The interest in cryptocurrencies and their trading is increasing day by day. Millions of transactions are made on CEX (centralized exchanges) and DEX (decentralized exchanges) every day. People buy, sell, and store cryptocurrencies. With increasing interest and value, indispensable priority for security comes into prominence in this field. Now, we will refer to crypto security and explain how to secure your cryptocurrency account in this article.
How can you keep your crypto account safe? 8 Basic Steps For Cryptoassets Security
There are eight basic steps for cryptocurrency security. Let’s explain in order:
1 – Choose a Strong Password
First of all, the most important step for cryptocurrency security is a strong password. It is the most prevalent requirement for every account opened on the Internet. So, you must create a strong password when opening your cryptocurrency account. Then, your password must consist of upper and lower case letters, numbers, and characters. You should be careful. Furthermore, keep in mind not to use dates of birth and ordinal numbers. Of course, after creating a strong password, do not forget to change these passwords periodically.
2 – Use 2FA
It is known as two-step verification. Certainly, it provides extra security. CEXs support 2FA. Thus, you can complete 2FA by using your phone number or your e-mail address. If you have 2FA in your account, you need to verify the code via SMS or e-mail. For this reason, we advise using 2FA for safety.
3 – Check the Devices and IP Addresses That Have Access to Your Account
The devices accessing your account are registered by CEXs. In other words, you can know the devices accessing your account. You can find it in the device management section of the CEX application. If there is a device and IP address that you do not recognize, you should remove it immediately.
4 – Manage Your Withdrawal Addresses
On the other side, address management is one of the other cryptocurrency security features in CEXs. With this feature, you can determine which wallet addresses can make transactions in your account.
5 – Be Careful Against Phishing
Phishing is one of the methods that malicious people use for accessing your personal information without permission. Phishing is literally is when attackers attempt to trick users into doing ‘the wrong thing’, such as clicking a bad link that will download malware, or direct them to a dodgy website. For example, an e-mail is sent to you by scammers. This e-mail address is an indistinguishable analog of an account/website where you enter your personal information and passwords. Do not click on any link without being sure that is coming from the right place. Usually, CEXs have anti-phishing features. That’s why we strongly recommend you to make these features active.
6 – Use Universal 2nd Factor (U2F) Authentication
There are validators on the market that are U2F compatible. In other words, you can increase your cryptocurrency security measures through these devices. Thus, you can access your account via devices. It is similar to Google verification.
7 – Follow Application Programming Interface (API) Security Principles
If you want to make crypto transactions through the API, at first, you need to be careful. You should follow the security principles of platforms that offer API features. If you use the API, it’s essential to limit access by IP addresses and change your API keys regularly.
8 – Choose a Safe Exchange
If you want to trade on CEX or DEX, you have to trade on a safe exchange. It is essential to prefer stock markets that have proven reliability. For CEXs, you may prefer exchanges that require KYC verification. For DEXs, you should check whether they are audited by a reliable source or not. You should also be aware of the DEXs address is correct not a fake.
In conclusion, keeping your crypto account safe should be one of your top priorities. You can increase cryptocurrency security by following simple steps. If you haven’t made these security settings yet, please remember to complete them first.