Over the past few months, most centralized exchanges have faced security issues. Hacks have become rampant, even big exchanges like Binance are affected. In fact, the Binance exchange was hacked several times in 2022 and even lost a huge amount of money.
To address this issue and keep Binance traders’ assets safe, the exchange has come up with a solution that will reduce hacking attempts. The team has developed a cold storage system, Binance Mirror, which will involve mirroring the cold storage of traders’ assets through 1:1 collateral held on a Binance exchange.
The Binance mirror will significantly reduce the threat of hacks in this exchange by essentially reducing investor exposure. With this mirror service, Binance traders will be able to access the exchange ecosystem without having to post collateral directly on the platform.
This will greatly reduce the exposure of Binance traders to the threat of hacking, and this is how the security of the exchange will be improved. However, crypto analysts believe that there are other centralized exchanges that might offer better solutions to these security issues.
One of them is the Bitgert exchange which has recently launched on Playstore. The exchange also offers cold storage, which is a bit different from what Binance offers.
Reasons why Bitgert Exchange Cold Storage might be better
According to crypto experts, the Bitgert team has devised one of the most effective ways to protect traders’ assets. The cold room developed by the Bitgert team is one of the best and most practical on the market.
Unlike Binance Mirror, the Bitgert exchange only stores 10% of assets in a hot wallet, and 90% of deposits are stored in an unhackable cold wallet. It’s as simple and impressive as the Bitgert team made it. In fact, it is an approach that ensures that the risk of traders losing money is reduced to almost zero.
As a result, crypto experts believe that the Bitgert exchange is turning into a more disruptive CEX that will cause exchanges like Binance to lose ground in the market over the next few days. Indeed, more investors will opt for the Bitgert CEX due to its better security as well as its zero trading fee feature.
Bitgert’s exchange will be the CEX to watch in the coming days. In fact, it will be one of the most adopted exchanges that will beat Binance in trading volumes over the next few months. This means that Brise coin could also do better than Binance coin in 2023, hence a good buy.