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How to Use a Physical Security Key to Safeguard Your Exchange Account

If you are keeping funds on a cryptocurrency platform such as a centralized exchange it is highly advisable you make sure your accounts are as safe as possible. Using a physical security key can greatly help with this as well as safeguarding other private services such as email and cloud storage.

Also Read: Israeli Supreme Court Stops Bank From Closing Exchange’s Account

Secure Your Crypto Accounts With a Physical Key

A physical security key is a piece of hardware used for verifying you have permission to access sensitive online services. It can be used for securing accounts on cryptocurrency exchanges employing two-factor authentication, replacing more vulnerable methods such as receiving verification codes via SMS. It greatly reduces the risk of hackers remotely taking over your account with cyber attacks such as phone porting, as they now need to have the actual device in their hands to gain access to your account.

How to Use a Physical Security Key to Safeguard Your Exchange Account
Yubico.com Screenshot

One such physical security tool for crypto exchange accounts is Yubikey, which supports platforms such as Bitbay, Bitfinex, Bitmex and Kraken, among hundreds of other services. It is a line of small USB devices that fit into your computer and verify authentication with the press of a button. Many more platforms can be used with these tools and Coinbase exchange recently announced it is also gradually rolling out support for universal second factor security keys to its users, calling them “the gold standard of modern account security.”

Are you using any devices to secure your cryptocurrency holdings? Share your experience in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

Tags in this story
2FA, bitbay, BitFinex, BitMex, Coinbase, Key, keys, Kraken, Security, USB
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Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.