Are you tired of limitations when it comes to cryptocurrency exchanges? Look no further, as LetsExchange is here to redefine your trading experience. This cutting-edge platform, led by CPO Alex J., supports an insane number of digital coins and tokens (3,900+ at the time of writing). And you can swap them without any limits.
What also sets LetsExchange apart is its commitment to user privacy, security and convenience. Unlike traditional crypto exchanges, you can effortlessly utilize the platform registration-free, ensuring your online privacy and anonymity are fully protected.
SafetyDetectives spoke with Alex J. and asked him about the security challenges faced by instant cryptocurrency exchange services.
Can you talk about your background first? And what is your role at LetsExchange?
My journey to LetsExchange was shaped by my extensive background in Software development, IoT, Fintech, and Blockchain-based projects, which equipped me with a solid understanding of business operations. My passion for blockchain technology and its immense potential to revolutionize the financial system led me to join the founders of LetsExchange to create a platform that eventually will incorporate our vision into how a crypto exchange service shall be.
We wanted to develop a global user-friendly swap service that would cater to every individual irrespective of their educational or social background, employment status, or access to traditional banking services. The LetsExchange founders’ determination to democratize finance was contagious, and I immediately knew I wanted to be a part of this mission.
Jointly, we assembled a highly experienced development team and created LetsExchange, which soon became a leading platform for instant swaps. With a portfolio of over 3,900 tradable assets and innovative features, and a comprehensive set of B2B solutions such as a Branded Telegram bot, API for crypto processing, a fully customizable exchange widget and others, LetsExchange has received acclaim and recognition from the industry experts.
Thus, your role is to implement the ideas put into LetsExchange when it was founded.
Yes, you have made it very clear. And ongoing project management.
What are some of the top services offered by LetsExchange?
The core thing is that users can conduct on LetsExchange.io any operation with the crypto they want.
LetsExchange enables users to securely and quickly exchange over 3,900+ cryptocurrencies using a user-friendly exchange widget interface. Users can also buy and sell crypto for fiat money within the widget and use a DEX mode geared towards more experienced crypto users.
Furthermore, we strive to make our service as convenient as possible, so we have developed an innovative Telegram bot to streamline crypto exchanges. All Telegram users can now exchange cryptocurrencies without leaving their favorite messaging app.
I understand you also offer some B2B solutions…
Yes, it’s a significant part of our service. For partners, LetsExchange provides such products as
- API that allows businesses to integrate crypto processing (swap/convert/replenish/withdraw) functionality on their platforms. It is most useful for crypto wallets, ramp services, and payment providers.
- A fully customizable widget that can be easily created and added to partners’ websites with just a few clicks. This solution is ideal for news websites, online magazines, and projects issuing their own tokens. This way, our partners can enable the trading of their tokens directly on their websites!
- Our new solution – a branded Telegram bot – can be useful for teams with emerging cryptocurrencies because it helps boost Telegram communities.
We also have a white-label solution that enables our partners to launch their own instant crypto exchange service in a few days, referral links and other B2B tools.
Could you elaborate on the role of non-custodial security measures in the cryptocurrency exchange industry? How does it contribute to ensuring the safety and autonomy of users’ assets?
Non-custodial security plays a vital role in the crypto exchange industry. While traditional exchanges require users to entrust their funds to a platform, non-custodial services leave users complete control over their funds. Such technologies as decentralized wallets and smart contracts make it possible. With it, non-custodial services like LetsExchange offer their users significant benefits.
In particular, non-custodial exchanges like LetsExchange enable users to retain control over their private keys that are used to access and manage their cryptocurrency holdings, and they don’t have to rely on a third-party platform to safeguard their assets. It significantly reduces the risk of funds being compromised due to hacking, internal fraud, or platform vulnerabilities. Thus we can say we provide our users with the highest security level.
Privacy is the other essential issue. We prioritize user privacy by minimizing the collection and retention of personal information. Users can trade and interact with the exchange without disclosing personal details. It enhances privacy and reduces the risk of identity theft or data breaches.
And finally, transparency. Non-custodial crypto exchange services often operate on public blockchains, allowing users to verify and audit transactions independently. The transparent nature of blockchain technology ensures that all transactions can be traced, providing users with visibility into the movement of their assets and fostering trust in the exchange.
To summarize, non-custodial cryptocurrency exchange services empower users with increased autonomy, control, and security over their digital assets. Users can trade confidently and confidentially, knowing that cryptographic protocols, decentralized storage, and the absence of a single point of failure protect their funds.
Can you explain how your cryptocurrency exchange ensures the security of user assets?
To answer this question needs a separate interview or even a series of interviews, to be honest. But I will try to be short.
Non-custodial model. I’ve already mentioned that LetsExchange.io operates based on a non-custodial model, which means users retain control over their funds throughout the exchange process. User assets are not stored on the platform. It reduces the risk of assets being compromised due to hacking or internal vulnerabilities.
Our platform is based on a robust and secure infrastructure to protect user data and transactions. The platform utilizes advanced encryption techniques and follows industry best practices to safeguard sensitive information and prevent unauthorized access. We also employ advanced monitoring systems to detect and mitigate potential security risks. They include real-time monitoring of transactions and activities to identify suspicious behavior and prevent fraud.
I would also pay attention to user education. I believe it’s one of the critical issues regarding security. LetsExchange.io prioritizes user education on security best practices by providing resources and guidance to assist users in protecting their funds and assets and promoting user awareness. With it, the platform empowers users to enhance their security proactively.
Finally, we conduct a bug bounty campaign with our partner HackenProof to provide an additional security layer. White hat hackers constantly try to find web and API vulnerabilities in our services and products.
By combining these and many other security measures, LetsExchange.io aims to create a secure user environment to exchange cryptocurrencies.
What do you perceive as the biggest cybersecurity threats in the cryptocurrency industry currently?
The cryptocurrency industry faces significant cybersecurity risks threatening users and the ecosystem.
We understand that an endless volume of sensitive information may become an object of fraudulent attacks. Starting with login credentials or private keys and finishing with personal data.
Phishing attacks, malware and ransomware, smart contract vulnerabilities, social engineering attacks and many other kinds of attacks – it’s our reality right now.
But all this is the consequence of two key problems, which, unfortunately, cannot be solved quickly. The first is the lack of knowledge and personal irresponsibility of users. The second is the lack of regulation and standards.
I have already mentioned that we take the education and training of users seriously because a significant portion of security threats arise precisely from the fact that users make mistakes.
As for regulation, the absence of comprehensive rules and industry standards in cryptocurrency can leave users vulnerable to security risks. The lack of clear security practices and compliance guidelines may contribute to vulnerabilities and make it challenging to hold malicious actors accountable.
To mitigate these cybersecurity threats, users and industry stakeholders must adopt best security practices and educate users on choosing and using reliable services. Additionally, industry collaboration, ongoing security research, and the development of robust security standards can help strengthen the overall security posture of the cryptocurrency industry.
How do you think exchange hacks reflect on the industry?
Cryptocurrency exchanges are attractive targets for hackers due to the potential for large-scale theft. And it’s obvious that successful hacks can result in substantial financial losses and, more importantly, damage users’ trust.
The key task in this matter is the constant work of companies to improve security systems, as well as a unified position on the impossibility of further use of stolen funds. This is why AML checks are so important. And Blockchain technology significantly increases their reliability.
How do cryptocurrency exchanges handle the process of listing new cryptocurrencies? What factors are considered?
LetsExchange, like any reliable exchange service, follows a thorough process when considering the listing of new crypto assets. While specific criteria and procedures may vary among exchanges, the following factors are generally considered: project legitimacy and compliance, technology and security, market demand and liquidity, stability and market manipulation risk, and others.
We assess a cryptocurrency project’s legitimacy and compliance using factors such as the project’s team, expertise, legal and regulatory compliance, and adherence to anti-money laundering.
LetsExchange team also examines the underlying technology of an asset to be listed, including its blockchain, consensus mechanism, and security features. We assess the robustness of the technology, the level of decentralization, and the security measures implemented to protect user funds.
Then our platform considers a cryptocurrency’s market demand and liquidity. We analyze such factors as trading volume, market capitalization, and the presence of an active community or user base. In this context, we evaluate a cryptocurrency’s price stability and vulnerability to market manipulation, including such factors as the trading volume distribution, the presence of market manipulation indicators, and the risk of price manipulation by large holders or “whales.”
Further, our specialists consider legal and regulatory aspects when listing cryptocurrencies. They assess the legal status of the cryptocurrency in relevant jurisdictions, compliance with securities laws, and any restrictions or requirements imposed by regulatory bodies. Our platform prioritizes user protection and risk management. Therefore, such factors are crucial as the project’s transparency, governance model, and measures to mitigate potential risks, such as security breaches, fraud, or market manipulation.
It’s important to note that meeting all the above criteria doesn’t guarantee a cryptocurrency’s listing.