How Xapo Bank Safeguards your Transactions

News

September 6, 2024

Written by Anton Iribozov

With over a decade of experience, Xapo Bank provides a secure and seamless platform for Bitcoin transactions. Our advanced privacy features and security measures ensure your assets are protected at every step.

How Xapo Bank Safeguards your Transactions

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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.

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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.

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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.

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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.

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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.

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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. 

Disclaimer

This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.

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