Follow

Are my bitcoins safe with Coinfloor?

Yes. Coinfloor champions a full multi-signature cold storage policy. We hold all client bitcoins on offline devices held in underground vaults which maintain the same security standards as the Bank of England.

On top of that, instead of holding client funds in wallets which can be unlocked via a single private key, the funds are stored in multi-signature addresses - meaning that no single person ever has access to funds stored with Coinfloor and that multiple locations and agents would need to be compromised to constitute a loss of funds.


All bitcoin exchanges that have lost customer funds have used wallets controlled by single private keys which were not handled correctly. Bitcoin was designed with cryptographic measures of control in mind and we are proud to be the first exchange to use Pay 2 Script Hash addresses to protect client funds.

Next time you withdraw funds directly from the cold storage, feel free to check the withdrawal transaction for an address starting with “3”, this means that your funds were sent from a Pay to Script Hash address. For example, take a look at the image below taken from Blockchain.info. You can do the same check for your cold storage transfers from any other blockchain explorer.

Additionally, you can check the transaction for signatures. If you look below, there are three signatures where the OP_EQUALVERIFY OP_CHECKSIG is considered "OK" - this means that three private keys have signed off on this transaction and authorised a withdrawal of your client funds.

Even though Coinfloor employs extremely secure Bitcoin security practices, Coinfloor is not a web wallet and is not intending to be one. We only process withdrawal requests from the vault up to 3 times a day during business days in order to maintain this level of security.

If you're looking to withdraw up to 10 bitcoins quickly, you can do so via Advance Withdrawal. Advance Withdrawals are sent from single-signature addresses that contain Coinfloor-owned balance while your bitcoins are safe in the vaults. Advance Withdrawals are settled on every cold storage withdrawal from the vaults.

Have more questions? Submit a request