Crypto.com was originally launched as Monaco Technologies GmbH back in 2016. The site surfaced as a revolutionary approach with the “Spend anywhere, without fee” motto. The site operated under the same name for several years, until the business rebranded itself shortly afterward.
The new version of the site came in as Crypto.com and introduced several interesting features. These included things like the Visa Card option, which attracted thousands of customers in a couple of months. Crypto.com now has its token called the CRO.
Around 10 million users operate on the crypto.com site making it a popular crypto dealing site. The site operates from Hong Kong at the moment; however, it has offices around the globe. Experts consider Crypto.com a powerhouse and they have established themselves as a reliable crypto exchange.
Is Crypto.com Safe?
If you are concerned about the online safety and security on the Crypto.com platform, you aren’t the only one. However, there is little to worry about if you consider the site’s security measures. For starters, it follows a defensive and in-depth approach to security protocols and encryption. This reduces issues the chance of a data breach or hacking.
Secondly, the platform keeps all its information in cold storage, and completely offline. Ledger Vault is the custody solution for the platform. It uses multiple signature keys, and institution-grade security, which provides maximum control over unauthorized access.
Insurance and HSM protection
Moreover, the security protocols are insured with$500 million coverage, making it a less risky platform for online traders. This coverage caters to direct and indirect claims by custodians, in case of an unpleasant scenario.
It also includes physical damage to the storage units and provides support against online theft. The hot wallets on the site have HSM technology and multi-signature protection, making it a secure mode of transaction and asset storage. However, these wallets have a very small fragment of the company’s total fragments, making them safe. This also drops down everyday risks and helps the company retain its total holdings.
Fiat Currency Transactions
Users can use custodian accounts for making fiat currency transactions from around the world. For example, the FDIC provides insurance for these transactions for American users.
Infrastructure
The infrastructure of the processes is another common concern for most online users. However, Crypto.com has the necessary coverage for that as well. It uses Amazon Web Services for its infrastructure needs. This provides it with a network firewall, TLS encryption, monitoring, login keys, and several other features.
Moreover, the platform also has auto-threat detection, which can alert the related departments on unauthorized access and illegal transactions. All of this occurs in real-time, which contributes to the safety of assets on the site.
All of these features make Crypto.com one of the safest online crypto exchanges for users globally.
Crypto.com Regulation
The Crypto.com site is a regulated platform with financial and risk prevention regulations. This rules out the possibility of using the platform anonymously. All users must register on the site with a verified account before they can start interacting on the site. This makes tracking each customer easier for the site and taking necessary steps in case of an unpleasant scenario.
While the Crypto.com site operates in most regions globally, users that do not have legal access to it, cannot use it. However, you should not have a problem accessing it if you are from the following countries.
- The U.S.
- Finland
- France
- Germany
- Italy
- Netherlands
- Portugal
- Spain
- Switzerland
- The U.K.
Security Rules
The security rules on the Crypto.com site are very strict. It requires constant monitoring, verification, and confirmation of each transaction. Moreover, all the assets of the customers exist in cold storage, or on offline sites, which makes it secure.
There is also a 2-factor authorization for customers, which ensures that no one but the account accesses the profile. These security rules make the platform an ideal place for users to begin their digital currency trading easily.
Bottom Line
Cyrpto.com is one of the safest platforms for trading cryptocurrency, with additional security measures to avoid information breaches of all kinds.
Learn more about the safety of other popular cryptocurrency exchanges below: