One of the biggest concerns of crypto exchange users is the security of their funds. People indubitably rely on an exchange that is known to deliver world-class security. Thus, if you are planning to launch your crypto exchange, fortify it with high-level security to roll out a secure platform that people can trust and choose for trading. Besides security, various other technical aspects need to be taken care of while building a crypto exchange, thus it is always advisable to partner with the best cryptocurrency exchange development company.
Let us explore the 7 best ways that can enhance the security of your crypto exchange platform.
- Use of Email ID as an alternative to username
Logging in on a cryptocurrency exchange via an email ID is a more secure and reliable way. Generally, crypto exchanges provide users with an option to either log in using a username or through an email ID. At times, it is hard to remember the username because of its alphanumeric nature or there may be a possibility that someone would peek into your users’ account if it does not have a protected layer. An email, on the other hand, requires a PIN that would be sent directly to your users’ address.
- Using mobile number and OTP to login
Crypto users face trouble in remembering complex passwords. They look for security attributes but with convenience. Providing them with an option to log in with an OTP (One Time Password) offers a secure way to log in to the exchange.
- Simple sign-up subscription
Users get irritated with a long registration process. The interface of a crypto exchange should be such that once a user comes to the exchange, he/she should be able to easily register on the platform. Crypto exchange developers should focus on user experience along with other security attributes.
- Enable password reset on the login screen
Users go through various security checks when they reach the final trading process. Starting from unlocking the smartphone or computer device to other security criteria — all of this is the basic fundamental. There may be a probability that when a user logs in after a longer duration, he/she may not remember the password. Thus, users should be given an option to reset their password easily either by sign-in screen or through an email address.
- Use of two-factor authentication login
Cybercriminals can break into users’ accounts and transfer funds from authenticated wallet to the hoax wallet. Thus, two-factor authentication (2FA) comes into play and adds an extra security layer to the exchange platform. It has a very simple working that includes an OTP that is sent to your users’ mobile phones and an app like a Google authenticator that verifies the authenticity of a user.
- Allowing users to view the password
Passwords are generally a mix of alphabets, numbers, and special characters. While users are signing in to their accounts, there may be a chance that they end up inserting the wrong password because of its complexity. Subsequent failures may even lead to freezing of the crypto account for some time and may slow up the trading process for the users. So, it is recommended to provide users with an option to view their password, if they wish to while logging in to their accounts.
- Keep users logged in
Crypto exchange users, especially mobile users, prefer to be logged in to their crypto account even if they have completed their transaction. Therefore, in this situation, extra security is required to be integrated into the system software. The features such as fingerprint scanner, facial recognition or any other biometric authentication assist in maintaining security and also expedites the authentication process.
Sign-up and login screens are the most attractive aspects of any cryptocurrency exchange. At Antier Solutions, we develop exchange platforms that are highly-secure and user-friendly. Whether you need a white label crypto exchange or a customized exchange built from scratch, we have you covered.
Our white label exchange solution, underpinned by market-leading features and multi-layer security, can help you launch your exchange in just 7 days.
Schedule a free demo of our white label exchange or connect with our experts to share your needs for a custom exchange built from ground zero.