logo academy

Crypto Exchange: How To Secure Your Account

December 27, 2021
6 min
Crypto Exchange: How To Secure Your Account
Beginner
You will learn

    Let’s walk through the first steps in securing your account on a crypto exchange and protecting your cryptocurrency wallets.

    Opening an Account on a secure Exchange

    To get started in the vast world of cryptocurrencies, one of the first fundamental steps is to create a wallet in which to store and manage your coins. You can choose a cold wallet or, as in our case, one that is integrated into a secure cryptocurrency exchange such as Young Platform.

    Creating an account is very simple, it is a process that can be compared to opening a bank account, but the bureaucracy and length of the process are considerably less.

    Safety and Cryptocurrency

    In our everyday lives, we unconsciously take small steps to ensure that our money (banknotes or bank account) is not lost and is as safe as possible from criminals.

    For cryptocurrencies, too, we need to take some small precautions and make them a habit, but they are different and depend on the way the blockchain works. The key feature to know is that every transaction made on the blockchain is irreversible, but we will find out more in another article.

    Using the wallet of a secure cryptocurrency exchange like Young Platform is a good choice to start with because it allows you to not have to worry about your private keys – which need to be kept secret and are not recoverable if lost – and simplifies transfers on the blockchain.

    As with any site and any online account, however, security precautions must be taken.

    A strong password

    The first thing you can do to protect your account is to choose a password that is as strong as possible and not linked in any way to your personal information (name/surname, date of birth…).

    It is also strongly recommended to use a different password for each online account, because in the event of a breach of your email address, it would be very easy to access any of your profiles.

    You can see if your email address has ever been hacked from this site.

    To prevent this annoying eventuality, there are some best practices to follow when creating a password:

    • At least 12 characters – there is no minimum password length that everyone agrees on, but generally speaking, you should choose a password with a minimum length of 12-14 characters. A longer password provides greater security;
    • Must include numbers, symbols, upper and lower case letters – a combination of different types of characters makes the password more difficult to crack;
    • Do not use familiar words – avoid dictionary words and combinations of them. For example, ‘yellow’ is a terrible password, but the combination ‘yellowred’ is also bad;
    • Don’t use substitutions – e.g. ‘yell0w’ is not strong just because you replaced an o with a 0;

    Since the password that comes out will probably be too difficult to remember, you can write it down and store it properly or use a secure password manager.

    2-Factor Authentication

    Two-factor authentication (2FA), also known as “strong authentication”, is one of the most robust protection systems we have today for managing our Internet accounts.

    The password advice given above is very effective, but does not protect us from a well-done data breach.

    Data breach

    A breach of security resulting in the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of or access to personal data transmitted, stored or otherwise processed.

    The 2FA gets right in the middle of this issue, offering an additional layer of security to the password.

    The operation is as simple as it is effective: after entering the password (first factor) of your account, you will be asked to enter a second factor, which in most cases is a numerical code. This second factor is usually obtained via smartphone (in the form of a text message or via a special application such as Google Authenticator) or via email.

    Unlike the password (however robust it may be), the second code is actually unassailable, because it is generated pseudo-randomly according to a specific algorithm and has a very quick expiry (usually 30 seconds). The code is often also called OTP, or One Time Password, precisely because of its very short validity.

    The second factor, however, can also be a unique physical characteristic of ours, e.g. the fingerprint reader on smartphones or the FaceID used on iPhones.

    This type of authentication is generally available on mobile apps as an alternative to a PIN. Young Platform’s app also uses this convenient technology, while the classic 2FA code is required from the desktop.

    KYC a.k.a Identity Verification

    Crypto exchanges are required by law to verify their customers’ identity, hence the acronym Know Your Customer (KYC).

    In addition to being required for legal reasons, a verified Exchange account increases the security of the account holder as it makes it possible for the real owner to recover their login credentials. Having verified the account beforehand makes it much easier to ascertain the identity of anyone seeking assistance at a later date.

    With Young Platform, the process is quick and easy – just a few minutes and you’re up and running!

    • Take an ID: ID card, passport or driving licence.
    • Upload 2 photos of the document: one front and one back. You can also shoot directly from your phone
    • Take a selfie

    In 5 minutes the verification will be automatically completed.

    You can also increase your verification level to move larger sums of money.

    Related