Your cryptocurrencies are valuable. Many of us have slowly converted significant portions of our life savings into these coins as we firmly believe that they represent the new wave of digital finance, and enable us to access fair financial services that are unburdened by the disparity and greed of traditional governments and financial institutions.
With so many livelihoods at stake it is imperative that we at Bitrue do all that we can to make your funds as safe as possible. We wanted to share some of the features that we've developed over the past couple of years that are designed to keep your savings secure for years to come..
1. Cold Wallets
When users deposit their funds in Bitrue, they are quickly moved to our propiretary multi-sig cold wallet storage solution. Cold wallets are extra secure as they are offline, and so even if a hacker managed to gain access to Bitrue's systems, the funds secured on these cold wallets would be inaccessible to them. Multi-sig means that multiple Bitrue team members must enter passwords when a transaction occurs on this wallet - meaning that a rogue employee at the company would never be able to steal the funds for themselves.
Users can see the status of our XRP cold wallet at any time at this link.
2. Device & IP Whitelist
A new feature that we just released in September 2020, whitelists will only allow withdrawals to be made if the device and IP address that the request is coming from matches a list that you have pre-approved. Even if a hacker were to steal your account name and password, their withdrawals would be blocked as their device and IP would not be recognized. We fully recommend adding trusted devices to your account at the very least to maximize the security on your account.
Currently this feature is only available on Android and iOS, however it will be coming to the web version very soon.
3. Email Safety Codes
When you receive certain sensitive emails from Bitrue, such as login notifications, you'll notice an email safety code at the top of the message. This code should always match the code associated with your account, which you can see and change at any time by going to your account page on the web version of Bitrue. If the code doesn't match, be vary wary of the content inside, as it is likely to be a phishing email which was not actually sent by the Bitrue team.
4. Account Lockdowns
Login notification emails now come with a special account disable link. This is an emergency button for you - if you suddenly receive a login email which you weren't expecting and you suspect that someone has gained unauthorized access to your account, you can lock down your account immediately to prevent any funds being transferred away.
5. Insurance Fund
And finally, in the very unlikely event that funds are somehow stolen from our exchange, we have a separate insurance fund containing 38 million XRP and 40 million BTR. Coins from this fund would be sold in order to remunerate any users involved in a theft that was the fault of Bitrue. It covers all of your coins on Bitrue, regardless of what form they take and whether they're lying idle in your account, invested in Power Piggy, or anywhere else.
Bitrue were the first exchange in the industry to provide some of these features - a reflection of the strong cybersecurity background of our team. In the future we will continue to develop more features that will make sure everybody's assets remain completely safe and secure.