Two-Factor Authentication (2FA)
Use 2FA whenever it is available
If you hold any crypto on an exchange account, you can secure it further by enabling an authenticator tool like Google Authenticator through 2 Factor Authentication.
The withdrawal codes from authenticator applications are not sent through SMS text messages, an attacker cannot acquire your withdrawal password or code even if they take over your phone service or get hold of the messages.
The hacker would require access to your phone if you utilise an authenticator app in order to get the 2FA code. That is a far more effective layer of protection than SMS.
An attacker could be able to get through the exchange‘s security in the case of even having 2 Factor Authentication enabled.
In this situation, you can unintentionally lose your cryptocurrency. The exchanges could also withhold your assets based on their rules that prevent you from accessing your cryptocurrency if the exchange is compromised. This is where taking your cryptocurrency out might be helpful.
