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Security

Learn what we’re doing to keep your funds, cryptocurrency and information safe and secure.

Bitvo's cryptocurrency exchange and trading security policies

Bitvo’s policies, procedures and business processes are designed for and dedicated to the security of our customers’ funds and personal information. Additionally, our strategic banking partnership with a regulated Canadian financial institution ensures your fiat funds are located securely in Canada and subject to Canadian banking regulations.

Disclosure of Personal Information

Bitvo will not release or disclose your personal information to any third parties without your consent, in accordance with applicable law.

Cryptocurrency Security

Bitvo has engaged an industry leading, arms’ length third party security service to screen and validate cryptocurrencies that are looking to transact on the Bitvo platform. This service allows Bitvo’s compliance team to view the history of digital assets and prevent the trading of digital assets that do not meet Bitvo’s exchange policies and requirements.

Financial Controls and Audit

A large, Canadian, tier 1 auditing / accounting firm performs an annual audit of Bitvo’s financial statements as well as quarterly validation of cryptocurrencies held by the exchange.

Hot Wallet

Hot Wallet storage refers to digital assets that are maintained in a location connected to the network. Bitvo holds a portion of our digital assets in wallets connected to our exchange platform in order to facilitate daily operations of the exchange. Bitvo only retains minimal amounts in Hot Wallet storage in order to effect daily trading activity in Hot Wallet storage with the balance stored in Bitvo Cold Storage.  

Cold Storage

Bitvo utilizes a secure, proprietary Cold Storage solution. Cold Storage is not connected to the exchange platform or a network and requires manual intervention by multiple custodians to access. Bitvo actively manages digital assets held in Hot and Cold Storage and only holds amounts required for the daily operation of the exchange in Hot Storage with the balance held in Cold Storage.

Financial Security

Bitvo operates on a full-reserve basis, requiring all customers to trade from pre-funded accounts. Customer’s fiat funds are segregated and legally distinct from Bitvo’s business and operating accounts. All customer CAD fiat funds are held in a segregated account at a regulated, Schedule 1 Canadian bank.

Online Security

Bitvo has developed proprietary technology and infrastructure and works diligently to create and maintain a secure online environment for our customers. The following paragraphs outline some of the security measures Bitvo has taken. For our safety as well as the safety of our customers, we do not publicly disclose the details of our security features.

On a regular and ongoing basis Bitvo performs reviews of security practices and evaluations of new technology updates to ensure our security and privacy policies are up-to-date and accurately reflect our industry leading work. We have a multi-layered firewall infrastructure to provide robust functionality to our users, while protecting back-end data and internal systems. Additionally, we use bit encryption software to protect the information you send or receive from our secure sites.

Bitvo encrypts logins to Bitvo secure sites to help safeguard against unauthorized access to your accounts. Bitvo limits log-in attempts and automatically terminates sessions when extended inactivity is detected, protecting your accounts if you have to leave your computer for a period of time.

Additional measures you can take to protect your security online include, but are not limited to:

  • Creating an effective password policy for your Bitvo account
  • Updating password frequently
  • Activating and utilizing two-factor authentication (2FA)
  • Protecting your computer with antivirus software and keeping this up to date

Email Correspondence

While email is a convenient way to connect with Bitvo, unencrypted email is not secure. Protect yourself by avoiding including personal or confidential information in email communication.

Internal Controls

Bitvo uses a multi-step verification process to gain access to its platform, systems and infrastructure. Private keys are stored offsite in multiple, geographically separate, secure locations. Business policies, procedures, authorizations and employee security are evaluated on an ongoing basis to ensure internal controls are updated to reflect the current operating environment and industry best practices.

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