A Crypto wallet is a handy mechanism that allows you to interact with Blockchain networks and are a necessary tool when sending, receiving and storing Cryptocurrencies. Unlike the traditional wallet that you keep in your pocket, Crypto wallets don't hold your funds but serve as a means to access the blockchain system where your assets are stored as pieces of data.
When choosing a new exchange it can be difficult to know where or even if you're storing you Assets on that platform. Here at Swyftx, we have provided wallets for all of the Crypto assets listed on our platform. We have a wallet integrated with your account to make all the processes you're using on the platform simpler. When you buy and sell, deposit and withdraw, Swyftx uses various internal wallet systems to manage and maintain your Crypto securely and safely.
You'll always be able to check the balances of the Assets stored in your wallet as per the instructions here. Our storage of your Assets is a mixture of cold hot and wallet storage means in order to protect your assets. Additionally we take the security of our platform very seriously and implement a wide range of security practices, including:
using JWT tokens & session expiry;
offering 2FA account protection;
checking for breached passwords on other websites;
consulting with third party security auditors;
undergoing external penetration testing; and
implementing a least privileges security model internally.
Can I use an external wallet?
Definitely! You're more than welcome to use an external wallet to store your assets as well if you'd like. In fact we recommend it as storing your assets in an offline wallet will always be more secure than any exchange's wallet.
Want a more secure way to store your Crypto?
Whilst we do our best here at Swyftx to maintain our security practices to the highest possible standard, an online wallet can and always will be susceptible to attacks. As such, we recommend our customers use the Ledger Nano S or X given Ledger's significant strides in wallet and asset security and that hardware wallets provide an offline or cold storage solution for storing your Crypto. These devices are available for purchase through a link to the ledger website in our Shop function.
If you have any further questions and whether you should obtain a hardware wallet, please get in touch with us via live-chat.