Crypto Exchange Security: A 5-Point Checklist
Before depositing funds on any exchange, five checks take under ten minutes and meaningfully reduce your risk of losing access to your account or funds.
The Checklist
| Check | Why it matters |
|---|---|
| Enable 2FA via an authenticator app, not SMS | SMS can be intercepted through SIM-swap attacks; app-based codes can't |
| Set an anti-phishing code | Real exchange emails will show your code; phishing emails won't |
| Enable withdrawal address whitelisting | Blocks withdrawals to any address you haven't pre-approved, even if your account is compromised |
| Save recovery codes offline | Lets you regain access without relying on email or phone alone |
| Test with a small deposit first | Confirms the deposit flow and network work before committing larger sums |
What "Proof of Reserves" Means
Some exchanges publish a proof-of-reserves audit — a snapshot showing they hold enough assets to cover customer balances. Gate.io, for example, listed a total reserve ratio of 127.11% on its own site as of 9 September 2026, meaning it reported holding more in reserve than customer balances require. Not every exchange publishes this figure in the same format; when comparing, check each exchange's own transparency or proof-of-reserves page rather than assuming.
Why We Don't Rank Exchanges on "Safety"
Security posture changes faster than any comparison page can track responsibly, and claiming one exchange is "safer" than another without a rigorous, ongoing audit would be exactly the kind of unverified claim this site avoids making. Use the checklist above on whichever exchange you choose — it protects you regardless of which platform ranks where.
Frequently Asked Questions
Is SMS two-factor authentication safe enough?
It is better than no 2FA, but an authenticator app is safer because SMS can be intercepted through SIM-swap attacks. Use an app-based authenticator where the exchange offers one.
What is a proof-of-reserves audit?
A published snapshot showing an exchange holds enough assets to cover customer balances. Gate.io reported a 127.11% total reserve ratio on its own site as of 9 September 2026; check each exchange's own transparency page for its current figure.