Your Funds Are Safe with CoinDCX | Frequently Asked Questions Answered

Welcome to our comprehensive blog, where we address your most pressing questions and concerns about CoinDCX’s security measures and operational protocols. In this blog, we’ll delve into how we ensure the safety of your funds, the security technologies we employ, and the steps we take in the event of a security breach. We understand the importance of transparency and security in the crypto world, and we’re here to provide clear, straightforward answers to help you feel confident and informed about your investments with CoinDCX.

This is a live blog, and we will continue to update it with answers to the questions that the community is asking us. Our goal is to provide you with all the information you need to make informed decisions.

Let’s get started!

Are CoinDCX customers’ funds safe?

At CoinDCX, your funds are fully secure. Here is how – 

1. We store 100% of customer assets in cold wallets with trusted partners.
2. As an ISO 27001 certified platform, we utilize industry-leading security measures, including multi-party computation (MPC) for cold wallets, two-factor authentication (2FA), and advanced encryption
3. We adhere to all regulatory standards, conducting regular security audits and compliance checks to ensure your safety and security
4. We have transparent proof of reserves, which is publicly visible for you to check in real-time. 

How are you sure that CoinDCX cannot be hacked?

At CoinDCX, we take several measures to ensure our platform is secure against hacks:

1. Multi-Layered Security: We use multiple layers of security controls, including multi-factor authentication and end-to-end encryption.
2. Advanced Technology: Our platform leverages Multi-Party Computation (MPC) technology for added protection.
3. 24/7 Monitoring: A dedicated team monitors our systems around the clock using top-tier security platforms.
4. Regular Audits: We conduct frequent security audits and penetration tests.
5. Incident Response: Established protocols allow us to swiftly mitigate potential threats.

Your funds are safeguarded with the highest industry standards.

So many user funds are on the exchanges like Binance, Kucoin, etc. How is CoinDCX secure?

At CoinDCX, 100% of our customers’ funds are secured in cold wallets with trusted partners. Unlike other exchanges, we work with third-party exchanges that enforce rigorous security measures, hold proof of reserves, and have a reliable track record. This ensures that your funds are always protected with the highest standards of security

Why are crypto withdrawals not allowed on CoinDCX?

Crypto withdrawals on CoinDCX are managed according to AML/CFT Guidelines set by the Financial Intelligence Unit (FIU) India. Unfortunately, your account falls under one of these criteria preventing access:

• It didn’t meet our internal risk assessment benchmarks.
• The feature is unavailable in your location.
• Your associated banking facilities don’t support crypto withdrawals.

Our main goal is to ensure the security and safety of all users, making these evaluations necessary. While this decision may be disappointing, it was carefully considered. 

Note that INR withdrawals are available 24/7 for all users.

In case crypto gets hacked, is it recoverable?

At CoinDCX, we prioritize the security of our users’ assets with advanced technologies and a robust multi-layered security model. In the rare event of a hack, our dedicated incident response team is ready to act immediately to minimize impact and start recovery processes. While recovery success can vary, our proactive measures and cutting-edge security protocols greatly improve the chances of retrieving compromised assets, ensuring the safety and security of your investments

More doubts will be answered soon, stay tuned!