Placing Security at the Forefront of the User Experience

Placing Security at the Forefront of the User Experience

Bitrue is a longstanding exchange that has been serving customers worldwide for almost 6 years. During this time, the cryptocurrency industry has grown immensely to a total market cap of over $2 trillion dollars, and has developed wonderful communities full of talented developers, visionaries, enthusiasts and investors.

With such a huge amount of capital invested into the space, bad actors have inevitably been drawn into the scene looking for an easy payday. A cat and mouse game has developed with scammers trying to find ever more advanced ways to illegally take funds away from honest customers trying to build up their wealth. In order to thwart these bad actors and make sure all our customers are able to keep what is rightfully theirs, behind the scenes Bitrue works constantly to protect your funds. Let’s take a look at just some of the security measures that are in place to keep funds secure.

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. MPC Wallets

Cold wallets are stores of cryptocurrency that aren’t connected to any networks, meaning that the funds inside are completely inaccessible to anybody aside from those who have physical access to the wallet hardware. If you deposit funds to Bitrue, those funds are moved to cold wallet storage very quickly to maximize the security on them. A small percentage of funds are kept in hot wallets only to make sure that funds are available quickly when users wish to make withdrawals from the platform.

Our cold wallets are also Multi-Party Computation (MPC) wallets developed using proprietary technology, which means that multiple people are required to approve transactions out of the wallet. This ensures that no single member of the Bitrue team is able to access user funds, and eliminates the risk of a single Bitrue executive trying to steal or being tricked into releasing funds.

2. Account Lockdowns

Bitrue sends you email notifications whenever there is significant activity on your account, such as a login or a withdrawal. If you suddenly receive one of these notifications and it's not yourself operating the account, it’s understandable that you may be panicked and you will want to take action immediately. That’s why we have a special account lockdown link inside the email that will instantly freeze your account, ensuring that any bad actors who have made their way into your account will not be able to take any further actions. Once your account has been locked down you can contact our customer support team who will be able to verify that you are the real owner of the account and advise you of security measures to help keep your funds secure.

3. Email Safety Codes

Also in our emails, you can see a Safety Code in the header, which acts like a kind of passphrase. This code helps prove that the email legitimately comes from Bitrue, as it will always match the Safety Code paired with your account that you can see on your Bitrue account page, and will not be known to anyone else.

If you receive an email where the Safety Code does not match the current Safety Code on your account, do not trust the information in that message. Assume that the email comes from an outside source trying to steal your funds, as it is likely a phishing email sent by a scammer.

4. Device & IP Whitelist

Whitelists ensure that transfers can only go through if the device and IP address that the request is coming from matches a pre-approved list set by the user. It ensures that funds can only go to places that you have authorized, so even if somebody gains access to your account they still would not be able to steal any of your funds. You can set up your whitelist from your account page on the web or app versions of Bitrue.

5. Insurance Fund

Bitrue is a self-insured exchange, meaning that we have set aside a cache of funds which are only to be used for the purpose of reimbursing our users in the off-chance that funds are somehow stolen through our own failings. These funds are publicly viewable and have been for years, demonstrating our commitment to our users. You can follow these links to see the wallets containing the 25 million XRP and 40 million BTR that comprise our insurance funds.

6. Customer Support Team

If you are unclear about the legitimacy of any transactions, are not sure how to use any of these security features, or you need to contact a Bitrue team member urgently, then we offer 24/7 customer service support with real human beings ready to take your query. Simply click on the speech bubble in the bottom right hand corner of the Bitrue website and you will be connected to a highly trained customer support agent in moments who will be able to advise you further.

These are just some of the security features that Bitrue employs to help keep your funds safe. In order to maximize your safety, we highly encourage all our users to be proactive about their security - keep an eye out for suspicious activity, don’t trust any offer that seems too good to be true, and always double check all the information before sending funds anywhere.