Choose your crypto exchange wisely

[laubeaud]

Since my beginning in the crypto sphere, I have been instructed many times not to leave my funds on crypto exchanges because an exchange can have a security problem or get hacked at any time. I have witnessed many exchange hacks. For example, WazirX, a crypto exchange, was hacked recently. To avoid surprises, I choose my exchange wisely. When it comes to choosing an exchange, I focus on these criteria: a good security system, regulation, good user protection funds, and transparent proof of reserves. What is your criteria?

[Cryptoababe]

I think you have mentioned all my criteria already. But the Wazirx hack seems to be unbelievable. Seeing this kind of hack makes me think that one needs to be careful before choosing exchanges, and not all funds should be kept on exchanges.

There might have been some signs that this hack was coming, but the team might have been ignoring them. This is in contrast to teams of exchanges with zero hack problems, like Bitget, which seems to prioritize security from what we know so far.

Although I'm not sure if proof of reserves can solve this but a good team with a top-notch security department can prevent such incidents from happening.