Indian exchange Koinex has just introduced three new security features on its platform. These new security upgrades are a result of an increasing number of hacks and scams, including one which was targeted at Koinex recently. The three new security features on Koinex are:
- 10-minute protection mode: Koinex users will not be able to withdraw cryptocurrencies from their Koinex wallet to other wallets for the first 10 minutes after sign in. The protection mode is activated by default for users. This mode will give users a 10-minute window to report suspicious activity on their Koinex account and protect their funds. This is applicable only to the Koin wallet, and will not affect P2P INR withdrawals and regular trading activities.
- Email confirmations for withdrawals: Koinex will now send a confirmation email to users everytime they a cryptocurrency withdrawal request. Users will have to click on the link provided in the official email to confirm the withdrawal request. This stops hackers from compromising accounts after the 10-minute protection mode and grants users an additional layer of security. This confirmation link will be valid for 30 minutes.
- Lock my account: In case of suspicious activity, users will now have the option to lock their Koinex accounts. They can access the ‘lock my account’ link from the ‘sign in notification email’ that is sent to every user once they sign in to Koinex. Notably, users will not need to sign in to Koinex to lock their account and can do it directly from the link. This provides a quick safeguard against unauthorised access.
It is good to see Koinex bringing in these robust security features on its platform. This will certainly give Koinex users a safe and secure trading experience on the platform.
Image credit: Koinex blog