Yes, the Swyftx wallet is incredibly secure and you can rest assured knowing your transactions will be shielded by multiple layers of security. Read this guide to know the types of wallets Swyftx uses and how secure they are.
What Kind of Wallets Swyftx Uses?
If you don’t know, there are a range of crypto wallets out there ranging from USB drive-like to even paper-based containing QR codes. You can know all about the different wallet types here. As for Swyftx, they leverage a combination of hot and cold wallets.
The cold wallets are the ones that are not connected to the internet and only go online when there is a need to store or take out a crypto asset. This makes them the most secure storage for cryptocurrencies as being off the radar means no one can hack them.
Hot wallets are the typical online wallets where the crypto coins are stored, allowing you to quickly and easily move your digital assets. However, this is not as secure as the cold wallets.
Swyftx, leverages the combination of both, making crypto storage highly secure for their users but also recommends people to withdraw their coins to their hardware wallets.
How Secure is Swyftx Wallet?
Swyftx employs a massive range of security features to ensure no risky business takes place on their platform. Firstly, they monitor IP addresses of the incoming traffic to keep blacklisted IPs away so no hackers are lurking around on the platform. Secondly, they keep checking 3rd party websites for breached passwords in case your account password somehow ends up there; they will ask you to change your password if this happens.
They also have employed JWT tokens and session expiry to the wallet storage so that all transaction information to and from the wallet is processed securely. And if you are inactive but your Swyftx account is open, it will automatically log out because of session expiry.
Should You Store Your Funds in Swyftx Wallet?
No, you should not. We understand this may have taken you by surprise as you may be expecting us to recommend storing your funds and coins on the platform due to its highly secure wallets.
However, Swyftx itself recommends that you store your digital assets in your hardware wallets. And not just Swyftx, this goes for every single crypto exchange because being online means they are always at the risk of getting hacked.
So to ensure your money and assets stay safe and tucked away from hackers, you need to store them in offline (hardware) wallets. This way, they will only go online when you need to make a transaction, making them incredibly secure.
There is no doubt that the Swyftx wallet is very safe in the sense that not every average or even expert hacker can access it. However, there is still a risk that incredibly sophisticated hackers may be able to fetch data of any crypto exchange. Therefore, we suggest keeping your crypto assets in a secure hardware wallet.