New to crypto? Congratulations! Now, be safe…
Being relatively new to the world of cryptocurrency (I’ve only been looking into this stuff for a couple years now), I can relate to the noob experience of trading crypto – no judgement here! There are some things you should do to keep your funds as safe as possible. Sometimes all the security steps can be a little intimidating.
One of the best ways to keep your funds safe is with a hardware wallet, like a Trezor or Ledger Nano S. This probably isn’t necessary if you only have a few hundred dollars invested, but what about keeping your exchange accounts safe? These should be protected, no matter what!
Coinbase and other exchanges like Binance are becoming extremely popular apps. They are warning their many new clients that the best way to protect themselves from account hacking is with two-factor authentication (also called two-step verification). For a detailed break-down and step-by-step instructions on how to set this up, go to this link.
Two-step verification protects you from SMS hacks. Basically, what a sophisticated hacker could do is port your SMS number to be under their control and then hijack your account, spending potentially thousands of dollars on your connected accounts and draining any funds left in the account (again, store your funds elsewhere, like a hardware wallet). By using two-step authentication, even if your username and password are compromised, thieves would still need the additional step of your authentication to steal anything.
It takes about 5 minutes to set up by going to your Google account in your browser and installing the Google authenticator app on your phone. Be sure to keep the backup codes that will be given to you when you set it up, in case your phone gets lost or stolen. This is important – if you lose your phone, you could get locked out of your own accounts without these backup codes!
Take a bit of time out of your day to set this up. It really is worth the couple minutes of hassle to protect your funds!