🔐Withdrawal Process and Security Measures

Introduction

The withdrawal system on GemaX is carefully crafted to guarantee security and transparency, offering users a smooth experience while putting the safety of their assets first. This document details the withdrawal procedure and the security steps in place to protect users' funds.

Withdrawal Process

• Request Initiation: To begin the withdrawal, users kickstart the process by submitting a request. The system promptly acknowledges this request, triggering security protocols specifically designed to safeguard assets throughout the withdrawal process.

• Fraud-Proof Window: When GemaX receives a withdrawal request, it initiates a Fraud-Proof Window lasting 12 hours. This is a pre-set time period created to thwart fraudulent activities and double-spending. Throughout this window, the system carefully verifies the legitimacy and accuracy of the withdrawal request.

• Withdrawal Approval: Following the Fraud-Proof Window and confirmation of the legitimacy of the withdrawal request, the system grants approval for the withdrawal. Subsequently, the funds are securely transferred to the user’s specified account.

• Cancel Withdrawal: Once a withdrawal request has been initiated, users have the option to cancel it at any time within the Fraud-Proof Window. In such cases, the funds will be returned and allocated back into the trading account.

• Multiple Withdraw Requests: Keep in mind that if users submit a second withdrawal request while one is already in progress, the entire withdrawal process will reset to 12 hours, including the initial request.

Note: GemaX is thinking about incorporating third-party services in upcoming versions to speed up the withdrawal process. These services will operate during the Fraud-Proof Window, ensuring a quick and efficient authentication of the withdrawal request's legitimacy.

Security Measures

• Two-Factor Authentication (2FA): GemaX suggests users activate 2FA for an added layer of security on their accounts. This feature mandates users to provide two forms of identification before gaining access to their accounts, substantially lowering the risk of unauthorized entry.

• Encryption Protocols: GemaX utilizes advanced encryption protocols to safeguard sensitive data during transmission. By encrypting the data, these protocols render it unreadable to unauthorized individuals, ensuring the protection of users' information and assets.

• Audits: To maintain a strong and current security infrastructure, GemaX will carry out audits of its smart contracts. These evaluations will pinpoint and address potential vulnerabilities, guaranteeing a secure trading environment.

Conclusion

The withdrawal process on GemaX combines easy-to-follow steps with strict security measures, aiming to offer users a secure and seamless experience. Features such as the Fraud-Proof Window and 2FA highlight GemaX's dedication to protecting users' assets while ensuring an effective and dependable withdrawal process.