Trust is crucial in any financial system. While Cryptocurrency is taking the world to the moon, it is very easy for some of the fake crypto exchanges to make a fool of beginners as well as experienced users all around the globe. Opting for an exchange system that is not secure and dodgy is becoming a widespread mistake. For trust building, the most important thing is how safe and transparent a crypto exchange is. It is crucial to look into the various factors to check the trustworthiness of a crypto exchange before opting for it.
Trustworthiness: The most crucial characteristic of a good crypto exchange
A research paper published recently called “Characterizing cryptocurrency exchange scams” used typosquatting generation technique and existing data to identify over 1500 scam domains with 300 plus fake crypto exchange apps. After exploring the relationship between fake apps and scam domains, it identified 30 fake app families and 94 scam domain families.
The researchers revealed that these scams and fake crypto exchanges have resulted in a financial loss of a minimum of $520,000. Along with this, they found that these phony crypto exchange apps have sneaked to big app stores like Google Playstore, to defraud unaffected users. This shows an urgent need to identify and avoid such untrusted crypto exchange scams.
These days, hundreds of crypto exchange and trading platforms are floating in to the market, making promises of transparency and security. But before opting for a crypto exchange platform, you should look at these four factors to judge the trustworthiness:
- Security: The platform should implement high-security measures in all exchange functions such as user authentication, user verification, sessions management, trading and withdrawal policies.
- Data Transparency: Trading volume, average liquidity, user activity, and other on-chain and off-chain data should be transparent and also, available to the public.
- Ease of use: A user friendly platform will attract more users and earns their trust.
- Founders and Team: The founders and developers behind any successful project have long experience and a strong record of past projects in similar niche.
Why is Aurix becoming the star of all eyes?
A popular and successful crypto exchange system should excel in all four factors mentioned above. With experienced developers and superior blockchain technology, Aurix aims to be one of the most trusted platforms worldwide.
The Aurix chain ensures seamless payments and top-notch security. Aurix CEO, Majed Mohsen, has said that they pay their most attention to its integrity and adherence to the best international security standards.
The Aurix chain offers financial services that are fast, transparent and secure. Decentralized finance enables carrying out transactions without the company’s operations and permissions. This means that even if, because of any reason, Aurix ceases to exist, the chain will continue doing its task of transferring the users’ cashback properly.
It has a user-friendly design with the ability to trade multiple coins with a customized interface. It allows tons of trade orders and transactions to process in a couple of seconds. The platform provides trading charts and analysis tools. This simplicity of the system helps users to understand the system quickly.
Along with all the fantastic things, Aurix’s team is highly reputed and have worked for years in the field. They have ensured the building of a highly ethical system.
Change your crypto exchange before it’s too late
The facts mentioned above make it necessary to realize the importance of using trustworthy and secure crypto exchange platforms, to avoid financial suffering and losses. It is evident from the technologies it uses that Aurix is passing all the mentioned parameters to become one of the most trustworthy crypto exchange platforms. The complete ecosystem of Aurix ensures a transparent, trusted, and resilient service. Aurix CEO, Majed Mohsen, promises the utmost care and security to its users. It is a self-reliant ecosystem of financial services which are fully designed on the technology of decentralized finance, maining that all the transactions will be executed in any case. Aurix will never disappoint you, no matter what happens.