How to protect your account when trading on a cryptocurrency exchange
Those who constantly work with cryptocurrencies know that the probability of hacking the service and losing all the clients’ savings is reduced to zero. However, it is still not worth losing vigilance, and each user is quite capable of securing his account on his own or at least make life a little more difficult for potential hackers.
Setting a two-factor profile authentication
This solution allows you to enter two keys to sign in to your personal account. The first one is a password, and the second one is a special code sent by email and SMS or issued directly by a crypto-exchange as a backup. There is absolutely no difference which way will be chosen in the end. The main thing is that the generation source is available to the user at any time. For example, if the cell phone is lost, the ability to receive the code via SMS will automatically stop working, so the second stage of verification will have to be canceled by the support service, and then re-connect in the personal cabinet. If you are using a Google Authenticator, you should save your backup code to restore it if you lose your phone.
Choosing a secure password
Like on any other website, you should choose the most secure password for your account which contains at least 11 symbols and consists of upper and lower case letters, digits and symbols. It should be changed at least once a year. Some crypto-exchanges offer a special password generator function at the registration stage.
Useful tips about how to secure your account on cryptocurrency trading platform
First of all, you should pay attention to regularly updates of your operating system, your browser and other programs, using so called security patches. With these updates you can minimize the probable threat from attacks by malware and viruses.
You should also limit your activities on public wi-fi using specialized software that creates a secure connection. You should not download pirated software, not only because it is against the law, but also because it may contain malicious software. Passwords and other login information should not be given to third parties. It is advisable to check the url beforehand, as phishing sites often mimic domains in order to force people to enter their personal data. You read about more security measures at https://cryptex.net/blog/en/.
You should not believe those scammers, who promise you gifts and prizes. You should be very careful with the letters from strangers, especially if they offer you something very interesting. You should not follow any suspicious links, or enter your personal information on unverified sites. Before downloading you should check each file, some hackers are able to infect your device using documents attached to an email. Attachments should be opened only after being scanned by an anti-virus or by using Google Drive, which will significantly reduce the probability of infection.
Is it possible to guarantee the security of a personal account, working on a regulated exchange?
Many people know how important to complete verification on a cryptocurrency exchange. This is the only way to guarantee that no “dirty” assets will appear on the platform for sure, which reduces the risks of unilateral account blocking. A legitimate crypto exchange should initially be used as the main protection for a crypto account. In this case, complete legality can be guaranteed.
When it comes to regulating a crypto-exchange, its activities are based on the current legislation. As long as the site representatives follow a list of clear rules set by the regulator, there is no need to worry about anyone interfering with operations.
Transparency and complete customer protection
The current legislation obliges crypto exchanges in most country to adhere to certain standards and security systems. In particular, each client must confirm their identity by going through a special procedure. This is the only way to guarantee the absence of “dirty” bitcoins on the crypto exchange, which is especially important for large traders and those businessmen who purchase cryptocurrency.
Extended support for fiat
Given that a legally functioning crypto exchange maintains a high level of security and demonstrates complete transparency, banking organizations work with it as well. Thus, it compares favorably with European countries, where banks are unwilling to get involved with crypto. As a result, the crypto exchange can offer fiat support, including the ability to open deposits and withdraw funds in different currencies.