Bitpanda takes your security very seriously. For example, we store user funds in secure offline wallets (cold storage), use SSL encryption, offer DDOS protection and session management and email confirmation for all critical actions like sending cryptocurrencies from Bitpanda to other wallets. While this already gives you a good amount of protection, there are some additional steps you should consider from a user perspective to protect your account. In this post, we’re going to go over a few tried-and-tested methods to help augment your safety when using Bitpanda or rather your computer and smartphone in general.
Activate two-factor-authentication (2FA) wherever you can
Two-factor-authentication is a way to improve security by confirming a user’s identity through two (or even more) pieces of evidence or steps. For internet services, the first step is usually a password. The second step can then be an additional one-time password sent to a mobile number or provided by an app like Google Authenticator.
We highly recommend enabling two-factor-authentication (2FA) not only on your Bitpanda account, but also wherever it is available, be that for your Google account or any other service that offers 2FA. It is a powerful and yet very easy-to-set-up measurement, which adds an extra layer of security and drastically increases your account’s safety. You can find an in-depth article on how to set up two-factor-authentication (2FA) on Bitpanda on the Bitpanda Helpdesk.
Be cautious and only install apps/use services from trusted sources
There is a saying that people themselves are the weakest link in computer security. Despite using security measurements like 2FA, you should be cautious and develop a healthy sense of judgement in general when it comes to trusting sources and tools. This applies to everything on the web but is even more vital when it comes to cryptocurrencies. One of the ways you can exercise this is to refrain from using unknown PCs or public WiFi connections. Also be careful when you install browser extensions from unknown sources.
Use strong passwords
As a general rule, you should create various strong passwords for each service you use on the internet. A strong password consists of at least 6 characters but the more characters you use, the better. You should not only include uppercase and lowercase letters, but also numbers and even symbols (@, #, $, etc.).
We recommend using a completely random password, because this is impossible to guess. Using your date of birth, for example, is less secure — even when you use symbols. You can come up with a strong password yourself, or you can use a password generator or a password manager to generate a strong password for you.
Keep your software up to date
This is a pretty important and yet often overlooked measure. Keep all your various software up to date. Make sure to always complete updates when available. Malware often exploits weaknesses in older versions of software and operating systems, so it is crucial to be wary and prepared — companies don’t regularly update their products without good reason! We recommend making this your new habit. You could, for example, define a specific day every week and update all your devices on that day.
Make sure that you are logged in to the right address
Before logging in to your Bitpanda account, you should always make sure that you are logged in to the right address. To ensure that this is the case, you should check the address bar and make sure that you see the lock (which means that it is the real, SSL encrypted website).
To make sure that you automatically access the right address, we recommend creating a bookmark and accessing Bitpanda through it.
Beware of suspicious emails and never share your password with anyone
Do not share your passwords or sensitive data on social media or send them to anyone. Neither Bitpanda nor members of our support team will EVER ask you for your password. This is also true for any other reputable company. So, if you receive an email or a message somewhere, which asks for your current password or for you to renew it, you should be very careful, as it is most likely a phishing attempt.
Never leave devices unattended and unlocked
Be cautious with using Bitpanda or any other sensitive service on public computers or devices you share with other people. In general, we recommend that you do not access Bitpanda from public computers. If you forgot to log out after you used a shared device, you can log out of the session in the Bitpanda security section from another device.
If you require assistance, head to the Bitpanda Helpdesk!