Swyftx Security – How Good is It?

Swyftx has gone to great lengths to implement several safety features. They don’t just protect the platform from attacks that can cause it to go offline but also ensure user data and funds are safe all the time. Read on to know everything about the Swyftx security measures and how they help you as a trader and investor. 

Swyftx Has a Mixture of Hot & Cold Wallets:

Every user that signs up to Swyftx and purchases a crypto asset using their platform is allotted a highly secure wallet to store the cryptocurrencies. When the users deposit, buy, sell or withdraw digital assets, Swyftx leverages various wallet systems internally to safely maintain and manage its user’s assets. This is done by the use of a blend of hot and cold wallets.

Hot wallets are the ones that store the funds online while cold wallets store them in physical wallets like USD drives. Since the cold wallets are not connected to the internet, the security is much higher and almost impenetrable. 

Besides 2FA, They Check For Breached Passwords on Other Websites:

Swyftx leverages 2-factor authentication which adds another layer of security after login/password check. But to ensure that Swyftx security is airtight, they go a step ahead and check other websites that faced password breaches to ensure yours was not one of them. 

For instance, your login and password can be breached, not from the Swyftx platform but either by you telling them to somebody or storing them somewhere that another person has access to. Hackers upload these credentials to various data breach platforms to get paid in exchange. 

Swyftx monitors those platforms to ensure your login and password don’t end up there, and if they do, you will be notified so you can make changes beforehand. 

Continuous Penetration Testing & Security Audit:

Swyftx doesn’t stop on cold wallets and 2FA, they also implement constant Penetration Testing to ensure their platform is not vulnerable to attacks and breaches, both externally and internally. This ensures their platform always stays online and the user data stays well-protected at all times.

Furthermore, they consult with 3rd party online security advisors and carry out various audits to ensure their platform is up to date with all online safety measures. 

Some More Swyftx Security Measures:

  • Auth0 for user authentication and authorization
  • Traffic Monitoring to ensure no blacklisted traffic is accessing the platform
  • JWT Tokens for securely passing information between an identity provider (you) and service provider (Swyftx)
  • Session Expiry asks the user to log in again after being inactive on the browser window of the Swyftx platform to ensure no one else is using the platform from their device.

Parting Words:

Swyftx takes security very seriously and it is evident with everything they are doing to keep strengthening it. They are big on the safety of user’s funds and data integrity, which is another reason why many Aussies trust the platform.

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