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Introducing Skynet Security Scores for Crypto Exchanges

The cryptocurrency exchange industry has grown significantly in recent years, offering users more options than ever for trading digital assets. However, this rapid expansion has created a greater need for strong security measures to ensure that users can trade and interact with exchanges confidently and securely. In response to growing demand, we are excited to announce the expansion of our Security Score rankings to include cryptocurrency exchanges.

Our evaluation methodology conducts a thorough analysis of these platforms, carefully assessing their cybersecurity practices, operational resilience, fundamental health, asset listing security, market stability, and community trust. Our rigorous approach provides a comprehensive understanding of an exchange’s safety, security, and reliability through easy-to-understand components.

Introducing Skynet Security Scores for Crypto Exchanges

Understanding Exchange Ratings

The Exchange Security Rankings consist of seven key sections, each providing in-depth insights into various aspects of an exchange's relative security.

Security Score

This section offers an overall evaluation of the exchange's security, giving you a quick snapshot of its security performance across various categories.

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Cybersecurity delves into the exchange's cybersecurity practices and includes two sections: Website Scan and User Security. The Website Scan section provides a thorough assessment of the exchange’s website, examining aspects such as Network Security, Application Security and DNS health. This information helps indicate how well an exchange safeguards its online platform.

User Security, on the other hand, highlights the measures taken to enhance user security, such as the inclusion of account access controls, two-factor authentication (2FA), biometric authentication, and mobile app security. Access to this information helps users understand to what extent exchanges are prioritizing the safety of their users’ personal data and information.

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Operational Resilience

Operational Resilience examines an exchange's ability to withstand disruptions and recover swiftly from incidents. The Bug Bounty Program section provides users with an understanding of whether the exchange encourages security vulnerability reporting and improvement through bug bounty programs.

The Incident History section offers a transparent record of any security incidents or exploits within the last 90 days. This data helps users assess the exchange's recent track record and its responsiveness to security threats.

Lastly, the Exchange Maturity section supplies users with valuable insights into the exchange's age, country of origin, customer support quality, and mobile app reviews. This information assists users in evaluating the exchange's overall reliability, service quality, and adherence to regional regulations, further guiding them in choosing a platform that aligns with their preferences and security priorities.

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Fundamental Health

The Fundamental Health section offers a comprehensive examination of the fund reserves held by the exchange, which is a critical aspect of an exchange's overall financial strength and reliability. In this section, CertiK identifies the number of exchange wallets that are monitored and the total USD value held in those wallets. A pie chart illustrates how the assets are distributed among different tokens, and a line graph displays the changes in the exchange’s token value over time.

However, it is important to note that the fund reserve data shown in this section is estimated by our team based on exchange wallet addresses that we have collected and may not necessarily reflect the reserves that are reported by the exchanges themselves. Users should treat the fund reserve numbers as informed estimates rather than definitive amounts.

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Listing Security

The Listing Security section helps users evaluate the safety of projects on an exchange. It provides data on the total number of listed projects, indicates how many of the listed projects have undergone a smart contract audit, and the average CertiK security score for all of the listed projects. This data helps users gain a holistic understanding into the quality of projects that are listed on an exchange.

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Market Stability

The Market Stability section provides users with insights into the stability and health of the exchange's trading environment. It presents market stability analytics, including trading volume data over the past 24 hours and a snapshot of the relative balances between major cryptocurrencies like Bitcoin and Ethereum compared to stablecoins and altcoins.

Additionally, users can track the relative trading of tokens. The "Traded Tokens" subsection offers a visual guide to the top traded tokens, helping users identify popular assets and assess the liquidity of the exchange.

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Community Trust

Community Trust evaluates an exchange’s official social media accounts, which can include platforms like Twitter, Telegraph, or Discord. Community Trust enables users to gauge the level of an exchange's activity and engagement on these platforms. A stable and active presence, including a substantial number of followers and interactions, can serve as positive indicators of the exchange's reliability and commitment to its user community. Conversely, inactivity and a low number of followers may raise concerns. Additionally, an older account age can add to the exchange's perceived legitimacy, further instilling confidence in users.

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Additionally, we've introduced a separate Exchange Leaderboard feature, allowing users to easily compare how different exchanges rank against one another. This leaderboard provides a clear and dynamic view of how various exchanges perform in terms of security and other relevant metrics.

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Exchange Security Rankings, along with the newly introduced Exchange Leaderboard, offer users a practical and data-driven approach to assess the security and performance of cryptocurrency exchanges. With in-depth evaluations covering security, operational resilience, fundamental health, listing security, market stability, and community trust, these resources empower users to make well-informed decisions and navigate the cryptocurrency landscape with confidence. Start using Exchange Security Rankings to make informed trading decisions today.