To safeguard your crypto account, users must always use security features provided by the Klever Exchange.
In this article, we will look at a few tips that are important for a user to know when using any crypto exchange.
Firstly, the user must set up two-factor authentication (2FA). It is the simplest, reliable approach to confirm that users are who they claim to be.
This security measure keeps hackers, scammers and impersonators from accessing your account. Crypto assets can only be lost if your mobile phone is compromised, and the hacker has access to your exchange login details.
How to set up 2FA
Step 1: Log in to your account
Step 2: Click on your profile
Step 3: On the popup, click on accounts
Step 4: Click to enable 2FA
Before, kindly download 2FA authenticator from the Google Play Store or Apple’s iStore for free.
Once you have downloaded it, scan the QR code.
The 2FA is successfully installed.
2. ID Verification
Another security measure is verifying your account by Identification documents. This measure can save you from identity theft.
Let’s see this can be done
As now you are in the account page
Step 5: Click on ID Verification
Step 6: A new webpage will open, click Start
Step 7: Select the country
Step 8: Select any one of the documents listed and follow the process.
After both the security features, your account is fully secured.
Note: Never share your backup keys with anyone.
As you have now learnt about the security feature, users must also keep in mind some valuable information about the crypto project that they are investing in.
3. Get to know the crypto projects
Users must search & scan the internet to know about the project they are interested in making an investment in.
Scanning social media platforms, reading project whitepapers, and checking if there are any backers for the project, advisors, and investors will be of great help for the users to make up their mind and proceed further with the project.
If the user could find out who the team members are behind the project, it would be good. Users must also find out whether the project is built on an existing blockchain or built on their own chain. It is mandatory to check the roadmap, if there is none; it means the project lacks substance for any investment.
There are some popular blockchain where many crypto projects are built, namely Ethereum, Polygon, Tron, Binance Smart Chain, Solana, Kusama, Polkadot, and others.
Newly launched chain KleverChain, which enables developers to build decentralized applications, and has many features that are lacking on other existing chains, has entered the race. Developers can build a variety of use case projects using the chain, which was launched recently.
To learn about crypto projects, use different sources
Users should also check the project whitepaper, which can be anywhere from 7 to 100 pages, depending on the project. The paper gives a clear picture of what the project aims to achieve.
The Bitcoin whitepaper titled, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ which was released by Satoshi Nakamoto, the anonymous developer or group of people that wrote Bitcoin blockchain code in 2008 was just nine pages (including one page of references).
The nine pages were enough for Satoshi to explain why there is a need for peer-to-peer digital currency and what they are trying to achieve from it.
Built on a decentralized platform, Bitcoin was developed as a digital payment system that was built to take over existing traditional payment & finance which is totally centralized.
After Bitcoin there are various crypto projects that have been built to solve various use cases, like cross border remittances, education, privacy, data storage, health, finance, transport, entertainment, sports and much more.
It is better to know the project before you invest in it. Also check the exchanges they are eyeing or listed.
As there are over 240 crypto exchanges, users can select from over 20,000 plus crypto projects to invest in.
However, it is advisable for the user to select projects that have all the details that they are looking for.
Crypto market is very volatile, always believe in your own research before making an investment call.