How to Secure Your Crypto Exchange Account
Most crypto losses do not come from an exchange getting hacked. They come from an individual account getting compromised, usually through a reused password or a phishing link. The good news is that a few minutes of setup makes your account dramatically harder to touch. Here is what to do.
Turn on 2FA, the right kind
Two-factor authentication is the single biggest upgrade you can make. Use an authenticator app (like Google Authenticator or Authy) rather than SMS, because phone numbers can be hijacked through SIM-swapping. With app-based 2FA on, a stolen password alone is not enough to get into your account.
Lock down withdrawals
Two settings most exchanges offer, and almost nobody uses:
- •Withdrawal address whitelist, so funds can only leave to addresses you pre-approved
- •An anti-phishing code, a phrase the exchange includes in its real emails so you can spot fakes
- •A withdrawal password or extra confirmation separate from your login
The habits that matter more than any setting
Use a unique password for the exchange, ideally from a password manager, so a leak anywhere else cannot open this door. Bookmark the real exchange URL and only ever log in from that bookmark, never from a link in an email or DM. And keep the bulk of any long-term holdings off the exchange entirely, in your own wallet. An exchange is for trading, not for storing your life savings.
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