3 Security Essentials To Protect Your Crypto Account
By DigiFinex on Altcoin Academy
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 a 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.
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 log in 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 is a USB sized crypto hardware wallet that 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 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 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~