Crypto Education: Funding Your Crypto Exchange Account With Ether Safely

Daniel L
Category:  Trading Articles
Safety and security is a major issue when it comes to transactions on cryptocurrency exchanges. Find out how to safely deposit and withdraw Ether on your favorite cryptocurrency exchange.
Introduction
Cryptocurrencies have assumed major market importance with the massive interest that they have garnered in the last 2 years. With market caps for many cryptos hitting hundreds of billions of dollars, it is not surprising that the cryptocurrency market has become a target for cyber criminals who want to exploit the anonymous nature of this market to carry out their nefarious activities. The revelation by the South Korean intelligence agency that the North Korean government has been responsible for some of the biggest cryptocurrency heists of 2017 has added a worrying dimension to the problem. Knowing that rogue governments are now deploying sophistication to their crypto exchange hacking operations means that traders must now be absolutely careful of how they move their crypto coins in and out of exchanges.
Due to the regulatory hurdles that make it difficult for banks to process cryptocurrency exchange transactions with fiat currency, many exchanges request that their clients deposit and withdraw from their accounts using cryptocurrencies such as Bitcoin and Ether (ETH). This process makes such cryptos vulnerable to theft. Private keys could be stolen, or transactions may inadvertently be sent to phished websites where client wallet details could be compromised. So here is a guide as to how to protect yourself when depositing or withdrawing funds from your crypto exchange account, using Ether as the transaction currency.  
Strategy
Cryptocurrency wallets do not store cryptocurrencies. Cryptocurrencies are stored on a blockchain. Your wallet merely contains your public address and your private keys. Your address shows the location of your cryptocurrency holdings on the blockchain. So when hackers are targeting a wallet, what they are after are your private keys. Once your private keys are in the wrong hands, your cryptos can be moved to another location with a different public address and private key. Cryptocurrency transactions are irreversible; once they have been confirmed, that’s it. There’s no reversal, no charge-back, no going back.
Ether is a popular currency to use when funding your exchange account. In order to fund your exchange account, you will need to enter your wallet details. This is the point of vulnerability as far as deposits are concerned. Here are a few tips to get this done.
  • By now, you would have been provided with your crypto exchange broker’s public address. You have to send your cryptos to this address to have your account funded. Usually, you must have created an account. Ensure you secure your account login using 2-factor authentication (2FA). The Google Authentication app works very well. Download the app, then use the app’s scanner to scan the Q-R code of your exchange broker on the appropriate webpage. Usually your broker will show this QR code when you select the option of activating 2FA.
  • Download the Metamask Wallet Browser Extension. Metamask is an Ether wallet that works as a browser extension (for Opera and Chrome). This extension will encrypt any information you enter as you transfer the coins from your wallet to your broker’s wallet. You can create a new account there, or you can import the private keys of your existing wallet. All information is encrypted and stored so you do not have to enter them again.
  • Transfer your Ether from your wallet address to the broker’s address on the Metamask pop-up from the extension bar.
  • If you used Ether as your transfer currency, you can check the status of the transaction from www.etherscan.io.
  • Check your account settings in your secure page on the exchange’s website to see your holdings.
 
 
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