You can never put enough emphasis when talking about security. Therefore, in the following content in cryptocurrency.com we offer our readers a series of tips to keep their funds safe in the crypto exchange of their choice.
They are crypto exchanges where most small users store their crypts, buy and sell cryptos, and even trade. Although it is their responsibility to keep our hodls safe, we must also take care of bad practices that may put our savings at risk.
Only crypto exchanges recognized
Although it seems too obvious to mention; The truth is, no. Out there in the world there are many people who do not have the help of an expert, or failing a respected crypto news page like this. They are practically alone, and could easily fall into the wrong hands due to lack of experience.
Not all baghouses are the same. Large exchanges such as Binance and Coinbase invest hundreds of millions of dollars annually to keep their infrastructure safe. From secure equipment, networks, procedures, personnel, risk monitoring, Big Data, AI, training, research, testing, partnerships with third parties and even global law enforcement relationships in different jurisdictions.
It takes a significant amount of money, people and effort to make security properly. Smaller exchanges simply do not have the scale or financial means to do this.
So we recommend that you use only those super recognized. Or at least, don’t put all your hodls in a small crypto simply because you want to support the project. In the course of history, many crypto users have been scammed by exchanges. They collect some deposits and run away with their funds. For this same reason, stay away from “unprofitable” exchanges or exchanges that offer 0 rates.
Secure and validate your account properly
First: Keep your computer or mobile phone safe
It is your computer or your mobile phone the window to the digital world, and also to your crypto digital economy. If you can, use a dedicated computer and smartphone to access your account in the crypto exchange.
Also Install a commercial antivirus software. Turn on the firewall to the maximum, and if you can encrypt all information. For example, Apple computers allow you to do it by default.
Yes, it will be a bit expensive, but it is better to avoid a bad time.
In addition to this, avoid minimally connecting to the Internet and much less downloading files or inserting USB sticks. And another tip is to keep your software with the latest update available; These usually solve security problems.
Second: Protect your email
It is in your email that many of the communications with your crypto exchange will take place. It will also be used for procedures such as password change request, permission to withdraw money from your wallet in the exchange, and much more.
Therefore, we recommend using Gmail. Which is the safest email service today.
However, it is recommended to create both an address and a password that is difficult to guess. Please, do not be key as your name and date; and on the other hand, that is not the same crypto exchange key; Well, if you lose one for a hack, you can recover another.
Use passwords with combinations of upper and lower case, with numbers and special characters.
Third: Activate 2FA
We strongly recommend that you activate the 2-factor or 2FA authentication method in your crypto exchange account. Since the 2FA code generally lives on your mobile phone, you can protect it to some extent against a compromised email and password.
Like everything in this life, nothing is 100% safe, so if your phone or PC has been compromised, the app may also have been the victim of an attack. Therefore, it is important to comply with all the recommendations on this list in the best possible way.
Fourth: Do not use SMS services to log in
There was a moment in history that this was certain; But times have changed. SIM card clones have proliferated around the world, allowing the attacker to receive the same SMS as you.
In addition, governments can easily triangulate between you and your wallet. What is the joke of wanting to get out of the vision of a regulatory body; with possible bad intentions; If we can be easily traceable.
Fifth: Use the trust withdrawal wallets feature
One of the favorite options is to set up a list of trusted wallets, which will be the only ones that can withdraw money from your exchange. At least, the big crypto exchanges like Binance and Coinbase have this service.
Sixth: Complete the verification of your account
One of the best ways to keep your account secure is to complete level 2 of KYC. In this way, exchanges will know how you look physically. Then in case of emergency, automated video checks could be used.
But, of course, this is not the favorite option for many. Well, even if it is a critical exchange, you are still giving your personal information to a third party. But, there is nothing perfect in this life; and you have to give up certain things for safety.
In cryptocurrency.com we have compiled the advice given by Binance CEO Changpeng Zhao to keep your SAFU funds. If you want to be more aware of your safety, we recommend this series of 3 contents.