The latest Exchange Security Report from freelancing analysts at ICORating have given just 16% to the world’s biggest crypto trading platforms an A rating while none of them an A+. The analysis, ‘revealed‘ in the mid of Dec., graded Kraken exchange [A Rank], Cobinhood exchange [A Rank] and Poloniex exchange [A- Rank] as the prime three most secure exchanges operating globally.
ICORating analysed around 135 crypto trading platforms, all of whose daily trade worth reportedly exceeds $100K, on the concept of 4 basic security categories: user account security, registrar and domain security, web security and DoS attack protection.
No exchanges was able to score an A+ ratings, solely 2 exchanges [representing just 1.5%] received a solid A rating, while the other 16% fell within the A or A- class. Around 55% scored between B+ and B-, with the remaining rated C+, C or C-.
The analysts’ 4 security categories were additionally subdivided into a variety of concrete testing parameters; for user security, the report assessed four criteria — that included password security and two-factor authentication — finding that solely 22% met all four.
For domain and registrar security — that embody safeguards like a six-month expiration window for high-profile domains and use of a registry lock — just 3% fulfilled all four criteria.
Web security, that was analyzed on the basis of 10 criteria — as well as protection from clickjacking attacks, man-in-the-middle [MITM)] attack protection and HSTS header presence — was an additional checkered picture.
All exchanges were found to be shielded from MITM attacks, POODLE and Heartbleed attacks — the latter entailing a leak of memory contents from the server to the consumer and from the consumer to the server. 37% meantime found to be employing an HSTS header, while 60% to be protected against clickjacking.
Protection against Dos [Denial-of-Service] attacks was additionally widespread, with 74% of all exchanges marked to be safe.
ICORating’s data graded crypto exchange Coinbase pro at 9th position with the A- rating — with crypto derivatives platform BitMEX ranked at 4th [A-], Bitfinex at 4th [A-] and HitBTC at 13th [A-].
Binance, presently the world’s largest exchange by daily transaction volumes, was ranked at 34th [B+], while the Winklevoss twins’ Gemini was ranked at 84th [B-], and Huobi at 95th rank [B-].
As ‘reported‘ by EtherDesk earlier this week, New Zealand’s crypto exchange Cryptopia — was ranked at 60th [B] by ICORating — suspended services after its hack detection that reportedly resulted in significant losses.