At Xapo Bank, security is our top priority. With over a decade of experience, we have been committed to creating the most secure and seamless Bitcoin experience for our community. Whether you're depositing, withdrawing, or transferring Bitcoin, Xapo Bank offers you the protection you need for your assets, ensuring your peace of mind with every transaction.
Security with On-Demand Bitcoin Addresses
Privacy is paramount when transacting with Bitcoin, and Xapo Bank has developed a unique solution to enhance your security—on-demand Bitcoin addresses. Each time you deposit Bitcoin, you can generate a new address instantly, preventing your transactions from being easily traced on-chain. This feature, which is both free and instantaneous, keeps your financial activity private and secure.
Real-Time Notifications for Bitcoin Deposits
Waiting for your Bitcoin to be confirmed on the blockchain can be stressful. At Xapo Bank, we alleviate that stress by proactively notifying you as soon as we detect an upcoming Bitcoin deposit after the first blockchain confirmation. This early notification ensures that you’ve deposited to the correct address and allows you to relax, knowing your funds are on their way.
Minimise Risks When Withdrawing Bitcoin
Blockchain transactions are irreversible, making accuracy crucial when withdrawing Bitcoin. A single mistake in entering a recipient address can result in the permanent loss of your funds. To prevent this, Xapo Bank's app includes a Bitcoin address scanner and a paste button, making it easy to ensure the address is correctly entered. If you start typing a blockchain address manually, we’ll even prompt you with a security tip to scan or paste the address instead, safeguarding your funds from human error.
Triple-Check Your Recipient Address
To further enhance security, Xapo Bank will prompt you to triple-check the recipient’s blockchain address before confirming a withdrawal. Unlike other Bitcoin apps, we display the full address, reducing the risk of falling victim to scams that exploit small address differences. This attention to detail helps ensure that your Bitcoin reaches its intended destination safely.
Convenient Crypto Address Book
Managing multiple Bitcoin addresses can be cumbersome, so Xapo Bank has created a built-in crypto address book within our app. Whenever you withdraw Bitcoin to a new address, it is automatically saved in the address book for future use. This feature not only speeds up your transactions but also minimises the risk of errors when selecting addresses.
Safeguard Your Transactions with a Test Withdrawal
For added security, we recommend making a small test withdrawal when sending Bitcoin to a new recipient for the first time. While this may incur additional blockchain fees and time, it significantly reduces the risk of sending funds to an incorrect address. If we detect a new recipient, we’ll remind you to conduct this test transaction.
Enhanced Security with Two-Factor Authentication
To add an extra layer of protection, Xapo Bank offers two-factor authentication (2FA) for Bitcoin withdrawals. Enabling 2FA means that each withdrawal must be confirmed through a separate authentication app, ensuring that even if someone gains access to your phone, they cannot complete the transaction without the 2FA code. More about how we store your Bitcoin can be found here.
