When trading and transferring crypto, security is key. Discover essential tips on passwords, two-factor authentication, cold storage, and avoiding scams to keep your digital assets safe.
Protect yourself from crypto scams
There are several things to remember when trading and transferring crypto. The key lessons below will help educate and enhance your crypto knowledge to ensure your assets always remain safe and under your control.
Secure passwords and two-factor authentication
Use a secure password that you don’t use or share with any other platform or online banking. Your password should be a known word or phrase with spaces, known only by you.
TIP: You can use a password manager to scramble your passwords and make them uncrackable, even to the most sophisticated hackers and fraudsters.
Secure your accounts with two-factor authentication (2FA). 2FA works by establishing a link between your online account and your personal mobile device. This code changes every 30 seconds, ensuring it is up to date and can only be entered by you.
TIP: Have an old smartphone lying around? Use it as a dedicated device for your 2FA codes to enhance security.
Use cold storage for long-term safekeeping
Using a cold storage device such as a Trezor or Ledger will reduce the ability of any fraudster to steal your funds. These offline, air-gapped devices aren’t connected to the internet, significantly increasing your wallet security.
TIP: Only purchase cold storage wallets directly from the manufacturer. Never buy a second-hand device that could have been tampered with.
Avoid cold call scams
Did you know your personal data may already be available to fraudsters through platform data leaks? If you receive a call from someone claiming to be from the police or an online trading exchange about a breach on your account, it’s likely a scam. Record the number and report it to Action Fraud.
TIP: OANDA coinpass will only ever contact you via email first, with direct phone numbers listed. Any calls originating from coinpass can be redialed and tracked back to our phone systems for verification. Always contact our registered support email address at support@coinpass.com for any follow-up queries.
Whitelisting addresses
When sending funds to other crypto platforms or your own wallets, always take time and care in reading and whitelisting these addresses. In rare cases, your local machine could be infected by malware or keyloggers, which may try to manipulate your copied/pasted addresses when adding a new address to your account.
TIP: Double and triple-check your whitelisted addresses. Crypto withdrawals made on any blockchain are irreversible, and you will lose access to your funds if an address is incorrect.
Learn more about secure crypto trading
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take a few minutes to learn more.
