ProBit Global
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ProBit Global

Using ProBit’s FIDO U2F Hardware Key is the Most Secured Way to Trade

When investing and trading in security tokens, it is extremely important that not only the user experience is accessible and easy to use but also and perhaps most importantly, that the users’ finances are secure and well managed. In choosing an exchange, security is justifiably amongst the primary concerns for users.

Throughout the years during the boom of cryptocurrencies, there have been numerous examples of exchanges which have risen to great heights only to fall to even greater depths as a result of compromised security systems. ProBit Exchange has put tremendous focus on this fact with several strategies to prove it.

The importance of security in choosing an exchange

As a crypto investor, there are 2 primary things to consider when choosing an exchange. The user experience and of course, security.

For an exchange to gain popularity and a strong user base they must have a reputation for providing reliable and effective security. This helps them get an edge on the competition as users are confident that a hacker won’t be able to empty out their wallets by manipulating the structure.

Over the years, there have been several examples of exchanges which have shown holes in their security infrastructures and have fallen victim to the precarious intentions of hackers. The biggest of all occurred back in 2014 with the Mt. Gox hack which at the time was the biggest Bitcoin exchange in the world, representing 70% of Bitcoin transactions. They lost a reported 850,000 BTC (worth approximately 450,000,000 USD at the time and 3,226,600,000 USD by today’s valuation) when their system was hacked. Luckily, the team responsible for the hack was caught and the majority of the BTC was retrieved and refunded to account holders to ensure the entire cryptocurrency market didn’t crash, however, the threat remains.

According to the Cryptocurrency Anti-Money Laundering Report from CipherTrace, nearly $1 billion USD had already been stolen from cryptocurrency exchanges by the beginning of Q4 of 2018 alone.

There were countless examples throughout the year of popular exchanges being compromised at the hands of everyone from lone-wolf culprits to state-funded cyber groups in China and North Korea.

One San Francisco resident lost over $1 million USD from his Coinbase and Gemini accounts as a result of a relatively simple hack using an increasingly popular SIM-swap method. This helped lead to a growing need for exchanges to adopt new methods of security such as ProBit’s FIDO U2F Hardware Key.

Perhaps the biggest scandal however occurred at the beginning of the year, when in January, Japanese crypto-exchange Coincheck was hacked and $532 million USD of users’ assets were stolen. The method used was never disclosed however the hack occurred after regulators had urged the exchange to address security concerns for how it managed users’ assets. Whereas an exchange like ProBit manages the majority of assets in ‘cold wallets’ which are offline and inaccessible, Coincheck opted to use ‘hot wallets’ in the form of NEM coins which are connected to external networks to enable quicker trading. This method values speed of trades over security of trades and therefore is subject to greater compromises with a result that speaks for itself.

An Exchange You Can Trust

When a crypto-enthusiast is looking to find the right exchange, there are some very important things to keep in mind. For an exchange to work properly and securely, the factors mentioned below are necessary. Combined, these features can create an impenetrable system — perhaps best exemplified by ProBit Exchange’s ecosystem.

Cold Wallet

As mentioned earlier, a cold storage or offline wallet as it is often to referred to, is a safe-space for assets and is only accessible once a user wishes to make a transaction. With ProBit, 95% of customer funds are located inside a secure cold wallet offline and are therefore untouchable by outsiders.

Reinforced Encryption Algorithm

A supplemental factor to any cold wallet is a reinforced encryption algorithm. ProBit has adopted this method which means that exchange data such as private information like transaction records and wallet keys are encoded several times with the strongest available encryption algorithm. The private keys of users go through the same process ensuring only the owner of the wallets can gain access to them.

FIDO U2F Hardware Security Keys

Using the latest generation of the U2F Authentication standard which requires both login credentials and a physical item in the form of a U2F USD hardware device, ProBit goes above and beyond the standard practices of exchanges on the market. These security standards are hosted by an open-authentication industry consortium known as the Fido Consortium and bring the highest possible security available to the exchange. Once a user sets a hardware key, it is impossible for a hacker to login to their account without this key. This also allows for instant authentication without the need for codes or drivers to install and is the most secure process available today.

Industry Security Standards

In addition, ProBit also employs all of the standard security protocols such as session management which monitors for user inactivity and initiates time out of user sessions as well as HTTPS (SSL) throughout the platform. There are also careful measures employed to combat against SQL injections, cross-site scripting and DDoS.

Conclusion

There is no question that ProBit has employed all the necessary state-of-the-art technology to ensure maximum security across all areas of the platform. By considering all the pitfalls which have befallen exchanges which have come before it, ProBit Exchange has learned from the past and managed to create an impregnable system for users which utilizes all the latest security measures. With the FIDO U2F Hardware Security Key, security is guaranteed, and all additional security measures combine to make ProBit a true safe-haven and must try for crypto enthusiasts.

ProBit Official Website:

https://www.probit.com/en-us/

ProBit Official Telegram Groups:

English: https://t.me/ProbitEnglish

Announcements: https://t.me/Probit_announcements

中文: https://t.me/ProbitChinese

한국어: https://t.me/ProbitKorean

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ProBit Global

ProBit Global is a Top 20 crypto exchange worldwide providing unlimited access to trade and buy Bitcoin, Ethereum and 600+ altcoins in 1000+ markets.