Cryptocurrency transactions always carry risks. But the matter is not only in unstable price or wrong trading decisions. As with bank accounts, bitcoin wallets can be the target of scammers and hackers.
Cryptocurrency exchanges use different levels of protection against hacking and theft, but despite this, it is important for the user to secure their account as much as possible. There are a few simple steps that can help prevent theft of your funds:
Use a long complex password.
Do not use the same passwords for different accounts.
Make sure that your device is free of viruses or suspicious programs.
When registering and entering your account, make sure the address of the website is correct.
Enable two-factor authorization
Let's take a closer look at two-factor authentication (hereinafter - 2fa). This is an additional level of security for your account on the exchange, which ensures that no one except you can log into your account, even knowing your password.
Platforms offer different types of 2fa. For example, sending a code via email or SMS, special applications such as Google Authenticator or biometric devices.
What kind of 2fa is best to connect? Your choice primarily depends on the authorization methods available on the exchange.
The least reliable methods are sending a code in SMS and security questions, because it’s easy for scammers to get this information. Therefore, it is better to use applications or special biometric devices. The last one, unfortunately, is not yet so actively distributed.
Now consider how to enable 2fa. As example, let's take a 2fa activation process on the Dex-Trade exchange.
In order to enable 2fa log into your account and click the “Profile” button. And if you have not registered yet, you need to create an account, usually it takes only a few minutes. Learn how to create account in few clicks here.
Go to the “Security” section.
There are 2 types of authentication available on Dex-Trade:
Authorization through Google Authenticator
Choose a more convenient option for you. You can switch to another one anytime.
To activate authorization via email, click “Enable”. Then you will receive an email with a pin code. Paste 2fa code in the appropriate field. Now, every time you log in to your account, a new authorization code will be sent to you.
To log in using Google Authenticator, click “Enable”, then follow the instructions.
With this type of 2fa it is important to save the backup code! It is located under the QR-code. Copy it and store it in a safe place, because you will not be able to restore your account if you lose the 2fa code. Also, you will not be able to get the code for 2fa authentication again.
If necessary, you can disable 2fa. For the safety of your funds, we do not recommend doing this.