6 Simple Measures to Protect Your BitWell Account

Providing security for our customers is always a top priority for BitWell. While we do our best to ensure the security of your account, there are ways in which you can improve the security of your BitWell account yourself.

In this article we’ll describe some simple steps you can take to protect your account, so familiarise yourself with these good practices. Make sure your account is safe and BitWell will also benefit from it. As the blockchain industry grows rapidly, creating a more secure environment will benefit us all.

So, what steps can you take to improve the security of your BitWell account?

1. Set a password of high complexity and change it regularly

This may sound simple, but it is an essential step in protecting your BitWell account. You should have a different strong password for each account on your network. This is especially true for accounts that have assets, such as cryptocurrency accounts. Ideally these passwords should be at least eight characters long and contain both upper and lower case letters, numbers and special characters.

One of the best ways to generate, manage and store passwords is to use a password manager. You can then store and manage different passwords securely and conveniently in the same place. Most password managers use sophisticated encryption mechanisms to provide protection, ensuring you can use a password manager you trust and set a strong master password.

Having strong passwords is a good start, but that doesn’t mean you never have to worry about them. It’s also good practice to change your password regularly, as an attacker can gain access to it by any means. This principle applies not only to BitWell accounts, but also to emails associated with BitWell accounts.

When it comes to email, then we recommend that you register different accounts using different emails. This will mitigate the potential risk of a data breach if you use a previous email and there is a high probability that the account has been compromised before. Have I Been Pwned is a useful tool to see if your account is at risk of a data breach.

Please note that if you change your BitWell account password (either your login password or assets password), you will not be able to withdraw funds for the next 24 hours, this is to prevent potential attackers from stealing funds by changing your password.

2. Enable Dual Authentication (2FA)

After you have created your BitWell account, the first thing you need to do is to enable dual authentication (2FA). BitWell supports two types of dual authentication: SMS and Google Authenticator, and we recommend using Google Authenticator here. Make sure you record the reset key so that you can easily use the dual authentication code on your new phone.

While SMS authentication is also easy to use, it is not as secure as Google Authenticator and attacks on SIM cards which have made many well-known accounts become victims. In 2019, the CEO of Twitter Jack Dorsey suffered this hack, giving the attacker free control of millions of followers in his Twitter account.

3. Check all activity traces of your account

You can check your account activity in Assets – Account Security, i.e. from which IP address your account was accessed and when. If you notice any suspicious activity, please change your account login password, assets password and email password immediately and contact Customer Service for an account security check.

4. Manage your withdrawal address

Your BitWell account has an address management security feature that allows you to set up a wallet address from which you can withdraw funds.

You can purchase a hardware wallet and record your private key so that you can keep it offline.

However, please note that if you lose your private key, you will not be able to access your wallet, so it is important that you keep your wallet key and do not share it with others.

5. Prevent phishing

Phishing is an attack where a malicious actor tries to impersonate someone else (e.g. a business) to obtain your personal information. It is one of the most common attacks today and you should always be vigilant.

As a general rule, it is best to access BitWell from a saved bookmark each time, rather than enter the website address each time. If you have not already bookmarked the BitWell URL, add the link to your bookmarks immediately: https://www.bitwellex.com/. This simple setting will block out many of the fake BitWell sites that trick you into entering your account information.

Want to learn about other ways you can avoid phishing? Click to learn what phishing is.

6. Follow the API Security Guidelines

The BitWell API is a great way for advanced traders to maximize their use of the BitWell trading engine.

The BitWell API allows you to customize your trading strategy.

However, there are some risks associated with using the API key, as you will support external applications sharing data. When using the BitWell API, you should consider IP address-based access restrictions and only enable whitelisted IP addresses. You should also change the API key regularly and avoid making it available to external parties.

Summary

How you secure your BitWell account is a factor that we have always focused on. For this reason, we have put in a number of simple settings to protect your account and prevent hackers from stealing your valuable digital assets.

If you would like to check the current security level of your account, please go to the “Account Security” tab under your “Assets” section to do so.



BitWell is committed to building a fair and transparent global digital asset trading platform, providing investors with secure, convenient and intelligent blockchain derivatives trading services.

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