3 Easy Steps to Secure your Crypto-Currency Trading
Many folks are now venturing into the BTC and Alt-Coins/Crypto-currencies business to edge a living and make some extra cash. Many new comers to this space are influenced by the sudden boom in the Crypto-Currency and Bitcoin that have seen prices soaring to all time highs. Trading in Crypto-Currency and BTC has been so much easier with the licensing and cropping of many Exchange Platforms an business that offer a platform for trading. But be careful, you could end up loosing all your money through careless and callous handling of your accounts with the exchange and email. This article will list and show you some simple tricks that you can deploy to protect your Crypto-Currency and BTC as you signup to trade on an exchange.
Use a Secure Email Provider
Your email is your primary gateway into the exchange and alt-coin market. You need to have an email to signup for an account with any exchange. All transactions and account details for your exchange are sent to your email for verification. You must make sure your email provider is known, respected and offers very secure. Stories of Yahoo Mail user data being stolen and the frequent hacks are not encouraging to have an account with them. Also, if you have to use a domain email, make sure you have control of the domain. You could use your work email only to have it deleted by your employer.Try Gmail www.gmail.com ; or Proton Mail (https://protonmail.com/ ) if you want email that completely encrypted and secured.
Secure you Email and Exchange Account with a Secure password
Having an email from a secure email provider is no protection from the determination of attempt to access it, especially if you have a great amount of Crypto-Currency . Use a very secure and unique password for our email. Do Not use a password you share across other platforms. Let your email password be the most unique. If you use the same passwords across multiple internet sites, if anyone of them gets hacked, the hackers will be able to access your email and hence gain entry to your account. Life Hacker has a great way to choose and manage a secure password; http://lifehacker.com/184773/geek-to-live--choose-and-remember-great-passwords
Secure your Email and Exchange Accounts with 2FA
Two Factor Authentication (2FA) also known two step verification is an extra layer of security that is known as "multi factor authentication" that requires not only a password and username but also something that only, and only, that user has on them, i.e. a piece of information only they should know or have immediately to hand - such as a physical token or a unique code available only to you.
Make sure to secure both your Email and Exchange account with 2 FA. If only your secure the Exchange account, a someone crack your email and send a ticket and request your exchange to disable 2 FA and hence get entry into your account and vise-versa. You can read more on 2 factor authentication on Wikipedia; https://en.wikipedia.org/wiki/Multi-factor_authentication
You can use 2 FA in any of the following ways and methods;
- SMS; Get an SMS with a unique code each time you sign in.
- Voice Call; Get an automated Voice call with the Unique code
- Security Keys; a small device that connects to your computer via USB and generates unique codes for your accounts
- Mobile App; Apps that generate unique codes unique ti each account such as Google Authenticator
Many email and exchange accounts support and even encourage the use of 2 FA to protect your account and wallets. If you use the 2 FA, use one that makes use of an App such as Google Authenticator. This is because if you choose the SMS or Call Option of the 2 FA, and you travel out of your country and for some reason you are unable to get roaming services or they are too expensive, then you will be locked out of your accounts.
This are some simple measures to help protect your accounts on both the exchange and email so that your BTC and alt-coins portfolio is protected. If you would rather want to even make your coins more secure, consider getting offline wallets to store and encrypt on your computer. Also, note that if an exchange is hacked, as was wit MTGOX, then some of this measures may be in vain. Consider having offline wallets to store your BTC and Alt-Coins.
All the best as you venture into Crypto-Currency and BTC trading.
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@marzukibrain ,thanks again
It is very peculiar to me why people still use exchanges that require accounts, personal information and are holding people's assets. There are so many exchanges that don't need any of that. I almost exclusively use Switchain since it spits out a comparison of rates from a few exchanges all of which are anonymous and don't include an exchange holding onto your assets.