2017 was a year in which both cryptocurrencies and investor interest peaked. Research shows user-generated passwords are too weak. That’s the fault of exchange managers, who allow unsafe passwords..

How Strong Are Your Passwords?

Anyone who has used cryptocurrency exchanges knows, creating strong passwords is a must for some platforms, but not for others. In a study by Darshlane, it is seen how user experience is shaped by exchanges.. Survey shows users are using not-so-secure passwords. Examining password and account security on 35% of the largest exchanges, 70% of users created passwords that were simple enough to endanger their deposits.

Security Criteria

Despite the growing interest in cryptocurrencies Most exchanges fail to provide secure password and account protections for their users. These insufficient levels of security unfortunately put millions of users’ cryptocurrencies at risk.

Critical Passwords: 43% of exchanges allow users to create accounts using a password of seven characters or less. 34% do not require an alphanumeric (a combination of alphabetic letters and numbers) passwords. Testers created accounts with weak passwords such as “12345” or “password” and used only the letter “a” at a time.

In addition, less than 50% of exchanges at the time of account creation, found that it provides tools to increase password strength.

AltStandardSecurity : Not only on cryptocurrency exchanges, but also on sites such as Apple, Facebook and PayPal, only 36% of users got an unsuccessful score. This rate is 71% according to 2018 data on cryptocurrency exchanges

An industry that prides itself on blockchain technology seems to take weaker SECURITY measures than an average website when it comes to password security.

Cryptocurrency Exchanges Must Have Top Security

The first thing you should do when you sign up for an exchange for the first time is enable 2FA (two-factor authentication) . Every legitimate exchange implements 2FA.

You can keep your Cryptocurrency and other accounts safe with a few simple steps.

• Use a unique password for each online account
• Use at least 8 characters
• Create a password with a mix of case sensitive numbers and special symbols
• Avoid using passwords that contain common phrases, slang, places or names

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• Use a password manager to help you create, store and manage your passwords.

The following is a password generation chart based on 5 criteria.

Exchange 8+ characters letter and number strength E- post 2FA Total points Bitcoin.de Y Y Y Y Y 5 BitMEX Y Y Y Y Y 5 BTCC Y Y Y Y Y Y 5 Cobinhood Y Y Y Y Y 5 Coinbase Y Y Y Y Y 5 Cryptopia Y Y Y Y Y 5 Gemini Y Y Y Y Y Y 5 Huobi Y Y Y Y Y 5 itBit Y Y Y Y Y 5 Paxful Y Y Y Y Y 5 Paxful Y Y Y Y N Y 4 Yex Yex 4 Yex Yex N- Y Y 4 Gate.io N- Y Y Y Y 4 sea monster r Y Y N- Y Y 4 KuCoin N- Y Y Y Y 4 Livecoin Y Y Y N- Y Y 4 Qryptos Y Y Y N- Y Y 4 xCoins Y Y N- Y Y 4 YoBit Y Y N- Y Y 4 Bibox Y N- N- Y Y 3 Bit-Z N- Y N – Y Y 3 CEX.io N- N- Y Y Y 3 Flat N- N- Y Y Y 3 Coinmama N- Y Y Y N- 3 HitBTC N- Y N- Y Y 3 Lbank N- N- Y Y Y 3 LocalBitcoins N- N- Y Y Y 3 Poloniex Y N- N- Y Y 3 Changelly N- N- Y N- Y 2 Coinexchange.io N- N- N- Y Y 2 Exmo N- N- N- Y Y 2 OKEx N- N- N- Y Y 2 Simex N- N- N- Y Y 2 CoinsBank N- N- N- N- Y 1