Bitpanda takes your security very seriously. For example, we store user funds in secure offline wallets (cold storage), use SSL encryption, offer DDOS protection and session management and email confirmation for all critical actions like sending cryptocurrencies from Bitpanda to other wallets. While this already gives you a good amount of protection, there are some additional steps you should consider from the user side, to protect your account. In this post we’re going to go over a few tried-and-tested methods to help augment your safety when using Bitpanda or rather your computer and smartphone in general.

Activate Two-Factor-Authentication wherever you can

Two-Factor-Authentication is a way to improve security by confirming a user’s identity through two (or even more) pieces of evidence or steps. For internet services, the first step is usually a password. The second step can then be an additional one-time password sent to a mobile number or provided by an app like Google Authenticator. We highly recommend enabling Two-Factor-Authentication (2FA) not only on your Bitpanda account, but also wherever it is available. Be it for your Google-Account or any other service that offers 2FA. It is a powerful and yet very easy to set up measurement, which adds an extra layer of security and drastically increases your account’s safety. You can find an in-depth article plus a video on how to set up Two-Factor-Authentication (2FA) on Bitpanda on the Bitpanda Helpdesk.

Be cautious (and only install apps / use services from trusted sources)

There is a saying that people themselves are the weakest link in computer security. Despite using security measurements like 2FA, you should in general be cautious and develop a healthy sense of judgement when it comes to trustworthy sources and tools. This applies to everything on the web, but is even more vital when it comes to cryptocurrencies. One of the ways you can exercise this, is to refrain from using unknown PCs or public WiFi connections.

Use strong passwords

As a general rule you should create various strong passwords for each service you use on the internet. A strong password consists of at least 6 characters, the more the better. You should not only include uppercase and lowercase letters, but also numbers and even symbols (@, #, $, etc.). We recommend using a completely random password, because this is impossible to guess, while using your date of birth for example, is less secure — even when you use symbols. You can come up with a strong password yourself, or you can use a password generator or a password manager.

Keep your software up to date

This is a pretty important and yet often overlooked measure: Keep all your various softwares up to date. Make sure to always make an update when available. Malware often exploits weaknesses in older versions of software and operating systems, so it is crucial to be wary and prepared — companies don’t regularly update their products without reasoning! We recommend making this your new habit. You could, for example, define a specific day per week and update all your devices on that day.

Make sure that you are logged in on the right address

Before logging in to your Bitpanda account, you should always make sure that you are logged in on the right address. To ensure that this is the case, you should check the address bar and make sure that you see the lock (which means that it is the real, SSL encrypted website). To make sure that you automatically access the right address we recommend creating a bookmark and access Bitpanda through it.

Beware of suspicious emails and never share your password with anyone

Do not share it on social media or send it to someone. Bitpanda or members of its support team will NEVER ask you for your password. This is also true for any other serious company. So if you receive an email or a message somewhere, which asks for your current or the renewal of your existing password, you should be very careful, as it is most likely a phishing attempt.

Never leave devices unattended and unlocked

Be cautious with using Bitpanda or any other sensitive service on public computers or devices you share with other people. In general we recommend to not access Bitpanda from public computers. If you forgot to logging out after you used a shared device, you can log out of the session in the Bitpanda security section from another device.