Tech - News
Here's Why You Shouldn't Leave Your Cryptocurrency In An Exchange
By KAYLA DUBE
Although cryptocurrency exchanges often present themselves as safe and secure, many of the platforms are big targets for cyber attacks. If successful, hackers have access to a huge amount of money, and therefore, the incentive to steal yours, so don’t leave your digital money vulnerable to their attacks.
No exchange will have the perfect security measures in place to thwart sophisticated hackers, but there are steps you can take to protect your crypto. One is two-factor authentication (2FA) that prevents someone from stealing your crypto even if they have your password; however, exploitable vulnerabilities on an exchange’s server still put your money at risk with 2FA.
Another method that increases security is cold storage, which means that the exchange stores most of your cryptocurrency offline, making it harder for someone to get ahold of it. Although it’s a good sign the exchange offers this feature, it’s not foolproof, so you’d be wise not to store most or all of your assets on these platforms.