In order for our users to fulfil their potential and enjoy a stress-free trading experience, Interdax shares its top 7 security tips for you to keep in mind at all times when setting up and accessing your trading account.
1. Ensure the Lock Icon is Next to the URL
Phishing attacks, which are common in the cryptocurrency world, occur when an individual’s information is leaked to malicious actors. While the website may look legitimate, once the user enters their login details they are stolen by the attackers.
One simple way to avoid becoming a victim of a phishing attack is to check that the site you're on displays a padlock icon next to the URL. The presence of the padlock icon indicates that communications between the web browser and web server are encrypted. Ensure that the padlock icon appears otherwise an attacker may be able to read or modify the information you exchange with a website.
2. Use an Email Provider with Encryption
Selecting a secure email provider reduces the chances of your email account becoming compromised. If possible, use PGP on top of your email to encrypt your communications.
You can enter your PGP public key on Interdax’s security page to ensure that all your correspondence is encrypted.
3. Use a Unique Email Address & Password
Never use an email address that is known to anyone for your trading activities and create a new email address to trade with Interdax. A unique email address reduces the chances of your trading account becoming compromised.
Similarly, create a unique password for your Interdax account. If you use a password you’ve used elsewhere and their services get hacked, then the same password can be used to gain access to your account.
The password should be at least 20 characters long and contain a mix of letters, numbers, and special characters. Password managers such as Dashlane, LastPass or KeePass can be used to manage all of your passwords.
4. Enable Two-factor Authentication (2FA)
Two-factor authentication (2FA) provides an extra layer of security in the event that your password is cracked. 2FA requires you to input a six digit code to log in.
A word of warning. You should avoid using SMS-based methods for 2FA as they are extremely easy to hack.
Instead, you will need to use a 2FA tool like Authy, Google Authenticator or YubiKey to receive and enter the 2FA passcode.
5. Enable Anti-Phishing Code for Your Emails
Unless you are absolutely sure that the email has come from Interdax, do not click any links or open any attachments in emails.
Your email provider should also have an anti-phishing code or feature that should be enabled so you can be confident that the emails you receive are genuine.
6. Secure Your Computer & Phone
If possible, consider using a new or spare computer specifically to access and use your trading account - and nothing else.
Ideally, run an open-source operating system such as Linux. Mac and Windows should be fine as well, but Windows is slightly more vulnerable compared to Linux. Given Linux’s inherent design, it is not as susceptible to malware, Trojans and viruses. However, these exploits are all prevalent on the Windows operating system.
Only install the software that is absolutely necessary, such as a browser and password manager plug-in. Then you can activate your computer’s firewall and install a decent antivirus software, but be sure to update it regularly.
Your mobile phone should also be secured with a strong password.
7. Secure Your Internet Connection
Always use a wired internet connection if possible.
Using Wi-Fi introduces a weak point into your security set up as more dated routers use older encryption methods that are more vulnerable. If you use Wi-Fi, ensure it is your home network and keep your Wi-Fi password private.
If you do not have a wired connection, then ideally you should route all of your traffic through a Virtual Private Network (VPN), especially if you are using a public Wi-Fi network - such as at your local cafe.
These 7 suggestions are intended as an initial guide only. We recommend that you keep up to date with the latest online security tips and always remain vigilant when trading online.