The power of cryptocurrencies is in their security and ease of transferring from one peer to another. The underlying technology, Blockchain technology, promises security and poses difficulty to hackers trying to make changes to it.
While the Blockchain makes it impossible for hackers to alter your wallet balance or alter transaction details on the Distributed Ledger, it doesn’t provide an impenetrable security system for users. Surprisingly, the risk is at the user’s end and can be mitigated by following simple steps to add layers of security to your account.
The responsibility of securing your account on CoinDCX is a shared one. While we strive to keep your account and digital assets secure with the best practices in the industry, it is helpful to familiarize yourself with some basic security practices.
Add an additional layer of security to your CoinDCX account with 2 Factor Authentication. This will ensure that an anonymous hacker would need access to your Google Authenticator as well as your login information, to login to your account.
Following are the steps for activating Google Authenticator for 2FA on CoinDCX:
- Login to your KYC verified CoinDCX profile
- Visit your profile by clicking on drop down button on right hand side top
- Under Profile Overview/Account Security you will get the option of activating “Google Authenticator for 2FA”
- Click on “Bind Google Authentication”, then there will be a 4-step activation process
- Download the App from the link given there
- Copy the secret key for next step
- Scan the bar-code using your Google Authenticator Mobile App (Open the app, press on “+” button & then select “Scan QR Code” option. (Alternatively, you can “enter the secret key” that was copied in previous step)
- After this enter your CoinDCX password, secret key & 6-digit security code from Google Authenticator Mobile App
2. Login only from known devices and browsers
It is highly advisable to avoid using devices and browsers that are accessible to multiple users. Browsing highly sensitive content such as your wallet, or logging in to a digital assets exchange should only be done on a device that belongs to you, on a network that you trust. Data can easily be stolen from your colleague’s phone, a public computer, or public WiFi at a coffee shop. Be careful of what you choose to plug in to your devices. Malware can be spread through flash drives and external hard drives.
3. Refrain from saving password or using suggested passwords
When you use suggested passwords, they are prone to theft, as most malware and suspicious plug ins will collect information from your password manager. It is advisable to avoid saving password on unrecognized devices and changing it every 30 days.
Among other security practices, ensure that you set a sound password (complete with upper and lowercase alphabet, numbers and at least one special character).
4. Be aware of email attachments and malicious extensions
Take another look at that suspicious attachment in your email. If it’s from an unrecognized person or institution then avoid clicking on it or downloading it. When you download malware, your privacy is compromised. Your login credentials, and all sensitive information like card info, stored on your device or browser is compromised.
We recommend bookmarking the login page of CoinDCX, to avoid clicking on a misspelled URL that shows up on running a Google search.
5. Don’t link your API to unknown exchanges
Link API only to known exchanges. When you set up API trading for CoinDCX, ensure that you store sensitive information like your secret key and login credentials securely on recognized devices.