In crypto, it’s imperative that you practice good cybersecurity hygiene. Unfortunately, the space is still full of hackers and shitbags that are doing everything they can to steal your coins. Crypto networks themselves are very secure (especially Bitcoin, which is super hard to hack), but when it comes to exchanges and browser wallets security is more patchy.
Be a little paranoid about your account security
One way to mitigate this is to set up 2 factor authentication everywhere, starting with your KuCoin account. Assume that someone may be able to take control of your computer someday- would they be able to steal anything? Things like 2FA, the trading password on KuCoin and these safety phrases will protect you.
KuCoin is an excellent platform, but with any trading platform comes a little bit of risk- the exchange could get hacked. Don’t think it can’t happen. Likewise, your account could get hacked as well. KuCoin uses its ‘safety phrase’ in three different capacities:
- Email safety phrase
- Login safety phrase
- Withdrawal safety phrase
Let’s walk through each, and at the end of the article I’ll do a quick walkthrough to show you how to set these.
Email safety phrase
On its website, KuCoin describes the email safety phrase/anti-phishing phrase:
“In order to avoid phishing emails and phishing websites, please set a security anti-phishing safety phrase (such as a motto, etc.) on your KuCoin account. When you log into the website or receive an email, it will display in the email from KuCoin or the login window. If the safety phrase is not displayed or incorrect, it means that you are on a phishing site or have received a phishing email, then please do not proceed any further.”
This phrase will be displayed in all emails that hit your inbox from KuCoin- so after setting it, if you see an email from “KuCoin” and it doesn’t have your safety phrase, you’ll know not to click it. This is a great way to prevent email phishing attacks on your computer. In a phishing attack, a hacker will send you a fake KuCoin email in which you’d click through to a fake KuCoin sight that would steal your credentials.
Login safety phrase
This one works similarly to the email safety phrase above, but this feature will display your safety phrase on the KuCoin login page, so that you know the website you’re on is actually KuCoin. If the site is actually KuCoin, that means you can safely enter your login credentials. Before you have to ask- yes, there are ‘fake’ KuCoin website fronts out there to try and trick people into giving their login credentials.
Withdrawal safety phrase
With the withdrawal safety phrase, a confirmation window will appear before you make any trade on KuCoin, whether it’s a buy, sell, or short trade. This is a good one because it pops up anytime money is/would be leaving the platform.
You can check if any of your safety phrases have been set by going to your account security page and scrolling down and looking on the left side. If there are red exclamation marks next to your phrases, they haven’t been set yet. In the next step I’ll show you how to set these.
How to set your safety phrases on KuCoin
To set your anti=phishing/safety phrase on KuCoin, login to your account and click the round icon with your initials in the top right of the screen. On the drop down menu, select account security.
Scroll down to where you can see email safety phrase, login safety phrase, and withdrawal safety phrase. They should be toward the bottom of your account security page.
Select the set icon to the right of any of the safety phrases to start setting one. You’re brought to the screen with the entry. Make sure your safety phrase is unique and something you’ll definitely recognize and understand. It can be a quote from a meme, an affirmation for your favorite sports team, or something profane. Be sure to type it correctly. Select the set button on the top right of the text box, enter your safety phrase, and select submit.
[4 set phrase]
Click return in the top left and repeat the process for your other phrases.
If you’re on KuCoin and an email comes in asking for your safety phrase, it’s a scam. Don’t enter it.
Thanks for reading, and be sure to stay safe out there. KuCoin is a great platform, but like with any trading platform, there’s always a little bit of risk involved. Stay vigilant and be on the lookout for your email safety phrase, withdrawal safety phrase, and login safety phrases in your dealings with KuCoin.