- CoinDCX adds an address management feature to improve security on the platform.
- Users can now enable “Trusted Wallet Transactions” to protect their funds at all times.
- Make sure you have a 4/4 security score to protect your account at all times. Share this information with your friends and network to #beDCXsecured.
As a user of a cryptocurrency trading platform, we understand you might want additional security features that help you protect your funds from hacks and phishing attacks. After receiving requests to further improve our security features, CoinDCX has added the new feature of adding and marking the wallet addresses as trusted addresses for withdrawal purposes. This blog highlights the need for address management and the marking of those addresses that we trust.
What is the new feature?
There are chances that you can get exposed to a phishing scam or a hack and this new security feature will protect your funds. Each user on CoinDCX must –
- Have a list of addresses they have interacted with in the past. Keeping a note of the public address from our wallet history can be done efficiently if we save an address for a specific token and label them accordingly.
- Not trust all wallets they have interacted with. It might happen that a few of their withdrawals were a one-time crypto-transfer and will never be repeated. Marking wallet addresses that belong to your friends and family and people whom you trust could help you define the wallet addresses that you want to trust. For every address present in the Address Management record-book – users need their 2FA + Withdrawal Password + Email confirmation handy in order to mark one or more addresses as trusted.
- Enable Only-Trusted withdrawals to ensure that no one can send cryptos to another wallet address in case your account gets hacked. Users will only be able to send funds to the trusted addresses. This increases security even more. Enabling or disabling Only-Trusted withdrawals requires 2FA + Withdrawal password + Email confirmation. This toggle is shown on the top right corner of the address management subpage.
Why is it important to add addresses and mark them as trusted?
When it comes to cryptocurrency exchanges, CoinDCX is renowned as the safest and the largest cryptocurrency exchange in India. To ensure that all the funds on our platform are secure, we ask users to add 2FA to their accounts, keep a strong login password and activate a withdrawal password that is different from their login password. While these features have their individual benefits, the new feature of Address Management combines the above security measures to make our platform more robust. Marking an address as trusted now means that your funds do not leave your account if the person does not have access to your 2FA, withdrawal password and access to your CoinDCX registered email address.
Though the trusted address feature is optional; it helps to protect your funds by adding another layer of security. In the event you get phished and lose access to your trading account, your funds will remain safe as the hackers will not be able to withdraw funds into their own account. It is also useful in the case where you use bots to trade in your API account. Irrespective of whether your account gets hacked by some social engineering or by a bot, your funds will remain safe because of this feature.
How to Add Address and Label Them?
Follow the steps below to add new addresses to your CoinDCX account-
Login to your CoinDCX account at https://coindcx.com/
Click on Security from the drop-down on your Profile button.
The Security page will open and you must click on the Manage button for Address Management.
The screen will display 2 things –
- Your security score. The image below shows that the security score is ¾ and therefore needs to be updated.
- An Option to add addresses for different cryptocurrencies which can later be marked as trusted before enabling Trusted Withdrawals from your account.
Click on the “Add Address” button as shown in the screenshot above. A pop up appears on the screen. Since each coin has a different blockchain address type and specification, select the cryptocurrency for which you would like to add the address. Label it. In our example, we have labeled it as “Abhishek”. You could Label them as anything – as long as you can recognize it.
Paste the wallet address. If you can trust the wallet address, i.e. it belongs to a trusted person – a friend or family member, then you can click on the checkbox. Click on “Add Address”
The address will only be added once you enter your 2FA.
You can add the address as a trusted one by clicking on the check box. Once you click on “Add Address” the wallet will not be confirmed as a Trusted Wallet unless you confirm it on your CoinDCX registered email address.
You can also remove an address as a trusted one by clicking on the checkbox and then the “Unmark Trusted” button.
You just need to confirm and the address will be unmarked as trusted. Please note that unmarking does not require 2FA or email confirmation. Marking an address as a trusted one does. This is to ensure that your funds are secured.
How to Enable Trusted Withdrawals?
Enabling withdrawals is a one-step procedure. Click on the Enable Only-Trusted toggle beside the “Add Address” button. And you will get the following screen.
Once you enter your Withdrawal password, you will be asked to enter your one-time 2FA. Trusted withdrawal is activated as soon as you accept the confirmation email sent to you.
Join us in this movement to ensure all users of CoinDCX #beDCXsecured. Let us all have a security score of 4/4. Share this blog with your friends and network.