By allowing a more complex yet effective method of crytocurrency secutiry withdrawal, the measure gives an additional level of protection to the user’s funds. With this feature, users are virtually safe from any compromise as they would have to wait 24 hours before their account funds can be accessed.
Setting up a withdrawal lock is fairly easy and many applications allow users to toggle this feature on or off from the app settings. Once the block is triggered, the ability to withdraw funds from the user’s account is suspended for a full 24 hours. In order to make funds available again, simply disable the block. The app automatically enables the 24 hour waiting timer every time the restriction is disabled.
Cryptocom is well aware that in order to be kept safe from ever increasing cyberattacks, additional steps need to be taken to keep everything secure on their platform and we are glad to see that such measures are being taken
Secure Withdrawals
The most straightforward advantage to this feature is without a doubt providing additional security against unauthorized auto withdrawals. Gaining access to user’s accounts on multiple services has become all too easy these days. Just like social media accounts, you can find sensitive data on banking platforms.
Even without official documents, gaining access to banking services is way too easy. In turn, this increases the chances of fraud exponentially which makes locking up accounts for a certain period of time a very necessary step. When the restriction is in place, the user account is far less vulnerable.
Fraud aversion is always a good thing and if this measure makes the lives of even a few people easier, it goes in the right direction. The ability to restrict the freedom of movement for unauthorized people increases the defense against any kind of damage, monetarily or otherwise.
When adding a waiting period, Crypto.com has skillfully added a feature that prevents any unauthorized withdrawals even if your account is compromised.
Security
With an added 24-hour withdrawal lock, you can rest easy knowing that your assets are completely safe. Regardless if your login details are compromised, an unauthorized user would not have access to your funds until the timer has expired.
How To Implement The 24 Hour Withdrawal Lock
Turning The Feature On
Here is how to set up the 24 withdraw lock within Crypto.com:
- Log in to your Crypto.com account.
- Go to “Security” in the account settings.
- Locate the “24-Hour Withdrawal Lock” option. Then set it to “On.”
Turning The Feature Off
When you need to access funds right away, you have the ability to turn the lock off. Although, by doing this means you are losing the extra security features this accessibility provides.
Other Options For The 24 Hour Withdrawal Lock
Two Factor Authentication (2FA)
Two Factor Authentication (2FA) increases the security of your account by requiring an additional code which must be provided by a different device, such as your mobile phone, during the login or withdrawal process.
Address Whitelisting
Whitelisting addresses gives you the ability to set a list of addresses that can be trusted to withdraw funds from your wallet.
This tool hinders the possibility of making any faulty withdrawals to unknown or hacked addresses.
Feature Table Elaboration
| Features | Features Explanation |
|---|---|
| Withdrawal Lock | The additional measure taken against fraudulent activities locks the funds for 24 hours after a request has been made. |
| Two-Factor Authentication (2FA) | This is an additional protective measure which requires a separate device to login and withdraw funds. |
| Trusted Addresses Only | Only addresses that are specified and marked as trusted will be allowed to withdraw the funds. |
| Withdrawal Lock | This account security ensures that the user remains in complete control of all assets and prevents activities like unauthorized withdrawals. |
| Hope Again | This lock reinforces the fact that you will not be able to lose your assets with even the most sophisticated resources, which is very comforting. |
BRIEF SUMMARY
One of the most surprising features of Lock is accomplishment of virtually impossible tasks. As you use the 24-hour withdrawal lock for the first time, brace yourself. Remember that the 24 hour counter does remain within the system even though you are offline. This feature is good especially for those who wish to have additional security for their funds. The lock serves an intelligent way to restrain investors funds and prevent missing out on opportunities from the dealer side.
Don’t forget to check out our other articles for more in-depth insights into best practices and cryptocurrency security. As usual, be careful in the world of digital finance!
Voluminous Changes: How Withdrawal From Crypto.com Works With the 24-Hour Withdrawal Lock Feature
How does the withdrawal restriction work?
The 24-hour withdrawal lock is an account security feature available within your Crypto.com account to protects your funds from the possibility of withdrawal for a period of 24 hours following its activation. When the lock is active, no withdrawals can be made.
What prompted the creation of an account security feature on withdrawal restriction?
To limit the risk of loss during unauthorized use of accounts, Crypto.com, like other wallets, implemented the restriction of withdrawal to be made within 24 hour period after the account has been activated.
Here is an illustrative example on how to operationalize the setting of the withdrawal restriction.
In order to active the withdrawal lock 24-hours option, go to account settings on your Crypto.com profile and click on “Security.” Find and select the Withdrawal Lock option and click “Enable.”
What do I do if I have set a lockdown in for the withdrawal of my funds but need to use them immediately?
In case of dire need, the user can get in touch with the appropriate representatives of Crypto.com wallets for assistance. They should have proper instructions on such situations.
Why does disabling the lock allow me to withdraw my funds?
At any point in time, you may choose to reieve your funds by going to settings on the Crypto.com settings and clicking on Security. There you will find a section for Withdrawal Lock. Select Disable and you will get your funds back available for immediate withdrawal.
What are the practical implications of disabling the lockdown?
Once you turn off the 24-hour withdrawal lock, the 24 hr countdown will reset once you re-enable it.
Is the withdrawal lock applicable to all withdrawals for an account?
The withdrawal lock period is applicable to all users, with the exception to those created with whitelisted addresses.
What is meant by whitelisted addresses?
Whitelisted addresses are those which you have previously verified and added into your Crypto.com account settings.
What is the procedure for adding someone to my whitelist?
You can do this by selecting “Security” on your Crypto.com account settings. Under the “Whitelist” option, you have to click on “Add Address.”
Is it possible to delete an address that has been whitelisted?
Of course, you can delete any addresses from your whitelist using the “Remove Address” option on your Crypto.com account settings.