How to secure your online trading account

Vladlena Martus 2022-08-05

 How to secure your online trading account

All participants in the process of trading and investing in cryptocurrency know that the volatility of the exchange rate, the vulnerability of assets, fraud, and scams have led to a distrust of potential market users. After another scam scheme or scam project gets into the media, people are afraid even to get a meter closer to the topic of cryptocurrencies, to say nothing about training and starting trading.

Frauds and scam projects are easily detected, and funds on accounts in various cryptocurrency trading platforms are protected in every possible way. We live in the 21st century – this is the obligation for cryptocurrency platforms.

Cryptocurrency occupies a considerable place in the market. Also, it has every chance of becoming a payment method for services worldwide, not just in some countries or companies. We made a fabulous blog about what you can buy for cryptocurrency and where to do it. You can read it here.

With the popularity of cryptocurrencies, fraudulent schemes to steal user assets will also grow. Therefore, you should not be afraid to learn how to deal with cryptocurrency or quit halfway through, but remember to deal with the threat of fraud and protect your crypto account as carefully as possible.

We have prepared important account security tips for you: old and trusted, as well as our own, which can help you protect your account more effectively. Use them all wisely!

Again, we want to remind you that trading cryptocurrencies are a risky thing to do. 

Be attentive, protect your assets carefully, choose a reliable trading platform and beware of scams. Wisebitcoin will help you with this, so follow our recent and new articles here!

Password issues 

Try to create a complex and unique password with at least eight characters containing uppercase, lowercase letters, and numbers. 

Do not use common phrases, such as your name, date of birth, mobile phone, etc., easily obtained by others. For example, Bhex123456, abc123456, and 1999238 are not recommended passwords; it is recommended that you set the password like this: Bjebic@132owu, han&23214, [HDU346c, etc. Hackers most often use special equipment to crack passwords. They can easily find the right combination to access your account.

Use a reliable password manager if you find it difficult to remember your password and don't want to keep it visible.

Try not to set the same passwords for different accounts. Avoid this risky step, as scammers will easily access your other personal accounts, perhaps even your bank card.

After the password is set successfully, you can change the password periodically to enhance account security.

Another reminder from Wisebitcoin when setting a password: 

  • Set up the password on your personal computer or devices, and avoid using public computers as they face a higher risk of the password being stolen or hacked; 
  • Please do not connect to a public wireless network, and it is easy for hackers to steal the transmitted data.


SMS and other authentications

SMS messages have become a relatively popular method of receiving to confirm the entry into an account or perform any operations with assets on statements. However, SIM card abuse, theft, new phone number access schemes, and the availability of duplicate SIM cards have exacerbated the situation. Now you do not want to trust SMS messages.

Experts advise trusting open source authentication apps, like Google Authenticator. Your exchange sends the code to the app; this code changes every 30 seconds to ensure no scammer has time to intercept it and get to your funds, even if they have access to your SIM card.

Another reminder from Wisebitcoin when setting a 2FA: 

  • We recommend you to bind Google Authenticator, a dynamic password tool that generates a valid 6-digit verification code every ten seconds. It would help if you used the phone to scan or manually enter the the16-digit key provided by Wisebitcoin and enter the 6-digit verification code displayed on the Google Authenticator to complete the binding process. After successful bound, you will need to enter the 6-digit verification code on the Google Authenticator each time you log in;
  • Also, keep a copy of the two-factor authentication QR Code or 16-digit key. Do not store it in your mobile phone after the screenshot, or store it in a frequently used electronic device to avoid the password being stolen by others when the device is lost. Avoid using public networks and networks which have security risks. Ensure the uniqueness of your password, creating new passwords that are not operated by other services;
  • The general user guide of Google Authenticator is explained in the FAQ section of 'Setting of Google Authentication.'


Personal issues 

Try to protect your data from people, even loved ones. It's not a matter of distrust but mistakes, absurd accidents, or set-ups from outside. Be careful. Keep your privacy because money, assets, and other material values are at stake. 

Leave your savings behind the door of your code, and don't expose your relationship to conflicts over access to any account.

KYC limiting

Try to restrict the use of personal data from KYC information by the banking system or exchange platform. KYC contains the date of birth, address, contact number, email address, etc. This is all information that you should guard and keep as private as possible.

Crypto wallets securing

Crypto wallets are an essential part of a secure account. While hot wallets are connected to the Internet, they are generally vulnerable and easy to hack. Cold wallets that work offline are more secure. Hot wallets can be free if it's open source and paid if they are commercial. Cold wallets are always paid for.

Be careful when it comes to choosing wallets. Try to read all the pros and cons of specific offers available on the market.

Make sure you turned on the alerts

This is the most efficient way to know if someone is trying to steal or use your data. Account activity alerts will provide information about account logins, failed login attempts, password changes, money/securities transfers, and more.

Beware of phishing 

Fraudsters often lure their victims through great deals, discounts, email, and private messages. You follow the sent link, get to a familiar site, enter data and ... lose it. Turns out it was a phishing site posing as a real site for a platform, wallet, website, or other things.

Prevent the computer from getting viruses and Trojans

Another reminder from Wisebitcoin when securing your PC, laptop or phone: 

  • Regularly check your devices with antivirus software;
  • Do not share account information with anybody and do not open any attachment from an unknown source;
  • Contact the customer service of the platform you use to help you with security problems;
  • Uninstall plug-ins or unknown third-party software.

To sum up

To sum up, we looked at the most common tips or tricks in protecting accounts from fraudsters. We hope you don't have to deal with scammers, but life is unpredictable. Just follow the rules for protecting personal data, and you will be fine!

Wisebitcoin, in turn, offers the highest level of protection for user accounts. As more and more opportunities to use cryptocurrency appear worldwide, the number of scammers who dream of getting your assets will also increase. We are ready to give you the most current and secure conditions for cryptocurrency trading, especially during crises and widespread frauds. 

Our customer support will always be ready to solve any issue, answer any question and give you any recommendation you need. Just don’t be shy to ask!
We also not only provide our traders with a convenient and intuitive platform for secure trading but also talk about important events in the world of cryptocurrencies. Thus, for example, we recently published a text about the best and most promising cryptocurrencies worth investing in 2022. Check it out if you plan to invest in crypto soon.

Follow the Wisebitcoin website for more details and be ready for every circumstance in the world smartly!