Crypto Platforms

Important Security Tips Regarding Crypto Exchange

Choose A Strong Password

The first line of security against cyber-attacks while utilizing a crypto wallet is a strong password. Set unique passwords for various crypto exchanges sites, such as Facebook, email, and a cryptocurrency exchange wallet. Hackers will be able to easily identify you if you use similar passwords for different websites. Your information could leak, and hackers could gain complete control of your crypto wallet, including all of your other digital assets. For each service, create a password that is long, strong, and unique.

Secure Your Account With 2FA

Two-factor authentication, also known as 2FA, adds an extra layer of security to your wallet. You should enable 2FA on all of your exchange accounts to improve your security.

When you enable 2FA, you’ll be forced to provide both your wallet password and a one-time passcode (OTP) as a second form of confirmation every time you log in to your exchange. It will be more difficult for hackers and thieves to steal your money if they have to go through two-step verification before they try to access your account.

Never Share Your Private Keys

Your private key is the most critical aspect of any wallet, regardless of which one you use. Private keys are secret codes that enable you to move coins, sign transactions, and manage all of your funds in real-time.

And you can only keep your Bitcoin safe if you have control over your private key. That’s why having your hardware wallet, which allows you to produce and store your private keys, is critical. That is to say, anyone with your private keys can open your box and steal your bitcoins.

Backup Your Wallet

Once you’ve decided on a wallet for sending and receiving bitcoins, you’ll need to back up your wallet to safeguard your funds. Your backup allows the user to access their keys and gain access to their bitcoins if the device is lost, stolen, or broken.

This backup procedure is easy to follow. All you have to do is jot down a recovery phrase, which is a unique set of words. Keep in mind that you should not save your recovery seed on your computer.

Don’t use your phone to take a picture of your secret keys. If a virus infects your computer, the attacker will have access to all sensitive information on your computer, including your password and recovery phrase.

Is a credit card or bank transfer accepted by all crypto exchanges?

Credit cards and bank transfers are not accepted by all cryptocurrency exchanges, and some only accept such ways through specialized financial institutions, such as SEPA. Some cryptocurrency exchanges exist just to trade cryptocurrencies and so only accept cryptocurrency deposits and withdrawals.

Picking a top crypto exchange from our crypto exchange recommendations that allows you to purchase and sell cryptocurrency with fiat currencies like USD, EUR, GBP, or CAD is a smart idea.

Each cryptocurrency exchange will charge different fees for the various deposit and withdrawal methods they accept, so decide how you want to fund your account and whether you want to trade or hold your digital currency before proceeding.