What is Whitelisting

[kevin AB]

Hi guys,

I'm newbie here. Somebody just inform that "Whitelisting" is good for Cryptocurrency Exchange.
Could somebody explain to me what is the "Whitelisting " mean?

Thanks,

[khaled0111]

Do you mean whitelisting your IP and withdrawal address?

If so, then the answer is easy:

By whitelisting your IP, you are securing your account. In case a hacker gets your credentials, he will not be able to log in or use your account unless he is connecting from the IP you whitelisted.

By whitelisting your crypto address, a hacker will not be able to withdraw your coins to his address. Only the whitelisted address can be used.

You have to know that not all exchanges accept whitelisting.

[buwaytress]

Just to add here that whitelisting IP addresses is not recommended unless you know for sure that you're having a fixed IP. Most internet users in developing countries use ISP that issue dynamic IPs for every new connection so you're getting a different IP every time you connect. Even in developed countries, it is similar, but the range of IPs are very small and connections/IP lease usually last a lot longer.

Basically, what I'm saying is don't whitelist if you're not sure.

The same with withdrawal addresses as well, only whitelist an address you control. A lot of people withdraw to other exchanges or other services -- if those dump their wallets or upgrade, you can't recover.

[milewilda]

Basically, what I'm saying is don't whitelist if you're not sure.

This is the advantage on whitelisting yet there are factors which are needed to be considered first before proceeding because if you do just decide to set it on without checking then
later on you would be f*cked up.Like on my country which my ISP do set dynamic ones which theres no point on whitelisting.
OP you do got all the things and explanation about your query.So its better to lock this thread.

[kevin AB]

Thanks for all the input

[logfiles]

Hi guys,

I'm newbie here. Somebody just inform that "Whitelisting" is good for Cryptocurrency Exchange.
Could somebody explain to me what is the "Whitelisting " mean?

Thanks,

The only whitelisting case i have seen so far on cryptocurrency exchanges is that of addresses. In this case you add a withdraw address on the withdraw section of a particular coin and save it

Whenever you are executing a withdrawal, you will not have to copy and paste the address and some exchanges may not ask for 2FA or SMS verification, so basically by whitelisting the address, you are confirming to the exchange it's your correct address you would like to use whenever you are withdrawing that coin and would not love to be asked to verify all the time.

Advantages:
- No copying and pasting withdrawal addresses every time you want to withdraw which can be tedious
- Chances of withdrawing to a wrong address are very low due to error in copying the address or even due to address changing malware attacks.
- You will not be asked to verify every time you are performing a withdraw by an exchange

Disadvantages
- Your transaction privacy may easily be compromised in case someone tries to trace your transactions. It will be very easy to follow your transaction trail since you will only be using one address from withdrawal transactions.

[timerland]

There are a couple of ways in which exchanges will whitelist people.

First, let me explain what whitelisting is - here is the definition from google. This is the noun definition, but the verb one is just "to put on a whitelist."

A list of people or things considered to be acceptable or trustworthy.

An exchange can whitelist you for 3 things from personal knowledge/experience.

- Whitelist your withdraw addresses so you don't need to input your password/2fa codes when you want to withdraw money
- Whitelist you/your ID, so you can make trades on the exchange.
- Whitelist your IP/login details so you can sign in on those IP's without issues (not recommended by a lot of people)-