Is Exchange Security Your #1 Concern? Try Vault of Satoshi

When visiting vaultofsatoshi.com, you quickly get the feeling that security is really, really important (which it is, of course). For starters,

When visiting vaultofsatoshi.com, you quickly get the feeling that security is really, really important (which it is, of course).

For starters, they put their software through PCI-DSS testing daily and back up data several times daily to remote geographical locations.

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Next, meet the “Bug Bounty” rewards program. The name first gives the impression as another one of those rewards programs for developers, miners, writers, activists etc. from the newest exotic cryptocurrency. Really, it is a rewards program for users to submit suspected security vulnerabilities for rectification.  The program is run through Crowdcurity.

The main event is the sign-up process. The following text appears when starting the process: “We take Password creation seriously. Not only does it protect your assets, it protects our reputation. Instead of using a keyword or selection of characters, create a sentence with full punctuation spaces and words as well as numeric characters.”

In case you’re curious as to how vulnerable your full-sentence-with-punctuation-spaces-words-numbers password is- it tells you:

vos-password

 

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If you’re comfortable with this level of vulnerability, you next prove you’re human– but not with a captcha. You get to play a game:

golf1

We’re done, right? Wrong. Each time you log in, you need to first retrieve a “two-factor” code from your e-mail and enter it on the site as secondary authentication. There is also a stern message warning that your actions will be monitored if unauthorized usage is suspected.

If you’ve made it this far, don’t fear. There’s more homework to be done before you can trade, deposit or withdraw. You need to fill out an ID information form, upload 2 valid pieces of ID plus another document showing proof of residency or mail another notarized document demonstrating such. You also need to provide complete details of current employment and bank account. While this procedure is standard for other Canadian brokerages (e.g. stocks, forex), it is still novel here considering that only cryptocurrencies are traded.

Then you can trade, probably.

Overall, the platform is highly robust, the interface is clean and the software is bug-free. Be aware though that you are only trading with other users in the exchange, so liquidity is light and spreads are larger than encountered on more popular exchanges.

If you want the highest possible security and higher than that, this is the platform for you.

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