Top 5 ways to secure your account on an exchange
- Choose a long and complex password
Choose a secure password. This is of pivotal importance. Ensure you have a long and complex password that includes letters, numbers and symbols. Remember that hackers can make use of specific software that tests possible character combinations to find your password and gain access to your account. A long and complex password will make it very difficult for the software to find your password. For example, IeTHrioJ@280In3D.
Furthermore, use a reputable password manager to store your passwords.
- Have a different password for every account
It might be easier to remember one password for various cryptocurrency exchanges, but it is not very secure. It is best to have a different password for every account. For the simple reason, that in the event a hacker hacks your account they can get access to all your accounts if you used the same password.
- Get good anti-virus software
It is a good idea to have one device that is dedicated to cryptocurrencies. This way you will minimise certain malware that could give hackers access to your device. Furthermore, upload good anti-virus software to your device. Then run your anti-virus software once or twice a week to ensure there are no nasty bugs on your device.
- Activate Two-Factor Authentication (2FA)
The minute you register on any cryptocurrency exchange you should activate the 2FA. Activating the 2FA on your cryptocurrency exchange account will make it increasingly difficult for hackers to gain access to your account. The best way to do this is to download the Google Authenticator on your smartphone and simply scan the 2FA barcode from your cryptocurrency exchange account. Every time you want to log into your account, the exchange will ask for the 2FA. Simply type in the number supplied by the app. Remember that the number changes every 30 seconds.
- Bookmark the site
Phishing sites are popping up left, right and centre. Phishing sites pose a real threat to crypto traders since it leads you to a fake site and gets you to type in your account details. Through this phishing site, hackers can get access to your exchange account since they have your account details. Majority of phishing sites look almost identical to the site they are trying to copy and it is easy to fall for the scam. The best way to avoid falling victim to phishing scams is to bookmark the exchange website URL on your browser address bar.
AltCoinTrader is your trusted partner in crypto trading. Security features include email confirmations, verification procedures and checks in order to protect your funds. Once you log into your account, you will receive an email with the exact date, time and IP address of the login. This way you will be alerted if an unauthorised party gains access to your account. Be sure to bookmark the AltCoinTrader.co.za page.
In conclusion, there are many scams doing the round such as the recent WhatsApp Stokvel scam. The ponzi scheme promised unusual high returns for a mere investment of R200. Bottom line is if it looks too good to be true, then it probably is.