Security Tips & Tools for your account

The safeguarding and security of digital assets is our number one priority. It is important to stay vigilant in order to keep up with the best practices of keeping your assets safe. Just as you take steps to protect your physical property, it is your responsibility to protect the privacy of your own digital information.

The ICONOMI platform already provides you with several security measures and with this post you’ll gain important information about the security measures YOU can take to keep your account completely protected.

Use a strong password

Creating a strong password is the first step towards keeping your account safe. Here are some tips on how to create a strong password for your ICONOMI account:

  • Choose a unique password, which you don’t use for any other account.
  • Make sure your password is long. It should include a lowercase letter, an uppercase letter and a special character.

Since different and complex passwords are hard to remember, we suggest you use a good password manager (for example LastPass or OnePass). Password managers store your login information for all the websites you use and help you log in to them automatically. They encrypt your password database with a master password — the master password is actually the only one you have to remember. Best practice would be that it’s a sentence (20+ characters) that you memorise and that only makes sense to you.

Enable Two-factor authentication (2FA) for your account

A password alone is no longer enough to keep your account secure. What 2FA does is upgrade your safety by using not only 1, but 2 factors to identify the individual. Simply put, when you access your ICONOMI account (with your name and password), you’ll also need to provide your own 2FA verification code (6-digit one-time code, randomly generated in short time intervals).

You can enable 2FA on the ICONOMI platform by clicking on ”Two-factor authentication” under the ”Account” tab. Then simply follow the on-screen instructions!

Please note: Withdrawals are only possible with 2FA enabled!

2FA application over SMS

We have tested different 2FA options. At the beginning, we were offering two types of 2FA: using an Authentication application (like Google Authenticator app or Authy) or 2FA by SMS. Sending SMS codes to your phone to prove your identity is easy, but it’s the least secure method of 2FA. For this reason, we have disabled the 2FA SMS verification option for all new users, and we strongly recommend that users who are currently using 2FA SMS to switch to an Authentication app for greater security.

The 2FA application is very easy to set up:

  1. Download the Authentication application of your choice to your device/phone. For iOs and Android users we recommend:

Please note: 2FA applications like LastPass and Authy come in handy in case you lose your phone or switch your mobile device. They allow you to back up all your authentication codes in the cloud for easy recovery. For this reason we strongly recommend using 2FA applications like LastPass and Authy!

2. Log in to your ICONOMI account.

3. Click on the ‘Account’ tab in the top navigation bar.

4. On the Account page, choose ‘Two-factor authentication’.

5. Here you can see your 2FA status. Choose Enable 2FA.

6. Then open the 2FA Application on your mobile phone and scan the QR code.

7. Make sure you WRITE DOWN and SAVE or PRINT the Authentication key (16-character Authentication key) or QR code which you will receive during 2FA enabling process and keep it in a secure place so you can enable 2FA on another device later if needed (in case you change your application/device or your device has been stolen, lost, broken).

8. Next, enter the verification code from the 2FA Application.

9. Check your email and click on the ‘Enable 2FA’ button.

And you’re set!

Make sure to use 2FA everywhere possible — on the exchange, on your email, on your password manager, etc.

Have more questions about 2FA and ICONOMI? Check our updated Knowledge base!