Cryptocurrency, as much as cash, is prone to theft that you might have already heard of stories involving fraudulent transactions. It is for this reason that crypto exchanges have built a web fortress that would keep your investment safe and secure. Still, you should be vigilant along the way.
No false pretences
The chances are that you will have to get to know your crypto exchange before handing out your money for some digital coins. As soon as you do, it would also return the favour by looking into your digital fingerprint. That means you should not be alarmed if the crypto exchange would inform you from time to time about your account activity should one qualify for being suspicious. It might be monitoring your IP address to ensure that nobody else is using your account.
Take, for instance, your experience with Google Mail. It will send you a notification to verify if you have logged into your account using another device. And you can readily block the device should it not be among the ones that you have been using. With so many hackers looking for a window to commit fraud, this function could save your coins from these pirates.
More than your password
While your password can be a reliable form of protection, it might not be enough these days when hacking is rampant. This is why there is the so-called two-factor authentication being implemented by digital service providers. Of course, you are already familiar with this one. Haven’t you used a one-time password in your latest financial transaction? It is an authentication password sent to the account owner through text or email used to confirm a transaction.
Yes, you may need to spend some more time to authenticate your transactions but rest assured that it is all worth it. To be able to save time, these crypto trading platforms are wired to provide instant OTP. You can have the codes within a touch so that you can readily input them into your account to finalize the transaction. Consider it as a small favour that is worth the consolation after all.
Better cold than a hot one
The difference between a hot and a cold wallet could be best explained by the popular crypto heist in Japan. Perhaps you might have encountered the story of Coincheck, where hackers went away with $534 million several years ago. The assets were vulnerable as they were stored in a hot wallet that can be accessed through the internet. Unfortunately, the thieves were able to figure out and exploit this vulnerability.
It is important to know if your crypto exchange makes use of a hot or cold wallet. This should make or break your decision whether to create an account or pass on this crypto exchange. A cold wallet has private keys being kept off-line in a device. For this reason alone, you would be better off with a wallet that is not always online. At least, this would not sound inviting for those with evil motives.
Day and night within reach
Not like your cold wallet, your technical support team should be online 24/7. This way, you will not be left hanging whenever you need help. The manner of assistance should be responsive enough to resolve your problems right away, such as the ready protocols provided by crypto exchanges. For one, your customer service representative should be able to block any access in your account should you have encountered unauthorized withdrawals.
One phone call would be ideally enough to settle your concerns. After some verification of personal information, you may raise your issues right away. The critical point for crypto exchange services is to be able to provide competent representatives that would be responsive to your needs anytime and anywhere. This holds true, especially in cases when you need to raise security issues and concerns.
Given all these, crypto trading platforms are able to provide reasonable layers of security in buying and selling coins online. Remember these important security measures such as IP monitoring, two-factor authentication, cold wallet, and 24/7 customer assistance. And you will never go wrong with these security advantages.
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