The cryptocurrency exchange industry has seen its fair share of ups and downs over the years, and there’s no doubt that exchanges today are more regulated and secure than ever before. But what was the situation before? This article is meant to offer insight into how exchanges evolved and how new exchange platforms like IXFI can bring innovation and progress to the crypto ecosystem. Our goal is to help users better understand how crypto exchanges operate, tools to protect their holdings better, and identify areas that can be improved.
It was a rough start
Exchanges weren’t as safe as they are now and that’s probably many still have doubts about putting their investments into crypto exchanges.
It is well known that Mt.Gox used to have a monopoly on Bitcoin’s trading. In 2014 it was revealed that Mt. Gox had been continuously hacked for years — starting in late 2011. An anonymous hacker has been gaining access to cryptocurrency wallets and exploiting them to steal funds from people across the globe since then. Even worse, the CEO knew about this theft for eight months before going public. The exchange filed for bankruptcy, and its CEO spent a year in jail in Japan.
- It was reported that a staggering 850,000 BTC — or about $34.000.000.000 in today’s market value — had been stolen, accumulating in 7% of the total supply of Bitcoin
- On August 2nd, 2016, Bitfinex announced that their hot wallet private keys got stolen, resulting in a loss of 119,756 BTC or about $4.800.000.000 in today’s market value
Things got better over time
At present, there are many crypto exchange platforms available and most of them try to be better secured in order to not repeat the mistakes of the past. That doesn’t guarantee that just because an exchange is very popular, your assets will be safely stored on their platform. The best way to ensure the safety of your crypto assets is to choose a platform based on the security protocols they put in place, so getting acquainted with those is a must.
The IXFI exchange
The IXFI exchange is an innovative trading platform designed to fit into the global cryptocurrency market. It allows users to have a better experience holding, managing and trading their assets, by providing a multitude of useful features.
The rapid growth and development of the crypto industry have created a demand for a reliable, legal and secure exchange. IXFI is a new platform that focuses first and foremost on customer experience, reliability, and security. In this ever-changing and exciting world, it’s essential to stay informed when it comes to the platforms that will help secure your crypto assets. With IXFI, you can also trade digital currencies and obtain more comprehensive knowledge of the practice through IXFI Academy and the IXFI Medium blog.
IXFI aims to take the top spot when it comes to functionality, security and reliability by using the crowd-sourced wisdom of the masses. The exchange manages to keep track of all users’ coins and allows them to trade more confidently. IXFI has taken all necessary precautions to make sure that no entity is able to rig the game. The platform’s IXFI News section provides users with up-to-date news on all aspects of digital currency, including exchanges. By ensuring compliance with the laws present in the countries it’s available in, IXFI allows people to buy or sell crypto assets safely, without worrying about legality issues. In short, IXFI is the place where security meets compliance and innovation.
The IXFI team makes efforts to address the main flaw in previous exchanges, which is security, while also providing multiple benefits over current exchanges. IXFI provides users with top-notch protection made possible by the KYC verification system and the anti-phishing system, 24/7 customer service, and various trading options. Users will be able to purchase or trade any coin or token right after registration.
The future of crypto exchanges
Cryptocurrency exchanges are constantly popping up lately, but we all know that quantity does not mean quality, so there must be a way to differentiate between which exchanges are here to stay and which will be forgotten, or even worse, remembered for their failures.
As with other services, those who do not provide the basics users are in dire need of, will soon be struggling to stay afloat. But what about those who do provide the basics and bring nothing new to the table? Surely mediocre exchanges won’t be the ones to make waves in the following decades. What a good exchange needs to succeed is a good unique selling point, something to set it apart from the competition.
That’s exactly what IXFI is trying to create — an all-in-one platform where users can have all their crypto needs met. This ensures a bright future for IXFI, as well as for those who put their trust in this new exchange.
With the world constantly evolving — the crypto market being no exception — the most important thing is that an exchange keeps up with the current trends and is attentive to users’ needs. So only time will tell how the future of crypto exchanges will look. What’s certain is that there’s no better time than now to consider your options and stick with the exchange that will take you to the next level.
So don’t be afraid to try IXFI today and decide for yourself if this is the crypto exchange of your dreams. Your Friendly Crypto Exchange is always here for you.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
