Methods for Securing Your Crypto Account
Though your goal is to create great crypto wealth, you cannot just focus on building the wealth, but must also take as many precautions possible to protect that wealth.
The GoBabyTrade fully robotic web trader has made it very easy to automatically lock in profits, nearly every day.
Now that you have seen the power of fully robotic trading, it’s time to concentrate on finding ways to keep the hackers out of your accounts.
As we have learned over the last few years, hackers and scammers are working overtime to get into the crypto accounts and transfer all of your coins and cash out.
Here are some recommended security measures to help secure your crypto exchange accounts:
Get a Security Key (fob)
Although 2-factor security using a cell phone is one form of security, there are still methods for the hackers to re-route your phone number and capture the code.
Whereas, the security key (fob), is a hardware device, and is one of the most secure 2FA methods for securing your account.
Setting up your security key is very easy. Once you select “enable security Key” in your exchange account, the exchange prompts you to “insert your security key”. Once you do that, it’s done. From that point on, to log into your exchange account, you enter your email name and password and then insert your security key. Without that security key (which is in your possession), the hackers cannot get into your account.
Personal note from Ed Barsano
I now sleep easy in the knowledge that my exchange accounts are secure from hackers, as I am the only one with the Security Key.
I purchased 2 Security Keys. One is on my keychain and the other one is a backup that I keep in a secure place.
Don’t Fall for Phishing Sites
1) Never share your crypto account username or password with anyone.
3) Run a GoBabyTrade crypto web trader, as it trades 24/7 without being logged into your exchange account. It also only has the ability to view your account and execute buy/sell orders. It does NOT have the ability to execute transfers or perform banking transactions. The more you can stay out of logging into exchange account, the less chance anyone else has of getting in!
4) When doing things in your crypto account, you should immediately LOG OFF when completed. Do Not forget to log off. Do not stay logged in.
5) The Kraken exchange has a Last Line of Defense feature:
Kraken is the only exchange that we are aware of that has a “Last line of defense” that prevents TRANSFERS & BANKING transactions in your account.
It is called Global Settings Lock (GSL). With GSL, you are given a MASTER KEY, separate from your Login Password.
With GSL turned on, transfers of coins or funds as well as banking transactions, remain disabled.
If you need to transfer coins or perform banking transactions, you would use your Master Key to turn off GSL, do your transaction, and then turn GSL back on.
The GSL is an extra layer of protection to prevent fraudulent transactions
Please note the above precautions are just some of the methods we are aware of to protect your account.
You should contact your crypto exchange/broker for additional security measures available to you.
We hope you find these security tips helpful.