Security Procedures – Deep Cold Storage
You have noticed that iceCUBED does not process your Bitcoin / Litecoin withdrawals immediately.
Actually, there is a very good reason. Unlike some other exchanges, we run a 100% cold storage policy.
This means all your coins are stored offline, in special vaults, away from online security threats. This is the safest storage method.
Any exchange that does instant withdrawal can’t have all your coins in cold storage. So they are not following best practice.
This means all your Bitcoins and Litecoins are stored offline, using a special procedure that makes retrieving them much more difficult than sending them there.
This provides the highest level of safety against theft.
As a result, we can’t process withdrawals immediately: we must retrieve the coins from Deep Cold Storage.
So, we process withdrawal requests in batch runs, throughout the day, at least 3 times per day.
We do this process more often when we have two or more authorised admin. staff on hand.
That’s right, to add extra security we only have certain specially trained and verified staff allowed to do withdrawals.
They retrieve your coins from Deep Cold Storage throughout the day, during allocated times, for the batch runs.
You may be thinking to yourself that this seems like extreme safety. And, you would be right. Is so much precaution necessary? We think so.
The system is as bullet-proof as possible, as everything is always stored off-line.
When we say “trade with peace of mind”, we mean it.
Does your other exchange provider process withdrawals immediately? Are you sure they’re taking the best care of your coins? It’s something to consider.
If you have any questions about our security procedures do contact us.