2022 was a very complicated year for cryptocurrencies. The fall of large platforms such as FTX or Celsius, due to lack of financial transparency and failure to comply with clear regulationscaused a loss of trust among users towards the cryptocurrency sector, especially towards exchanges, which translated into a huge loss of value of the crypto market in general.
When a user operates with cryptocurrencies, they want to do so within a secure platform and want to have the guarantee that Both your fiat funds and your cryptocurrencies will be protected and that you will have access to them at any time.
Trust is essential when choosing a cryptocurrency exchange to work with. That’s why Cointelegraph Research has prepared a report in which they have analyzed 40 fundamental factors of 9 of the most important exchanges in the world and that measures their trust and reliability.
In it, Bit2Me (the main asset company digital in the Spanish-speaking market, registered with the Bank of Spain and backed by Telefónica, Investcorp and Inveready) has obtained a higher score than other important operators such as Binance, Bitfinex, Bitstamp, Bybit, Coinbase, HTX, Kraken and OKX.
To put it in context, Cointelegraph Research is the division of the Cointelegraph portal, specialized in the preparation of exhaustive reports on cryptocurrency platforms, audits, tender management and study of global expansion opportunities, being world leaders in the area of consulting for companies. of this sector.
What key points does the report address?
The report “The New Crypto Exchange Standards” concludes that Bit2Me stands out as one of the most reliable exchanges among all those analyzed, mainly due to its location in a pro-consumer European jurisdiction, regulatory compliance beyond what is required, great financial transparency, solid customer service customer and its wide range of products and conditions.
Legality: Bit2Me is based in Spain, is not registered in any tax haven and is located in a pro-consumer jurisdiction. Additionally, it does not have conflicts with regulators, unlike other exchanges.
Asset Security: Bit2Me has achieved the highest cybersecurity score, 8/10. The cryptocurrencies in the custody of the users are protected by insurance of €150,000,000 in collaboration with Ledger Enterprise and the fiat deposits are protected with a 100% guarantee, through a safeguard fund, depositing the funds of its clients in an Entity of Electronic Money regulated by the Bank of Spain, in assigned accounts and totally separate from the exchange accounts. Additionally, Bit2Me performs Reserve Testing through a third-party auditing company, Hacken. Finally, never having had your service hacked has had a notable influence.
User experience: Bit2Me also gets the best score in terms of customer service, an 8/10, thanks to its support service with telephone service in 7 languages 24 hours a day, as well as its fast communication channels, such as live chat or WhatsApp, and a complete support page with articles to resolve most questions. Additionally, it scores 4/5 for user interface accessibility. In comparison, other exchanges such as Binance, Coinbase or Kraken do not have WhatsApp channels in different languages in which to serve the user.
Products and services: Bit2Me offers its users tax reports, an online consultant for any questions or concerns and has more than 240 cryptocurrencies in its wallet with which to operate. It also has staking services like Bit2Me Earn, advanced trading like Bit2Me Pro, cryptocurrency loans like Loan and even a service that allows you to receive payments with cryptocurrencies like Bit2Me Pay, as well as a complete suite of services focused on businesses, among which Bit2Me Commerce stands out, a solution to offer payment gateways to companies that have already implemented more than 3,000 businesses around the world. In addition, it has a Mastercard debit card with which you can pay using your cryptocurrencies, something that is no longer possible. They have other exchanges like Binance.
In the table below you have more details on the main features that put Bit2Me ahead of its competitors.
The report concludes by saying that For users who want to follow the new industry norms and choose the most reliable and secure exchange, Bit2Me is the best alternative to other exchanges: “Bit2Me is superior for those who value additional transparency, local phone support, and a wide variety of staking, asset, and product options,” the report concludes.
How is Bit2Me different from its main competitors?
Now that we have seen the points where Bit2Me stands out in the report The New Crypto Exchange Standardsit’s time to put it in context with your main competitors.
For example, regarding the security of clients’ assets, Bit2Me performs Reserve Tests, using the Merkle Tree technique, using an independent auditing company, in this case Hacken. Others, such as Bybit, Bitstamp and Bitfinex do not.
In addition, the security of the funds is reinforced with the cold storage system and the custody service offered by Ledger Enterprise, one of the most prominent companies in the sector, which is complemented by an insurance coverage of 150 million euros with Lloyd’s , the majority of exchanges analyzed including Kraken and Bybit, do not have similar insurance.
Another notable aspect of Bit2Me is cybersecurity. In 2022 they have obtained the ISO 22301, which no other European exchange has, and have renewed the 27001. They also have the CSA STAR, one of the most notable distinctions in the industry, which certifies their ability to guarantee the best protection in environments in Cloud.
Regarding legal compliance, Bit2Me stands out for having one of the most valued compliance teams in the sectorwinners of the Iberian Lawyer gold award for the best compliance team and the award for the Best SME of the year in compliance awarded by Expansión.
Finally, regarding their Loan product, which allows loans in cryptocurrencies, Binance and HTX leave the right to use borrowers’ collateral for remortgaging and other activities, which increases the returns of the exchanges, but also increases the risk to the user. Bit2Me does not remortgage loan collateral and therefore offers greater protection to its clients’ funds.
Conclusions
The Cointelegraph Research report highlights the importance of operating on a platform that is committed from the first moment to compliance with regulations, that is not based in tax havens, and that is committed to consumer protection.
The score obtained by Bit2Me shows that the Spanish platform is continuously working to improve the cybersecurity of the platformprotect user data and data, offer a personalized attention support service and an accessible platform, easy to use, and with a wide and varied range of products.
All of this has placed the exchange in a privileged position compared to its rivals to face the main challenges of 2024, such as the arrival of the MiCA Law, the Bitcoin halving and the bull-run that it could trigger.
Finally, for being a Hipertextual reader, Bit2Me gives you 15 euros in Bitcoin when you register through their website. The registration process will not take you more than two minutes and when you make a purchase for an amount greater than 100 euros, you will have fifteen euros free.
Note: Bit2Me has commissioned the development of this Cointelegraph Research report that has analyzed 40 fundamental factors of the 9 largest exchanges in the world. The score obtained and reflected in the report is based on metrics and certifications obtained by all the companies analyzed. The audited points have been considered the most important for users and those that will mark the future of exchanges during 2024.