Keeping Your Account Safe

First Security Measures To Take When Opening An Account On An Exchange

The Crypto world is full of opportunities. investing and trading with cryptocurrencies, NFT’s and Web 3.0 products is becoming more mainstream day by day. However, security risks are holding back some people from joining the trend. When a cryptocurrency is lost or stolen, it is extremely difficult to retrieve it. Fortunately, securing an account is very easy and this article will explain 5 easy security measures that beginners can take to secure their cryptocurrencies when they open an account on an exchange for the first time.

Check Your Account Activity

As a first step, note down all the relevant information regarding crypto activity such as private keys, passwords, emails, name of authentication apps etc. Keep this information physically in the most secure place for you.

Most crypto exchanges send owners of the accounts a notification that the account was logged in either email or SMS form. Take a look at the login notifications as well as withdrawals, transactions and orders in your account to see if there is anything suspicious.

This simple practice will let you act on any security breach immediately.

Use 2 Factor/ Multi Factor authentication

MFA or 2FA creates an extra layer of security by creating independent authorisation tools based on a biometrics, security token or a password. They protect users by ensuring that the user “knows” the login credentials and “has” the extra security measures, such as push notifications or biometric authentication.

SMS based 2FA is not suggested as sim swapping/cloning attacks are a common practice used by attackers to gain access to the accounts in exchanges. If you use SMS based 2FA and you lose your phone, call your network provider immediately to cancel your SIM card. Note that if you lose data/text/calls, you might be a victim of an attack and take action right away.

Don’t fall for phishing

Phishing is a cybercrime that targets people by posing as legitimate institutions. These criminals deceive their victims by offering scam gifts, giveaways or rewards to make them provide their sensitive and private data, such as banking/credit card information, passwords or personal identifiable information.

Examples of where scammers can reach you include direct messages to your social media accounts, emails, SMS or replying to you publicly on social media. To avoid phishing, there are a couple of measures you can take to protect your exchange accounts. Check the source of the address of a message or email. Phishing email addresses usually look suspicious, however, they can also seem like an official source. In these instances, look at the content of the email or message. Common features of phishing messages include lucrative offers, a sense of urgency/limited time offers, links and attachments. Do not click any links, scan QR codes or fill out forms before you make sure that the email or message is coming from an official source.

Do not store your password or private keys digitally

You may already know this, but do not share your passwords or private keys with anyone. The best way to store a private key is to write it down on a sheet of paper and store it in a safe place that no one will get hold of. Storing your private key digitally as a screenshot on your devices or as a note can be dangerous because of the probability of theft or hacking. Whoever has the access to your private keys has the access to your cryptocurrencies, so think wisely about where to store this information.

Use a secure browser

Your devices are home to your cryptocurrency wallets hosted on each different crypto exchange. This is why you need to secure each device by using a secure network while connecting to the internet. Even when you are accessing a crypto exchange from the Wi-Fi of your own house, you can use a VPN for additional security. A VPN changes your location and IP address, and this makes your activity different each time you log on to an exchange, making you less visible to threats. If you are using a public network, make sure that it is safe to use and avoid using them while logging in with any crypto exchange account when possible. This is because hackers can position themselves in between the hotspot and you, receiving all the information you send out to the internet; including your information to access your crypto exchange account.

Summary

World of cryptocurrency is evolving day by day and while most companies are taking the best measures to keep you safe while trading and investing, there comes a point where users can take extra security measures to keep themselves safe. We shared 5 tips with you to begin with to make sure your digital funds are safe and secure. However, there is a lot more you can do! Stay tuned to our platform to learn more about how you can take a further step in security.