CEX.IO is a popular cryptocurrency exchange that also offers a wallet service.
Is CEX.IO a safe and reliable Bitcoin wallet?.
CEX.IO is a London-based cryptocurrency exchange established in 2013. The exchange offers trading of a variety of digital assets, including Bitcoin, Ethereum, XRP, and more.
CEX.IO also offers a wallet service, which allows users to store their cryptocurrencies offline in so-called “cold storage”.IO is considered to be a reliable and safe Bitcoin wallet service. The company is registered with the Financial Conduct Authority (FCA) in the UK and is compliant with the EU’s Fifth Anti-Money Laundering Directive (5AMLD).IO has also implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to ensure the safety of its users’ funds.
cold storage
The CEX.IO wallet service uses “cold storage” to keep user funds offline and away from potential hackers. CEX.
NOTE: CEX.IO is not a Bitcoin wallet, but rather an online exchange platform. It does not provide storage for users’ Bitcoin. Instead, it allows users to buy and sell Bitcoin with other currencies, such as the USD and Euro. As such, if you are looking for a wallet to store your Bitcoin, CEX.IO is not the right platform for you.
IO stores 96% of user funds in cold storage, with the remaining 4% kept in online wallets for operational purposes. Cold storage is considered to be the most secure way to store cryptocurrencies, as online wallets are susceptible to hacks.
2FA and security features
CEX.IO offers two-factor authentication (2FA) for its wallet service, which adds an extra layer of security on top of user passwords.IO also requires users to set up a 4-digit PIN code before they can access their wallets.
In addition, CEX.IO uses SSL encryption to protect user data from being intercepted by third parties.
Bottom line
CEX.IO is a popular cryptocurrency exchange that also offers a reliable and safe wallet service.
The exchange uses “cold storage” to keep user funds offline and away from potential hackers, and it also offers 2FA and other security features to protect user accounts.
10 Related Question Answers Found
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