Maintaining online security is always important, but it’s absolutely critical when dealing with digital assets – whether that means ensuring your blockchain wallet is safe or preventing an attacker from withdrawing funds you hold on a crypto exchange.
Here’s a short recap on how to make sure you’re the only one who has access to your TimeX account.
Choose a strong password
A strong password is the bedrock of online security. Even today, after years of high-profile hacks, too many people’s email and social media accounts are compromised because they have chosen a weak password.
For starters, make sure your passwords don’t contain any personal information, like your name or initials, date of birth, and so on. They should not contain words or phrases, or sequences of numbers (‘123456’, ‘password’, and ‘qwerty’ remain among the most popular passwords). Best practice is not to reuse passwords, especially for your crypto exchange accounts.
The longer your password, the better, and ideally it should contain a mixture of upper and lower case letters, numbers, and special characters. You can find websites that will generate random strings of characters to use as secure passwords.
If remembering lots of complicated, unique passwords sounds like too much work, don’t worry. Password managers like LastPass or others can be used to generate secure passwords, encrypting and storing them online and entering them into the sites you use via a browser plugin when you need them.
Set up two-factor authentication (2FA)
2FA makes life exponentially harder for hackers by requiring not only your username/password to log into a service, but also a one-time code accessed via your phone.
TimeX uses Google Authenticator, one of the most popular and easy-to-use 2FA solutions. Simply download the Authenticator app if you haven’t already, and then add TimeX by scanning the QR code you’ll find in your user profile area under Security.
Once you’ve paired your device, you’ll be asked for a code every time you sign in. Codes change every 30 seconds, meaning it’s practically impossible for a hacker to get into your account unless they have your phone. (If you lose your phone, make sure you contact support to have your account frozen until you manage to reset 2FA.)
Enable email notifications
Email notifications provide another layer of security, ensuring that you are immediately informed of any significant activities that occur on your account.
To switch on email notifications, open the user profile menu and select Settings. You can then turn on emails for:
- Account sign in
- Profile changes
- Deposit transactions
- Withdrawal transactions
If you receive a notification for an action that you have not taken, you should immediately contact support to freeze your account.
Verify your account
Finally, verifying your account enables TimeX’s support team to identify you quickly and take swift action if anything goes wrong. There are four levels of identity verification. The more you want to trade on TimeX, the higher the level of verification you will need.
Select Account Verification from the User menu. The first level only requires a phone number and email address, and will enable you to deposit and trade up to 1 BTC per day. If you want to deposit and withdraw USD or AUD, you will need Level 4 verification, which requires you to upload your selfie, plus copies of an identification document and proof of address.
Remember: While the odds of something going wrong are relatively low, the cost of your account being compromised could be extremely high. Just a few minutes of extra work implementing the steps above will give you extra peace of mind that your TimeX account is safe.