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ICORating Security Report: All Crypto Exchanges Failed to Earn A+

Maya Mandzikasvili | Jan. 17, 2019
ICORating Security Report: All Crypto Exchanges Failed to Earn A+

January 17, 2019 | AtoZ Markets - The independent cryptocurrency market research company ICORating named Kraken (A), Cobinhood (A) and Poloniex (A-) as the three safest exchanges in the world. According to the research results published on December 18, 16 % of the world's largest cryptocurrency platforms were rated A, and none of them got A +.

ICORating conducting independent research of the digital assets market

As states introduction on the firm’s official website, ICORating is an analytical agency conducting independent cryptocurrency market research for a wide network of investors since 2016. The company collects and analyses data of sales of tokens, exchanges, funds, the impact of the media background on the market and much more. ICORating specializes in a detailed assessment of ICO, STO, and post-ICO projects, analyzing them as potential investment targets.

The independent analysts rating gives investors a basis for making a better and reasonable decision. Projects that have undergone a review process can demonstrate the openness and commitment of the founders of the project, which makes it more attractive to investors and increases the chances of a successful campaign.

None exchange scored +A

ICORating analyzed 135 crypto-trading platforms. All of the reviewed exchanges have a daily trading value reportedly in excess of $ 100,000. The research rating was based on four security categories: user account security, registrar and domain security, web security, and DoS protection.

Four security categories which ICORating applied have been evaluated with a number of specific tests;

  • user security was tested in four criteria including password protection and two-factor authentication. According to the test results only 22 % matched all four.
  • domain and registrars security were evaluated in criteria like security measures such as six months for high-end domains and the use of registry locks. Only 3 % met all four criteria of this test.
  • web security analyze was based on 10 criteria including protection against clickjacking, man-in-the-middle attacks (MITM), and the presence of HSTS headers. The results were more complex than two previous tests provided.

According to the research results, two exchanges (1.5 %) companies were rated A,16 % of the analyzed exchanges fell into category A or A-. 55 % scored between B and B-, with the rest scored in C+, C or C-.

All exchanges, according to ICORating review are protected from MITM attacks, POODLE (attacks that use encryption in some browsers) and Heartbleed attacks - the latter entail the leakage of memory content from the server to the client and from the client to the server.

ICORating research showed that 37 % crypto trading platforms use HSTS header, and 60 % use hacking. Protection against denial of service (DoS) attacks has become more widespread: 74% of all exchanges were considered safe.

According to ICORating, Coinbase Pro is ranked ninth with A rating - with the crypto-derived platform BitMEX ranks fourth (A-), Bitfinex fourth (A-) and HitBTC 13th (A-).

Cryptopia a New Zealand-based company according to the ICORating research was ranked 60th under the ICORating version (B). Earlier this week, aforementioned crypto-exchange experienced cyber attack which resulted in significant Ethereum loses, which did not circumvent Winklevoss and other trading platforms. Binance, currently the world's largest daily trading volume was ranked 34th (B), while the Winklevoss trading platform took 84th place (B-) and Huobi 95th (B-).

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.