No. Swyftx is not just a wallet; it’s so much more and getting a wallet is only an extra perk of joining Swyftx. It is a crypto exchange platform where you can buy, sell and trade more than 250 crypto coins including BTC, XRP, ETH, and more. You can then keep those crypto assets in your wallet assigned by Swyftx for as long as you want.
So in short, Swyftx is a multi-storey building in the crypto exchange space and one of its floors is a wallet out of different floors with varying features.
How Secure is The Swyftx Wallet?
Swyftx leverages a mix of hot and cold wallets where the former one allows you fast and easy access to your funds because it stays online. The latter one mostly stays offline and only comes online when there is a need to access the funds it contains, making it securer than cold storage.
As for the safety of the wallets, Swyftx has employed several safety techniques and tools to ensure their platform, user data, and funds stay secure. Here are a few things they have done:
- Addition of JWF tokens for secure transaction information flow
- Session expiry so that no one else uses your account if you are AFK (Away from keyboard)
- 3rd party site audits for discovering security vulnerabilities and fixing them
- 2-Factor Authentication for an extra layer of security for account and wallet access
And so on….
So, Should I Keep My Funds in Swyftx Wallet?
No, you should not and we know it might come as a surprise considering Swyftx has so many security features. However, remember this simple rule, if anything is online, it can be hacked sooner or later. By this rule, no crypto exchange platform is safe for keeping your digital assets for the long term.
Furthermore, since we don’t know what portion of funds goes into the cold storage of Swyftx (the securer one), it is strongly recommended that you do not keep your digital assets on Swyftx without any reason.
If you are holding some coins for future trades, withdraw them to your hardware wallet for maximum security. The hardware wallet is like a USB drive that only goes online when you connect it to a PC having an internet connection.
So, you can connect your hardware wallet to the internet when you need to use the crypto inside, otherwise, it’ll stay offline and fully secure.