Who wants to trade in cryptocurrency, does so via an exchange. These online exchanges claim to be completely safe, but how safe are exchanges really? Is it a good idea to park your cryptocurrency there?
Exchanges can be hacked online
It is good to realize that everything that happens online can be hacked. It often happens that hackers focus on crypto exchanges. A major problem for its users: if a hack succeeds, the entire stake could just go up in smoke.
It is therefore recommended that you consider the security of the account on the exchange yourself. That starts with learning to secure accounts and awareness of the possibilities with regard to security. From the neuer capital Crypto trading platform you can now have the smartest details about the same.
Enable two-step verification. Sometimes this is also called ‘2FA’: 2 Factor Authentication. This protects your account optimally. If you want to log in, you must also do this via a separate app or via an SMS code. That way you have to give permission twice to log in.
The advantage of two-step verification is that you must approve each login attempt separately. If someone tries to log in, you can refuse the attempt. After all, only you have the second code, which is required to complete the login attempt.
Safely store your cryptocurrency
You now know that saving online is not the safest method. That is why we recommend investing in an offline wallet. For example, consider the Ledger Nano S. This is a hardware wallet with encryption. You put your coins on it, and disconnect it from the computer if you don’t have to add it.
Such an offline wallet does have some contact with the computer. That is why it is important to protect the computer itself in the right way. That starts with a good malware and virus scanner. A good firewall should also not be forgotten. Of course we use strong passphrases for everything, but that is obvious.