fbpx

3 Security Essentials To Protect Your Crypto Account

Categories:

Crypto is money, and your crypto is your money. So no matter the amount is large or small, it’s first your responsibility to protect your own assets. Today we’d like to share with you 3 security essentials to help protect your crypto account.

Set A Strong Password

Do you know that if you can memorize your password then it means your password is not strong enough? Unless you have a photographic memory.

To create a strong password, you can use Strong Password Generator.

  • Password Length: 20 or above
  • Include Symbols: e.g. @#$%
  • Include Numbers: e.g. 123456
  • Include Lowercase Characters: e.g. abcdefgh
  • Include Uppercase Characters: e.g. ABCDEFGH
  • Generate On Your Device: do NOT send across the Internet

Please save your passwords offline, print it out or write it down and keep it in a secure place that only you can find.

For frequent crypto traders, you might want to keep a digital copy of your passwords online, please be very careful where you save it and who has access to it.

2FA

Two-factor authentication (2FA) is an essential online security measure that most crypto exchanges would provide. It is a One-Time Password (OTP) generated by a hardware token device or software token application, or sent via a Short Message Service (SMS) to your mobile device.

At DigiFinex, 2FA is done by Google Authenticator. After you login to DigiFinex, please go to your “Account” page and look for “2 Factor Authentication” on the menu.

It shows a QR code for you to scan with your mobile device camera and install Google Authenticator. If you have already installed it, just click “Next Step“.

Now, on your Google Authenticator, tap “+” to scan the QR code on your computer screen, it will add DigiFinex to your Google Authenticator app and start generating a 6-digit code that refreshes every 30 seconds. Then go to “Next step.”

Here you will need to send yourself an email verification code, get it from your registered email, enter this OTP within 60 seconds. Then, enter the 2FA code on your Google Authenticator.

Select “Use 2FA for login” and voila, your 2 Factor Authentication process is complete!

Use A Cold Wallet

As secure as any crypto exchange could vouch to be, cyber attacks are still an ongoing threat. Instead of leaving your crypto assets online, and not being able to control your own private keys, it’s always wiser to keep your precious crypto offline – in a cold wallet.

According to Coinswitch, the 3 best hardware crypto wallets in 2019 are:

Ledger Nano S

Ledger Nano S is a USB sized crypto hardware wallet which supports more than 40 cryptocurrencies and can integrate with multiple software wallets . It works like a USB device, which after connected to the device needs the device to confirm the transaction. It is unique in terms of its security and uses.

Pros: It is very safe and can run multiple apps, is relatively inexpensive, unhackable and malware proofed.

Cons: It’s not free.

Price: 99 SGD for Ledger Nano S; and 189 SGD for Ledger Nano X. Accepts payment in crypto with payment service provider BitPay.

Trezor

Trezor is a hardware altcoin wallet which also acts like a USB device, it operates mainly on “Zero Trust Approach”, which prevents the compromise by a third party.

Pros: Trezor is protected by a password or a PIN and provides you with recovery seed if your wallet is lost. It has an easy-to-use interface.

Cons: It limits its communication with other devices and when the USB device isn’t connected, it turns off.

Price: 59 EUR for Trezor One; and 149 EUR for Trezor Model T. Accepts payment in crypto such as Bitcoin, Litecoin, Monero.

KeepKey

KeepKey supports over 40 cryptocurrencies, see the list here.

KeepKey gives you:

• PIN protection against unauthorized use

• Additional passphrase protection

• Customizable transaction speeds

• Limitless wallet addresses on one device

Price: 49 USD. Does not accept payment in crypto yet, strangely.

So, besides setting a strong password, using 2FA and cold wallet, what other security measures do you think are important to keep your crypto assets safe? Share your thoughts in the comment below. Cheers 🙂

To buy cryptocurrencies such as Bitcoin, Ether, Litecoin, Bitcoin Cash and XRP, you can visit our website at DigiFinex. For a handy guide, please read our blog post here.

You can share this post on

Share on facebook
Share on twitter
Share on telegram
Share on whatsapp
Share on reddit
Share on linkedin
Reletad Post

DigiFinex Will Support ETH Potential Hard Fork and list ETHS and “Candy” Token

From 2020 to now, many public blockchains such BSC, Solana, Polkadot, and Avalanche raced to take over ETH’s users and market. Their advantages on low gas fee and quick transaction time made ETH eager to release effective Layer2 program to expand the capacity. Since Arbitrum was released, its ecosystem grew up rapidly and already owned many mature and popular featured projects on different race tracks.

Arbitrum Project Introduction

From 2020 to now, many public blockchains such BSC, Solana, Polkadot, and Avalanche raced to take over ETH’s users and market. Their advantages on low gas fee and quick transaction time made ETH eager to release effective Layer2 program to expand the capacity. Since Arbitrum was released, its ecosystem grew up rapidly and already owned many mature and popular featured projects on different race tracks.

Polkadot, the King of Cross-chain Explained

What is Polkadot? Polkadot is a heterogeneous blockchain founded by Gavin Wood, former CTO of Ethereum, is an impeccable blockchain project that is perfect in every sense. Its founder, Gavin Wood, is the author of the Ethereum White Paper and the person who knows the defects of Ethereum at heart. Polkadot was founded with the idea to solve Ethereum’s shortcomings and replace it as the “King of the Public Chain”. Read to find out more!

Fil Mooned Right Away After I Sold It. Am I One of the Weak Hands?

“Fil mooned right away after I sold it. I am the weakest hand in the crypto world.” said one of my friend who has been trading cryptocurrency for many years. He is a user during the public sale and bought FIL at the price of $2. After the FIL is unlocked, he sells coins wildly every day. But even so, he still hates the slow process of unlocking, so he directly sold all the publicly purchased Fil at the price of dozens of dollars.

%d bloggers like this: