Securing your Cryptos (2) - Securing access to exchanges

mix1009 (48)in #cryptocurrency • 8 years ago (edited)

Even though you should keep most of your cryptos in your local wallet, you have to use an exchange to purchase or sell your crypto. As of now, most exchanges are centralized. They own the private key and if something goes wrong you could loose your crypto. Exchanges can get hacked, but your account also can be hacked. Here are some tips to make your account safer. Remember it isn't 100% safe.

Never share your passwords between exchanges and websites. I recommend using a password manager and generate unique secure password using the password manager.
Enable 2-factor authentication. SMS authentication is not safe. Use Google Authenticator(or compatible app) if possible.
Bookmark your exchanges and NEVER use google search to find exchanges. Scammers are placing ads to fake exchange sites. Using a password manager also helps, because if you are accessing a fake site, the password manager will not fill the user id/password automatically.
Withdraw cryptos and fiat from exchanges if you are not actively trading. Store most of your cryptos in your local wallet.

Also backup your authenticator. If you loose your phone or it breaks, you'll not be able to access exchanges easily. It takes weeks and sometimes months to disable your authenticator. Get a backup authenticator device(iPad or old phone), and store your authenticator codes also on the backup device. Google Authenticator(at least on iOS) does not restore codes from a backup. So if you are getting a new iPhone, plan ahead. I take screenshot of every authenticator codes and store it safely(encrypted) just in case. Make sure only you can access it!

Here's a post about Google Authenticator with more details:
https://steemit.com/cryptocurrency/@mix1009/google-authenticator-and-ios-backup-restore

Are decentralized exchanges safe? There were some hacks and attacks on etherdelta. I don't think it's safe for now, and the volume is not there and user experience is lacking. I think we need some time for decentralized exchanges to mature.

I use https://www.lastpass.com/ as my password manager. There are many password managers. Make sure you use a strong master password whichever you use.

Photo from https://www.pexels.com/photo/ethereum-and-bitcoin-emblems-730569/

#crypto #bitcoin

8 years ago in #cryptocurrency by mix1009 (48)

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three14159 (38) 8 years ago

Thanks for the post, most people don't understand the importance of keeping their assets secure.

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1 vote

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memesteemit (59) 8 years ago

Thanks for the information.

The best part of this post, which I was not aware of, was the part about Google Authenticator. I will be backing up on my iPad as soon as I get done with this comment.

Here I go!

Thanks again.

$0.58

1 vote

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