Apart from two high-profile hacks, Quantum Code offers more security for the user and takes more security precautions than most exchanges. Not only is there the aforementioned two-factor authentication, but there is also universal 2-factor authentication, which requires logging in via an additional physical device such as a USB flash drive. In addition, Quantum Code monitors user accounts as follows:
- Stores login data and analyzes it for any unusual activity.
- Detects IP address changes in case of session hijacks
Sends notifications and allows freezing the account in case of suspicious activity.
- Can restrict account access to selected IP addresses.
As for the security measures Quantum Code has in place to protect its system, it does the following:
- Uses protection against distributed denial of service (DDoS) attacks.
- Automatic daily backup of databases
- Automatically duplicates backup data
- Updates its software and Linux systems regularly.
- The above steps serve to reduce Quantum Code’s vulnerabilities while
- ensuring that transaction and fund data is preserved so that users do not
- lose money in the event of an unfortunate incident.
Quantum Code User Experience
For an exchange that caters almost exclusively to professional traders, Quantum Code is remarkably user-friendly. It has its own mobile app, while on the main dashboard everything is clearly and logically laid out. There’s a chart showing the value of a selected currency at the top, a sidebar with a tidy order form and the user’s balances, and boxes at the bottom showing Quantum Code’s order book, incoming trades, and the user’s order history.
It is similarly straightforward when executing trades and managing funds. Using the order form in the right sidebar, you can place anything from a simple market price exchange to a stop-limit margin trade. And once you’ve ordered and traded, you can easily track your activity thanks to the „Ticker“ box in the sidebar and the „Orders“ and „Order History“ boxes at the bottom of the dashboard.
To transfer the necessary equity worth at least USD 10,000 to your account you need a bank transfer (for paper currencies) or a transfer of cryptocurrency from an external wallet. From there, users can move funds to and from their exchange, margin, and funding balances, allowing them to use Quantum Code’s various services (e.g., margin lending/trading, over the counter trades).
This process is simple enough, but can take some time for bank transfers. This is because wire transfers require account verification, which at the time of writing Quantum Code took six to eight weeks.
As for withdrawals, they work the same way: Users either send their fiat currencies back to their bank account via a wire transfer or they send their cryptocurrencies back to an external wallet. Withdrawals of fiat currencies can take up to seven business days, while withdrawals of digital currency can take anything from a few minutes to a few hours.