The rise of cryptocurrencies has undeniably transformed the world of finance. However, trust remains a major challenge for many exchanges. As a leader in crypto trading, Bitget is committed to redefining the close connection with its users. In this article, take a look back with us on Bitget’s advances in security, transparency and trust.
Bitget establishes itself as a transparent and secure crypto trading platform
Founded in 2018, Bitget positions itself as avant-garde crypto exchange platform wanting to set the standard for security and transparency. The company offers a full range of services:
- traditional crypto trading;
- copy trading;
- futures contracts;
- other options (trading bot, etc.)
Bitget, however, stands out from its peers by placing the trust of its users at the center of its mission. To do this, the platform creates an environment conducive to crypto trading for investors around the world.
Proof of Reserve: guarantor of Bitget’s transparency
There Proof of Reserve (PoR) constitutes one of the fundamental pillars of transparency at Bitget. By adopting this mechanism, the crypto trading platform demonstrates its commitment to fully securing its users’ funds.
Indeed, PoR represents a process by which Bitget attests hold sufficient funds to cover the balance of its users. The regular publication of a PoR monthly reportaccessible to all, reveals a reserve rate of 200%, double the industry standard.
Each dollar held by users is thus backed by two dollars in reserve. This helps establish solid trust between the crypto trading platform and its users, who have no reason to worry about their wallets.
PoR is therefore not limited to a simple technical aspect. It forms the cornerstone of user trust. In the volatile world of cryptocurrencies, knowing that assets are backed by adequate reserves provides assurance to users.
Protection fund: one of the security pillars of crypto assets at Bitget
Bitget has set up a protection fund dedicated to the security of its users’ crypto assets. This colossal fund,currently worth $300 millionrepresents an additional layer of security.
Unlike other crypto trading platforms that rely on third-party insurance, Bitget’s Protection Fund is self-funded. He acts like a safety net in case of unexpected losses. In other words, in the event of a major event impacting user funds, the Protection Fund intervenes to compensate for losses.
By thereby reducing risks for users, the Protection Fund ensures that Bitget can honor its commitments even in extraordinary situations. This proactive approach represents additional insurance for crypto traders.
External audit: For maximum security
To consolidate its reputation as a fortress, Bitget has also established external audits. These are independent audits taking place at regular intervals. They aim to scrutinize not only security systems and protocols, but also funds reserves.
The results of these audits are published by the platform. An approach that crypto traders consider as proof of total transparency.
Bitget monthly report: a comprehensive information tool
Bitget’s monthly report is much more than just a compilation of raw numbers. In addition to financial data, it includes in-depth analysis of crypto market trendsstrategic decisions made by the crypto trading platform, as well as measures taken to improve security.
Concretely, Bitget uses the monthly report to publicly share its risk management.
- How does the crypto trading platform navigate market fluctuations?
- What strategies are implemented to minimize potential losses?
Users can thus closely follow Bitget’s proactive measures to protect their crypto assets.
Through this report, users can learn about the financial health of Bitget and the reasons behind possible adjustments.
Cold storage: A reinforced security solution
Bitget is committed to protecting its users’ funds. This is why the platform has implemented numerous rigorous security measures. THE cold storage is part of.
Cold storage is a method of storing digital assets aimed at isolating them from the Internet. This significantly reduces the risk of online attacks, which are one of the main threats to cryptocurrencies.
Bitget stores most of its digital assets in of the offline multi-signature wallets. These wallets require multiple signatures in order to authorize any transaction. This ensures that a single person cannot access and transfer user assets in an unauthorized manner.
Bitget also uses offsite backup solutions for its cold storage infrastructure. This allows redundant copies of sensitive data to be created in secure, remote locations. In the event of an incident or hardware failure, Bitget is thus able to quickly recover and restore user funds.
Conclusion
In summary, Bitget deploys rigorous measures to ensure the security of its users’ crypto assets. The combination of Proof Reserve, Protection Fund, transparency, external audits and cold storage reinforces user confidence in this crypto trading platform, which can therefore count on a strong community. A sort of crypto virtuous circle.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
