Cryptocurrency exchanges have multiple responsibilities to take into account at all times. Their top priority should always be coming up with new ways to ensure that customer funds are completely safe from harm. The Bittrex exchange is doing exactly that, as they have now made two-factor authentication mandatory for all user accounts. Given the mounting number of cryptocurrency-related phishing scams, that was a smart decision. Keep in mind that this form of 2FA requires email confirmation, and keeping your email account secure is still your own responsibility.
More Security for Bittrex Users is a Good Thing
Cryptocurrency users are very popular targets for cybercriminals, and we’re not just talking about malware and ransomware attacks. So many people expose their exchange account information without being aware of it. It also appears very few exchanges require two-factor authentication, which is a big problem that needs to be addressed sooner rather than later. Right now, the Bittrex platform is taking matters into its own hands, which is a smart move by the company. After all, they want to maintain their dominant market position for quite some time to come.
Bittrex has been gaining in popularity in general over the past few months. Although Poloniex was always considered to be the world’s preeminent cryptocurrency exchange – particularly for altcoins – its status is not what it used to be. The company has been dealing with so many issues this year, many people have simply given up on the platform altogether. Meanwhile, Bittrex is slowly becoming the market leader, as that exchange seemingly has no issues remaining online during times of increased trading volume.
Now that Bittrex is taking major steps to protect customers even more, there is literally no reason to use Poloniex other than for lending purposes. Bittrex now makes email 2FA mandatory for all accounts to prevent its users from falling victim to one of the many current phishing scams. Given the increasing number of exchange-related phishing scams of late, requiring 2FA authentication is a smart decision by the exchange team. Although verification will be sent via email, it is a good first step. Users can still enable mobile 2FA on their accounts as well if they wish to do so, which is an absolute must in this day and age.
Cryptocurrency exchanges have been somewhat slow to embrace 2FA. There are virtually no platforms which make this a mandatory feature for some reason. Considering how customers are being targeted by phishing scams more often than ever before, one would expect changes like this one to have become the norm by now. Bittrex is certainly setting a precedent for other companies in this regard. It is good to see at least one major exchange taking customer security seriously. We can only hope this will prevent people from losing money due to hacking and phishing activity.
At the same time, however, cryptocurrency exchanges such as Bittrex can only do so much. While they protect their platforms against phishing attacks, customers need to do the same. Email 2FA is not a foolproof method by any means, even though the additional layer of security is helpful. Exchange users have to ensure their email accounts have secure passwords to keep hackers out as well. Without taking this precaution, the additional layer of authentication could still be circumvented by attackers with relative ease.
By the way, coming up with a secure password for an email account is less difficult than one might expect. We put together some quick tips not long ago. It is good to see companies like Bittrex pave the way for tighter security for its users. It is now up to said users to go the rest of the way. Account security should never be taken lightly, as it is the last line of defense between criminals and one’s account balances.