Security of our services is one of our top priorities. Because cryptocurrency transfers are fast and irreversible, we want to offer our customers one more way to keep themselves safe.
A Time-locked Vault
Vault is a time-locked storage service for our customers, which increases the security of your account. Funds deposited in the vault are subject to a time lock, which can be set between 12 hours and 30 days. You set the duration of the time lock yourself. When you make a withdrawal from the vault, the funds will be available and in your use only after the time lock you have set for the vault has lapsed.
The vault has one time lock for all deposits. The length of this time lock can be increased with new deposits. If you make a new deposit for a shorter time than the one you made earlier, the previous, longer time lock will apply. Thus, if you make multiple deposits to the Vault with different time locks, the length of the time lock will always be determined by the longest set time for all deposited amounts and currencies.
Each withdrawal will be confirmed by a code received via e-mail and, if you wish, you can also activate text message confirmations. This will give you time to react if an outsider would get possession of your account credentials.
It is not possible to override the time lock, so please only deposit funds in the vault that you do not need for immediate trading or transactions.
Using the Vault
The monthly fee for the vault is 1 € / month per cryptocurrency. This is deducted from the cryptocurrency funds deposited in the vault on a monthly basis. The first month’s fee will be automatically deducted as soon as you make a deposit into the vault.
Additional information security
We recommend enabling 2-step authentication to improve the security of your account. This means downloading a separate Google Authenticator app to your phone, which generates a new password every minute. Without this app you will not be able to log in to your user account. If you lose access to the authenticator app, we will be able to restore access to your account from Coinmotion Customer Service. For instructions on setting up 2-Step Authentication, visit our Help Center.