Dashlane Releases 2018 Cryptocurrency Exchange Password Security Ranking Binance Didn't Make the Top Ten

Dashlane, the world-renowned password manager app, recently tested the password protocols of 35 of the world’s leading cryptocurrency exchanges and found that 70% of users on these exchanges use passwords that are not secure enough to protect their accounts at all.

Emmanuel Schalit, CEO of Dashlane, said:

“Signing up for a cryptocurrency exchange account is similar to signing up for a bank account. Also, your bank accounts, credit cards, Bitcoin, and other digital assets may be stored on the exchange platform, so your account must be sufficiently secure ,This point is very important."

He continued:

"But the problem is that most exchanges allow users to create very weak passwords, and we feel that some warning voices should be sent to the industry."

The researchers found that 43% of cryptocurrency exchanges allow users to create account ima using 7 characters or less, and 34% of cryptocurrency exchanges do not require alpha-numeric passwords. In addition, the survey further pointed out that testers can use very weak passwords to open trading accounts, such as "12345", "password" and other simple letters or numbers. There is even an exchange that allows the password to be set to a single letter "a".

Additionally, Dashlane researchers examined whether these cryptocurrency exchanges required passwords and alphanumeric combinations of at least eight characters, and whether the exchanges implemented some kind of "password strength assessment" tool, including email confirmation mechanisms and two-factor Authentication etc.

Dashlane categorizes the cryptographic security requirements of cryptocurrency exchanges on a scale of 1-5, with 5 being the highest level of password security and 1 being the lowest. Below is a detailed list of cryptographic security ratings for cryptocurrency exchanges:

5 points: Bitcoin.de, BitMEX, BTCC, Cobinhood, Coinbase, Cryptopia, Gemini, Huobi, itBit, Paxful;

4 points: Binance, Bifinex, Bitstamp, Gate.io, Kraken, KuCoin, Livecoin, Qryptos, xCoins, YoBit

3 points: Bibox, Bit-Z, CEX.io, Circle, Coinmama, HitBTC, Lbank, LocalBitcoins

2 points: Changelly, Coinexchange.io, Exmo, OKEx, Poloniex, Simex

1 point: CoinsBank

Of course, some consumer sites, including Internet giants like Google, Amazon, PayPal, and Reddit, aren't doing too well when it comes to password security.

But anyway, if your password settings on the cryptocurrency exchange are too simple, then it is best to update it quickly.