With more than $2.5 billion (at current valuation) in cryptocurrencies stolen from exchanges since 2011, exchange security is becoming an important criteria among the users while selecting a crypto-exchange for their trading purposes. In this article, we will look at the security features available at Mandala Exchange and how it prioritizes security.
User-side of Security
When registering for the first time, Mandala allows the user to set 4 different security measures within the account.
First among these is the Two Factor Authentication or the 2FA system. Users can choose either SMS authentication or Google Authentication for this. Those choosing SMS authentication should take sufficient steps with their network provider to prevent SIM-Swiping. Those choosing Google Authentication as the means of 2FA should make a backup of their 2FA key and securely store it.
Second among the list of security options is the account verification. In addition to adding security to the account, a fully verified account also has higher withdrawal limits.
Third is the feature that allows the users to whitelist withdrawal addresses. When this function is turned on, the account will only be able to withdraw to whitelisted withdrawal addresses. When this function is turned off, the account will be able to withdraw to any withdrawal address.
Last but not the least, the fourth feature is the Anti-Phishing Code. By setting up this, the users can clearly distinguish whether the notifications and emails are coming from Mandala Exchange or phishing attempts.
Another important security feature is the addition/deletion of valid devices that can access your Mandala account. Devices not in the list need to specifically be authenticated by entering the 6 digit confirmation code sent via email, thus making it difficult for a hacker to login.
Exchange-side of Security
Having the privilege of being Binance Cloud backed, Mandala Exchange follows a mix of hot and cold exchange wallets as used by Binance to secure the customer funds. This allows no withdrawal fees between Binance and Mandala while allowing Mandala to be insured through the SAFU program by Binance. The SAFU program is an emergency insurance fund, and it is funded by allocating 10% of all trading fees received into the SAFU cold wallet.
A combination of the abovementioned security settings coupled with the Binance-level security and SAFU insurance ensures that Mandala provides the highest level of security for its users.