In my book, a 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 together 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 its users. Moves like this are the reason why the community trusts Bitstamp, and for good reason.
Bitstamp also has a very good reputation among investors and other key organizations/persons in the industry, giving it extra credibility. Of course, it offers trading in the BTC/USD pair.
Cryptonit is an exchange with an excellent reputation. The company works closely with the FCA (Financial Conduct Authority of the UK), which helped establish 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 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 and the leading figures in the industry trust the company.
Worth mentioning – Poloniex
Poloniex is a great exchange that now has excellent security and is the number one platform for altcoin trading. The reason I decided to mention it is because of the way the company handled a hack 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.