Best Security practices for your Deribit account

Security is one of Deribit’s top priorities, which is why we have several procedures and features in place to make sure all funds and accounts remain as secure as possible at all times. However, every user needs to take responsibility for the security of their account details as well.

Cryptocurrencies make it very easy to move large sums digitally and extremely quickly. If someone gains access to your accounts, including your Deribit account, and moves the funds out, there is no chance of getting it back. Therefore, you need to make sure that you are the only person who ever has access.

Thankfully there are steps you can take to make your account as secure as possible.

Two Factor Authentication (2FA)

When you only have a username and password, all a hacker needs to gain access to your account are these two pieces of information. As they are both static, this alone does not offer very good protection, particularly if you reuse these details somewhere else!

2FA adds an extra layer of security by requiring another piece of information that changes every 30 seconds. This code is generated using an authenticator app such as Google Authenticator App. This program is completely free to use and you can download it from the Google Play store.

To go that one step further you could also install the Google Authenticator app itself on a separate dedicated device that is kept completely offline. A cheap phone will do, but one with a camera is useful for scanning the QR codes. It doesn’t need to be powerful, as it does not even require a sim card in if you only use it for the google authenticator app. Once you have installed the app, put the phone on flight mode and disable wifi.

Some websites offer 2FA via SMS. This is less secure than using the app because all a hacker needs to do is clone or port your phone number to receive the codes by text to his device.

When you first add 2FA to your account, you will be given a list of backup codes. You should store these codes securely. In the event, you lose or break your 2FA device these one-time use codes will allow you to sign in to your account to reset your 2FA on a new device. You must treat these codes with the same degree of care as your password or any other highly confidential information.

2FA On Your Email

To prevent a technique called sim-swapping it is also a good idea to remove your phone number from your email account so that hackers cannot use it to ‘recover’ the account.

Note: Sim-swapping is a technique whereby a hacker will get your phone operator to port over the phone number to a different SIM (which they control). This then allows them to receive any recovery codes that are sent by text.

Not using two-factor authentication when it is available, free and adds so much security to your account and funds is carless, therefore, always think about your account safety first and use 2FA wherever it is possible.

Use Unique Passwords

When hackers steal information from one website, they will try many other sites with the same information. Anyone using the same details will have just handed the hackers a master key to their entire online life. By using the same details everywhere your security is only as good as the weakest of all those accounts.

Use Unique Emails

When you are choosing email addresses, try to avoid using your full name. By using your full name, you are handing over free information. Additionally, avoid using predictable variations.

For example, if a website is hacked and they have your email address as Mark.Smith.HackedWebsiteName@gmail.com, it will not be difficult for hackers to guess what your Deribit or any other website email is.

It does not have to be a completely random string of letters, however, something as simple as M.S.RandomWord@gmail.com would suffice.

Gmail also has a useful feature for using multiple emails from a single inbox. By using the ‘+’ symbol you can add another string of characters to your regular email address, however still receive it in your main inbox.

For example, if your main email is M.S@gmail.com, you can use M.S+SomethingElse@gmail.com, and any emails sent to this second variation will still be visible in the M.S@gmail.com inbox.

You can read more about this on the Gmail blog here: https://gmail.googleblog.com/2008/03/2-hidden-ways-to-get-more-from-your.html

By using this feature, you can maintain unique logins at each website you use, take advantage of the protection that 2FA on the main Gmail account provides, and manage the addresses from the same inbox.

As a bonus, using different emails for each site will also help you pin down which websites either sell your data to third parties or have poor security.

Storing Your Login Details

  • Email
  • Password
  • Original 2FA key
  • 2FA backup codes
  • API keys

Do not store any of this information in plain text form or on any device that is always attached to the internet. It is not going to do you much good to have all this security set up correctly if you leave all the keys a hacker needs in a handy text document on your desktop or in a google document online.

If you must store things digitally, consider using encrypted external hard drives to store the information. This way it is not connected to the outside world. When possible, it is also a good idea to keep these hard drives and any hard copies of sensitive information physically locked away, for example in a safe.

People Asking for Your Details

Deribit will never ask you to send us money, and we will never ask for your password/2FA codes/API keys.

If you have doubts, simply email us directly at support@deribit.com or ask in the main support chat room here: https://t.me/deribit In the above chat room, users with ‘admin’ next to their name are Deribit employees. Beware of private messages from fake accounts.

Summary

When available, the following steps should be taken to protect your interests:

  • Use unique passwords and emails per account. This helps to prevent one intrusion propagating between your accounts.
  • Use Google authenticator or other offline 2FA, instead of SMS authentication.
  • Never store passwords, API key pairs, 2FA keys or backup codes on any online device.
  • Be careful, when you receive messages by a person appearing to be an authority figure. Likewise, Deribit support will never ask for money or a fee to assist you with your account. Nor will they ask for your password, API keys or 2FA codes.

Course Credit(s):

Cryptarbitrage
Cryptocurrency Exchange Expert

MrJozza
Cryptocurrency Exchange Expert

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