypto news

Crypto-enthusiast named the safest exchanges

A recent series of security incidents in the crypto industry has shown that asset security is the most important factor investors should consider when choosing an exchange.

Crypto-enthusiast analyzed the security metrics of major global exchanges, using hot wallet balances, 30-day deposits and withdrawals, and user balances as evaluation criteria.

The comparison chart below combines this data with security ratings from CoinMarketCap and CoinGecko, two of the world’s most authoritative cryptocurrency data platforms.

The chart shows that Binance, Coinbase, Huobi Global and OKX are the four platforms with the highest security ratings. Among them, Huobi Global stands out for having the most funds stored in hot wallets – $1,049 million, $273 million more than Binance.

The 30-day deposit and withdrawal figures were another key factor in determining security performance. This is primarily due to recent incidents in which a number of small exchanges suspended withdrawals. The chart shows that Binance has more deposits and withdrawals, while Huobi and OKX have slightly less – 3.9 million and 3.6 million, respectively. Kucoin, Coinbase and crypto exchanges have about one million less than Huobi and Binance.

The media recently wrote about how Huobi manages to maintain deposit and withdrawal volumes in a volatile market. After the market turmoil, the company stepped up measures to protect users’ assets from security incidents. Unlike other exchanges that have suspended withdrawals, Huobi Global has left deposits and withdrawals open.

In a recent interview with Huobi CFO Lily Zhang, the company completed an audit of potential risks to user assets in June and confirmed that all user assets were safe.

In addition to funds in hot wallets, as well as the number of deposits and withdrawals, Huobi is among the top three in terms of assets, worth approximately $46.8 billion.

Crypto exchanges Bybit, and MEXC, are considered to be high risk exchanges.

Hot wallet balances do not exceed $200 million, significantly lower than the top four exchanges mentioned above.

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