In my book, trustworthy Bitcoin exchange is not only secure from hackers’ attacks, but it also guards the privacy of its users and always acts in the community’s best interest.
Considering my personal experience and online reviews posted by other users, I’ve put a small list of the most trustworthy exchanges:
The exchange was hacked in January of 2015 and the company decided to rebuild the platform from scratch in order to restore the trust of the users. Moves like this one are the reason why the community trusts Bitstamp, and for a good reason too.
Bitstamp also has a very good reputation among investors and other key organizations and persons in the industry, giving it extra credibility. Of course, it offers trading in BTC/USD pair.
Cryptonit is an exchange with excellent reputation. The company works closely with FCA (Financial Conduct Authority of UK), which helped establish the Cryptonit as a reputable and trustworthy Bitcoin exchange.
Many online user reviews confirm that the exchange is considered trustworthy, especially by the European community.
Kraken is one of the most secure trading platforms in the world. Many standard security features such as proof of reserves were created by the Kraken. Also, it’s the only Bitcoin exchange selected to support the investigation into *Mt. Gox‘s stolen Bitcoins.
*Mt. Gox was the largest Bitcoin exchange at the time. It was closed after the attack.
The community trusts the company, as well as the leading figures in the industry.
Worth mentioning –
Poloniex is a great exchange with excellent security (now) and is number one platform for altcoin trading. The reason I decided to mention it is a way the company handled a hack which happened in March of 2014. After approximately 50,000 US dollars were stolen, Mr. D’Agosta, CEO of Poloniex, stepped forward and said:
“If I had the money to cover the entire debt right now, I would cover it in a heartbeat. I simply don’t, and I can’t just pull it out of thin air.”
This type of honesty is the best advertising for an exchange. The solution was simple too – the fee was raised from 0.2% to 1.5% and after two months the balances were restored and the fee went back to 0.2%.
Poloniex is now a trustworthy exchange, serving a large community of satisfied users.