According to a new study, over 70% of the major crypto-exchanges allow users to use weak passwords. This creates an obvious risk to account security.
According to the study, 43% of the platforms permits a use of passwords shorter than 8 characters and 34% does not require alphanumeric passwords at all.
I mean – really?
Over 70% of tested exchanges allows you to create weak passwords. In many cases testers were able to create accounts with passwords such as “password” or even better – “12345”. In my personal opinion – anyone with such password losses the moral ground to complain if anything bad ever happens to their account…
The fault is partially on exchanges’ side. Only 50% of those checked, actually provide tools like colour coded bars or meters to show the password strength. The lack of such basic (one would think) option, exposes users to theft.
Each of the tested exchanges was ranked based on 5 separate criteria and ranked accordingly. Out of the 35 exchanges tested, only 10 actually passed all five criteria. Coinbase, Cryptopia, Paxful, itBit, Huobi, Bitcoin.de BTCC, BitMEX, Cobinhood and Gemini were the successful ones.
Remember that registering an account with cryptocurrency exchange can be compared to setting up a bank account. Always make sure to generate a unique password with more than 8 digits for each separate account. Mix lower and upper-case letters, numbers and special characters. Also – try to avoid actual words. So make sure not to use names, places or phrases.
And remember to ALWAYS enable two-factor authentication (2FA) wherever possible. Following those rules will have a huge impact on your precious accounts’ security.