THE UNPENETRABLE SECURITY OF COIN EX IN LAY MAN’S LANGUAGE
Its natural for many to feel scared or uncertain to place their money in any exchange system due to rise and fell of many such systems, most exited the market, some fled and some were even shutdown but through thick and thin, well established exchange systems like CoinEx will always stay 100% safe and unaffected. I will show how as i explain how the risk-free security system of CoinEx works in a simple and detailed manner.
CoinEX
Firstly I'd like to explain what is CoinEx? CoinEx is a global and professional digital coin exchange service provide launched in Hong Kong and registered in the United Kingdom founded in 2017 by Haipo Yang, It offers a very friendly interface, automatic transactions for deposits and withdrawals supported by world top mining pool, all your digital assets on CoinEx will be 100% reserved and won’t be used anywhere else, with high security and many tools, CoinEx remains one of the best crypto exchanges. CoinEx runs on CSC a secure leading highly efficient smart chain with CET as CoinEx’s native token. CET is a built-in token for CoinEx Smart Chain to circulate and act as gas
MAJOR CAUSES OF SECURITY INCIDENTS
Before diving into how the security system works, I’d like to explain the major cause of security incidents first for you to grasp how the security system makes it impossible for that occur.
The first major cause is poor risk control and the level of that depends on two factors namely system security and asset security when it comes of the first System security though most system have adopted a strong control mechanisms, a gap still exist from the likes of CoineEx who built a state-of-the-art security system through a full range of continued support in technology and resources, since its inception CoinEx has never experienced any hacking incident while the technical capacity of small exchanges is very limited making them vulnerable to hacking, while in terms of asset security CoinEx has adopted both the strict KYC verification and hot/cold wallet storage. Additionally it has a reserve sufficient enough to cope with any unexpected event.
CoinEx is not accident free by luck. Running on CoinEx Smart Chain — CSC it has an established system built and taken lots of measures to establish that feat, some of the systems and measures are explained below:
- BUG BOUNTY PROGRAMS
CoinEx in collaboration with SlowMist technology has launched a bug bounty program challenging hackers worldwide to find any bug in the CoinEx ecosystem a minimum of 5,000 USDT will be rewarded to any who finds the bug. The bug bonuty program aims to include more security professionals to keep guarding the ecosystem and safeguard assets and trade for members of the ecosystem.
- INTERNAL REGULATIONS
As a leading exchange, user security is top priority for CoinEx as it is well informed about system security, operation security and wallet security, all members of CoinEx founding team have strong tech backgrounds. CoinEx adopts strategies such as cold wallet plus multi-signature to ensure asset security plus it works with top security teams for KYC risk identification providing users with first class transaction security, well protected system means well protected asset.
- ANTI FRUAD SAFETY NET
CoinEx has always monitored and tracked fraud, the most common financial crime in order to protect the interest of users, they have a team of professionals that track any site or gangs based on users report.
To be blunt CoinEx has equipped its platform with complete preventive measures eg 100% reserves, high-speed matching engine, IP address abnormal change monitoring, sign-in reminder, real-time alert for asset changes, multi-layers verification for withdrawal, API permissions, Two-Factor Authentication (2FA), and ID verification, to safeguard users’ assets.
- 2FA
CoinEx uses the 2 factor authentication which is a security system that has require not just one but two means of identification before running any kind of transaction, 2FA gives CoinEx the ability to monitor and help safeguard their most vulnerable information and networks.
- HTTPS PROTOCOL
HTTPS is Hyper text transfer protocol secured, the secured version of HTTP which is encrypted incase anyone snoops in, the information would be rendered useless to him cause all of it is encrypted and there is no way to infiltrate or make use of that information.
- KYC VERIFICATION
KYC Verification known as “Know your customer” or “Know your client” is a set of procedures CoinEx team uses to identify and verify the identity of a customer in order to make sure a person is who he says he is, it also prevent business relation from being form with persons who are associated with terrorism, corruption, or money laundering, among other things.
- COLD STORAGE
A cold wallet is a cryptocurrency-wallet that is not connected to the internet. It is much more secure than a hot storage. Hot wallets are connected to the internet, therefore vulnerable to hacking.
Holding large sums in hot wallets is the equivalent of taking huge amounts of cash in person. CoinEx have their cold storage (coldwallet.win) which is a one file executable running on windows which you can copy and use without installation.
- CoinEx Smart Chain
CoinEx Smart Chain — Based on CPoS consensus protocol, CoinEx Smart Chain (CSC) is a smart contract chain which is a highly secure and efficient easy to use Blockchain which CoinEx runs on. CSC is a decentralized and high-efficiency public chain, created by the CoinEx public chain team for decentralized finance, CSC is a very secure smart chain protected based on the premise of ensuring network security and stability without compromising decentralization.
CoinEx Team adheres to the principle of decentralization and combines the characteristics of PoS with PoA to realize CPoS, without losing network stability and security.
With all the listed system and measures taken, be rest assured that its close to impossible breaking CoinEx’s five years accident free records and the way the CoinEx team is still investing and centering their efforts on security, I want to congratulate all future investors cause indeed their assets are in the safest of vaults and they have no reason to worry.
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