What are the best practices for storing crypto on an exchange?

3 answers

• ScaryGorilla12Jun 21, 2022 · 3 years ago
  One of the best practices for storing crypto on an exchange is to enable two-factor authentication (2FA) to add an extra layer of security. This can help protect your account from unauthorized access even if your password is compromised. Additionally, it's important to choose a reputable exchange that has a strong track record of security and has implemented measures such as cold storage for funds. Regularly updating your passwords and using unique, complex passwords for each exchange can also help enhance security.
  521

  261
• rathiercJul 15, 2022 · 3 years ago
  When it comes to storing crypto on an exchange, it's crucial to do your due diligence and research the exchange's security measures. Look for exchanges that offer features like multi-signature wallets, which require multiple signatures to authorize transactions. It's also a good idea to keep the majority of your funds in a personal hardware wallet or offline storage solution, rather than leaving them on the exchange for an extended period. Remember, not your keys, not your coins!
  484

  162
• Dhananjoy BalaMar 05, 2024 · a year ago
  At BYDFi, we prioritize the security of our users' funds. We recommend following industry best practices such as enabling two-factor authentication, using strong and unique passwords, and regularly reviewing your account activity. It's also important to be cautious of phishing attempts and only access your account through official channels. Storing a significant amount of crypto on an exchange is generally not recommended, and we encourage users to consider using hardware wallets or other secure offline storage options for long-term storage.
  547

  137