Coinwema Exchange prioritizes robust security measures to protect user funds and personal information.
This involves two-factor authentication, cold storage for funds, and regular security audits.
Another crucial security measure that notifies a user when money is withdrawn from their account is to enable notifications for your account.
Major exchanges provide notifications for both deposits and withdrawals. This aids the client in becoming aware of any improper activity in their account.
Even if the withdrawal requests didn't come from you, some exchanges let you block them.
Coinwema also restricts withdrawals as one of its security measures after account settings change.
Cybercriminals modify account information, such as a linked email address or phone number. This is done for the hacker to authorize any withdrawal requests that might be issued to the email address or phone number associated with the account.
The Latvian exchange prevents the devastation that may be brought about by this hacker activity by preventing withdrawals from the possibly compromised account for at least 24 hours.
Two-factor authentication and securing your account
Two-factor authentication (2FA) is a security feature that either asks for your email approval before a successful login attempt can be performed or produces a random code to submit before you log in every few seconds.
If 2-factor authentication is set, it will be tough for cybercriminals to access your account even if they know your username and password because they won't know what your 2FA code is and may only sometimes have access to your email account to authorize the login request.
Coinwema demands that users enable 2FA for the safety of their funds.
Avoiding phishing and scams in the crypto space
A specific kind of cryptocurrency scam called phishing involves deceiving victims into disclosing their private keys or personal data.
The attacker frequently poses as an honest company or person to win the victim's trust. The attacker uses the victim's details to take their crypto funds after the victim has been duped. This is why traders must keep up with the most recent cryptocurrency scams and how to avoid them.
Always confirm the credibility of businesses, organizations, or exchanges by double-checking their social media accounts, emails, and other information.
Never trust anyone, and wait to take action until you are sure. Here are some short guidelines on avoiding phishing and scams in the crypto space:
● When accessing the internet, especially when utilizing public Wi-Fi, use a VPN.
● Don't open attachments or click links from websites you don't trust.
● Avoid downloading browser add-ons from shady websites.
● Websites that seem shady or too fantastic to be true should be avoided. If you're dubious, check the internet to see whether anyone else has reported it as a phony.
● Be wary of emails, especially if they have links or attachments. When in doubt, contact the email's sender to find out.
● Update your applications and operating system.
● Never use the same password for many accounts; instead, use strong passwords.
● When two-factor authentication is an option, please enable it.
● Never divulge private information to anyone, including your wallet address or private keys.
● Use a trustworthy wallet and exchange, such as Coinwema for cryptocurrencies.
Safely storing your cryptocurrencies off-exchange
There is no denying the risks associated with investing in cryptocurrencies: the market is unstable, authorities are still catching up, and there have been numerous high-profile thefts, frauds, and scams.
There are three types of crypto storage: crypto exchanges (like Binance, Coinwema, etc.), Hot crypto wallets (software-based crypto wallets), and cold storage, also known as Offline wallets or off-exchange.
One of the safest ways to store your crypto is in cold storage, popularly known as a hardware wallet. Cold wallets are offline wallets.
Nowadays, that typically refers to a physical item, such as a USB drive or specialized hardware with exceptional security and accessibility characteristics.
Paper-based documentation can also be kept in cold storage. However, this method is now popular due to paper's fragility.
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