Bitcoin security – We are serious about security
CoinFLEX operates with a 99% cold storage policy, with up to only 1% stored in a secure hot wallet. Our system has been built such that no single person, vault location or device failure could compromise the integrity of user Bitcoins.
All users are required to set up either Authy or YubiKey two-factor authentication meaning that if someone were to find out a user’s username and password they would still not be able to log into their account without the user’s Authy one-time password token or YubiKey.
How we keep you safe
All the information supplied by you is transmitted via Transport Layer Security (TLS) protocol. Once we have received your information, we use strict procedures and security processes to prevent any unauthorized access. Your data can only be accessed by authorized CoinFLEX staff. Two-Factor Authentication: We believe that Two-Factor Authentication (2FA) should be a required standard for any financial services company. Passwords alone are insecure and in order to follow the “something you have” and “something you know” standard of security, we require the use of 2FA for all users, all of the time.
Two-Factor Authentication (2FA) FAQ
Two-factor authentication (2FA) adds an extra layer of security to your login details. It is a security feature which utilises “something you know” paired with “something you have”. The first of these is a password and the second is a physical device, either a mobile phone, tablet, computer or a YubiKey. Two-factor authentication provides much stronger security compared to using only a username and password.
We currently offer three different options to access your account via 2FA:
Google Authenticator is a software-based authenticator by Google that implements two-step verification services.
Google Authenticator generates 2-Step Verification codes on your phone. 2-Step Verification provides stronger security for your Google account by requiring a second step of verification when you sign in. In addition to your password, you’ll also need a code generated by the Google Authenticator app on your phone. For more information visit Google Android or Google iPhone
This is a one-time password (OTP) generator device in form of a small USB stick. When applying for your account choose the “YubiKey” option and enter your YubiKey token. You will need to provide the security token generated by your YubiKey every time you sign in to your CoinFLEX account. You can purchase a compatible YubiKey on Amazon. FIDO U2F Security Key is not a compatible key. For more information, visit the YubiKey FAQ: http://www.yubico.com/support/faq/
This option utilises your phone number to verify your account with a One-Time Password (OTP). OTP is valid only for a single use and cannot be used again for authentication.
When applying for your account, choose the ‘Authy’ option and enter your phone number without the country code (e.g. 07712343456). You will receive an SMS asking you to download the Authy app and register your account with them. Once this is done, every time you log in to your account you will need to provide the OTP security token displayed in the app. For more information, visit the Authy FAQ: https://www.authy.com/faq.
Do I need the Authy app?
No. If you prefer not to download and install the Authy app, you may use a YubiKey as your preferred method of two-factor authentication. Authy 2FA gives you multiple options for obtaining codes. You can use the mobile app for Android or iPhone or a desktop app which runs as a Chrome extension. Authy apps are instant, do not require continuous internet connection and the desktop app enables a seamless two-factor authentication experience. You can find out more about these options on the Authy blog. Also, read more here. A YubiKey is a small USB device that you register with your CoinFLEX account and use every time you sign in. You can find out more about YubiKeys hier and hier. You can purchase a compatible YubiKey on Amazon. CoinFLEX supports 44-character YubiKey tokens. If you are a YubiKey VIP user, please use slot 2 to generate a valid token. FIDO U2F Security Key is not a compatible key.
Why CoinFLEX does not support SMS for 2FA sign in?
There has been an increase in the instances of people having their mobile phone numbers taken over by malicious attackers via social engineering of mobile phone operator staff. In summary, the attack involves a hacker contacting a victim’s phone operator and convincing a call centre agent to transfer the victim’s phone number over to another, hacker controlled, SIM card. From there, the hacker arranges to reset the victim’s email using the SMS recovery option on their email account by which point the hacker often has all the information they need to access the vast majority of the victim’s online accounts. What makes this different from other attacks is that someone could have reasonably good security and it can still be circumvented. Thus, to prevent this on the CoinFLEX platform, we do not support SMS for 2FA sign in.
I have installed the Authy app but am getting the ‘multi-device is disabled’ error?
“Multi-device is disabled” error usually appears if you have already had an installation of the Authy app present and you no longer have access to the app (e.g. it was on your previous device). To resolve the “Multi-device is disabled” issue, you need to reset your account directly with Authy. Once this process is complete you will be able to install a new Authy app which will not show this error. Please note that using the Authy multi-device function will enable all your Authy token accounts on the added devices.
I have installed the Authy app but cannot see CoinFLEX on my list of accounts?
If CoinFLEX does not appear in your list of accounts within the Authy app, please take the first step of uninstalling the app, reinstalling it, and registering again it with your phone number. Your local install of Authy can become corrupted due to an OS update, factory reset, or something similar. We recommend installing Authy on another device, like a laptop or tablet, to assess if the problem is related to Authy or your device. The Authy Chrome App works with Windows, Linux and Mac and can be downloaded here. After verifying the new device works, please reinstall Authy on your old device and the apps will sync. If these steps do not work, please try removing all previously registered devices on your Authy account listed under settings, and then reinstall the app. You may be required to clear all device registrations on stored on Authy’s server. To do this, use this link. This reset will take 24 hrs and cannot be accelerated, so this action should only be taken as a last resort if an alternate device will not work.
What can I do if I don’t receive the registration SMS token?
An SMS token is sent only during the Authy registration stage during the application process for a CoinFLEX account. An SMS is not sent for signing in or resetting a password. If you’ve been using SMS to sign in to your CoinFLEX account, you will be required to download the Authy app on your smartphone or computer (as a Chrome extension) and register it with the same phone number you have been receiving the SMS on. CoinFLEX will appear on your list of accounts without the need to type codes or use QR codes. SMS is a best effort protocol, meaning your carrier will do it’s best effort to deliver the message to you. High network traffic or SPAM filters could prevent you from receiving the registration text message.
If you have not received the SMS, please follow these steps:
Verify that you have entered your phone number correctly.
Confirm that you are using a web browser that supports SMS requests.
Install the dedicated App: opening https://www.authy.com/install/ within your phone or computer browser will show you if there is an App for your device. You must enter the same phone number you used when applying for your CoinFLEX account. If you see CoinFLEX on the list of your Authy accounts, you can use the token from the App instead of the SMS token.
Why does the Authy token return error ‘invalid’?
If you have not received the SMS, please follow these steps:
You’ve entered spaces with the token (either between characters or around the token). The token consists of characters with no spaces.
You’ve used a token assigned to a different account (either not a CoinFLEX Authy token or a CoinFLEX token from an App registered with a different Phone Number)
You are attempting to use a token which is not the most recently generated.
The token has expired (tokens are valid for 20 sec).