Recommendation Determinant- Security
One of the major things I consider using an exchange is first and foremost its security. Any cryptocurrency exchange today that has not put the security of funds of its users as number one is not worthy of recognition. Cryptocurrency Exchanges are ranked according to their market volume. But I am of the opinion that they should be ranked first by how secure they have protected their users against frauds, scams, and hacks. 2018 was another year which recorded a new all-time high for the number of funds stolen or lost from cryptocurrency exchanges. Scammers are upgrading their tactics every day but crypto exchanges seem to be stagnant in developing defenses.
I have had a rather painful experience with a particular cryptocurrency exchange. My friend just registered on this exchange but did not activate 2fa before depositing funds. But by policy, he had to wait for 24hrs before withdrawing funds out of the exchange. Before the 24hrs elapsed a hacker had logged into his account, traded his funds for shitcoin until there was nothing left on the account. He received an email alert after thirty minutes when the harm had been done. This pained me so much. Apparently, this had instilled a very important lesson in me- to check the security modules of any exchange that I will relate with or use.
BCNEX and Security
No wonder this was the first thing I was curious about when I heard of BCNEX from my brother. What are the security plans and modules put in place if it will be one I will endorse. BCNEX has both cold and hot wallets where funds are kept. 98% of exchange funds are kept in various cold wallets. From experience, Cold wallet funds are usually unreachable when there is a breach or hack on an exchange because it is not connected to the internet. Even if the funds in the hot wallet are stolen, the huge percent in the cold wallet will easily cover up for lost funds in no time. Thus, users are kept secure in case of hacks.
BCNEX imposes a two-factor authentication on all users for actions to be taken on the account. This through the Google Authenticator app on Android and iOS. This is in addition to SMS authentication.
Personal Security Experience with BCNEX
After registering on BCNEX on PC, I logged in to my account on my android. But to my surprise, the log-in attempt was denied. I immediately received an email from BCNEX of a login attempt from a new device which requires authorization. I couldn’t be happier to pass a vote of confidence in BCNEX security. I guess you understand why this is so reading my experience from above.
There is the Know Your Customer KYC verification for all users to protect the exchange from law infringement. There are several other security modules in operation on BCNEX to prevent the exchange from DDoS attacks and other forms of attacks. You can check more from their whitepaper.
Another thing that attracts me on the BCNEX is the speed of order execution. I read from the whitepaper that the exchanges use BCOMS to scale order execution to 2,000,000 orders per second. I thought this was a joke until I saw the speed at which various orders are executed from the order book. As a cryptocurrency enthusiast, you cannot deny the fact that there are cryptocurrency exchanges out there that are super slow in executing and updating order books. This has happened to me many times. You tend to click or complete an order but all you see is an error because the order has already been taken.
Airdrop!!! Get $50 for free!!!
BCNEX is conducting an airdrop program for all cryptocurrency enthusiast who will complete KYC on its platform. You can earn as high as $50 in XRP for completing simple tasks. Visit here to register and take your share.
Get to know more about BCNEX
Thanks for reading I am Ayobami99 (Bitcointalk)
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