How to spot secure platforms

Choosing where you trade and store your crypto is crucial, and should be based on an informed decision. Crypto trading platforms provide different features with varying security degrees. Here, we will highlight the main aspects that secure crypto platforms share.

Licensing and regulation

Check if the platform you’re trading on has obtained a license from the regulatory authority in the country they’re operating from. Being licensed and regulated means that the platform has to adhere to strict standards of security and customer protection laws. Rain is licensed by the Central Bank of Bahrain and regulated by Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA). This ensures we meet strict compliance standards that protect you as a customer.

Fund safety

Secure platforms keep customer assets separate from company funds, and maintain a 1:1 reserve ratio, which means you always have access to withdraw your funds (crypto or fiat) anytime without delays. This is something that Rain applies to customers’ funds and maintains at all times. 

Data protection

When signing up to a platform, your information and personal details should be highly protected. This includes security measures such as two-factor authentication (2FA), device verification, and encryption. Rain uses multiple layers of protection, including all of the previously mentioned measures and more like address whitelisting, ensuring your data remains secure at every step.

Custody and Cold Storage

When searching for a secure platform, look for platforms that store most of its customer crypto in offline “cold” wallets that are highly protected against hacking. On Rain, 98% of customers’ holdings in crypto are offline, protected and safe from any attacks. Read more about this here.

Transparent operations

Secure platforms are open about their fees, policies, and security practices. Beware of platforms with unclear terms or “guaranteed profit” claims. At Rain, we are upfront about our pricing, policies, and listings so you always know what to expect. We also have a dedicated section to our policies for your reference. 

Audits and compliance

Independent audits can show that a platform is financially sound and trustworthy. Audits also make sure the platform’s operations are sound and working as intended. As a regulated entity, Rain is subject to periodic independent audits on various aspects of our operations, including financial positioning and security systems. These audits add an additional layer of assurance, ensuring that we meet and exceed industry security standards.

Customer Support

Scammers and insecure platforms often avoid direct communication. A responsive support team is a sign that indicates professionalism and reliability. Rain’s support team is available 24/7 in three languages (Arabic, English, and Turkish), and will personally respond to your inquiries in less than 1 minute on live chat and within 1 hour through email.

Community Reputation

Check independent reviews, news coverage, and community discussions. If a platform has a history of hacks, sudden shutdowns, or scam accusations, that’s a red flag. Since becoming the first licensed crypto platform in the GCC in 2019, Rain has built a reputation of trust, transparency, and compliance. Thousands of customers across the region trade confidently with Rain every day, 87,900+ of these customers have trusted Rain to answer their questions and provide them with guidance since last year alone.