Account Enhanced Security
In this section we’re going to actually be trading cryptocurrency these are going to be doing with actual Bitcoin. I will teach you how to buy and sell. You have brokerages which convert money to cryptocurrency and then typically you send your cryptocurrency from there into a trading exchange such as Bittrex.
Once you have your grid coin into your trading exchange wallet from there you can begin trading crypto currencies. I do want to point out though that once you’ve verified your entire account you’re logged in you uploaded all your different IDs and everything and you’ve entered your phone number and you have the advanced verification done.
That’s awesome. Definitely recommend doing that. Once you do that that will allow you to withdraw large sums of Bitcoin and without it you’ll only be able to withdraw like point to five a day or something very small.
Once you’re verified I recommend also enabling the two factor authentication. This is a Google app. It’s called Google authenticator. Although large exchange accounts and brokerage accounts have two factor authentication. So definitely take advantage of it.
How it works is you download an app on your phone called Google authenticator.
And then when you enter it for the first time they’re going to show you to QR code and that’s just one of those black and white like scary images and you launch the app and then you just take a Picture of it using the app. It’s very very easy to do.
Once that’s done you’ll see a number that just keeps repeating it’s a six digit code that just keeps renewing every 30 seconds I believe.
So once that happens you will have it enabled automatically and then to confirm it you just enter in the code that you see on your phone. And then this adds an extra step to your authentication but be warned. You absolutely need to back up your secret key when you enable it. They’re going to list a code. I believe it’s a 16 digit code.
Write it down somewhere safe because if you lose your phone or the app gets deleted and you don’t have that 16 digit code you’re going to not get access to your county where every time you log in you’re going to enter your username and password as well as this renewing 30 second six digit code called the authenticator code.
It adds a lot of security to your account but also if you are going to lose that number if you think you’re going to lose that number if you can’t put it to a safe place that it may not make sense to activate it. So on the other side though if you’re dealing with huge amounts of Bitcoin and money definitely add this as a two factor authentication. It’s an extra step of security and just make sure you’re backing of that code properly.