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Are my bitcoins safe with Coinfloor Exchange UK?

Yes. Coinfloor Exchange UK 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.

In addition, we do not hold client funds in wallets which can be unlocked via a single private key. All funds are stored in multi-signature addresses - meaning that no single person ever has access to funds stored with Coinfloor Exchange UK

We are proud to be the first exchange to use Pay 2 Script Hash addresses to protect client funds. Additionally, you can check the transaction for signatures. Note in the example below there are three signatures where the OP_EQUALVERIFY OP_CHECKSIG is considered "OK". This indicates that three private keys have approved this transaction and authorised a withdrawal of your client funds.

Whilst Coinfloor Exchange UK employs extremely robust security practices, it is not a web wallet. 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 are 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 a Coinfloor-owned balance while your bitcoins are safe in the vaults. Advance Withdrawals are settled on every cold storage withdrawal from the vaults.

 

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