One of the biggest concerns that investors have going into crypto trading is its security. The idea of buying, selling and trading huge amounts of digital assets online can be scary considering how exposed they’ll be to online attacks from hackers.
Thankfully, traders won’t have to worry about their systems getting breached because various state-of-the-art security measures have been developed to specifically prevent these from happening. If you want to know how to keep your crypto wallet safe from different kinds of attacks, keep on reading here in Casino Days India!
Use cold wallets
Because most hacks and cyberattacks occur online, the best way you can ensure the safety of your tokens is to store them offline which you can only do by using cold wallets. Also known as hardware wallets, this storage option doesn’t need to connect to the internet but instead resembles a hard drive which contains a private key used to access your funds.
This private key is extremely important and you should never lose or forget it at all costs because once this is gone, your investments will be too.
Although you still need to connect to the internet for online transactions, we advise you not to keep all your assets in a hot wallet. Instead, store the majority of them in cold wallets and only take them out when needed. This way, in case a breach happens, you can rest assured that your assets are safe offline.
Be wary of phishing scams
Phishing scams are among the most prevalent dangers in the crypto world. These come in the form of emails or malicious ads that have the sole purpose of soliciting personal information from unsuspecting individuals on the internet.
These scams are tricky because they’ll claim that they’re from a reputable company whom you can trust your info with. They will do their best to make you give personal information such as your credit/debit card details, passwords, name, etc.
To avoid being a victim of phishing, be extra careful of what you click on the internet and to whom you respond in your emails. Moreover, always remember that cryptocurrency transactions only require you to provide your wallet address for transactions and no other personal data.
Only trade in reputable exchange sites
Buying and selling tokens require you to use exchange sites. And throughout the years, several exchanges have been created online, with nearly 600 trading platforms available around the world as of May 2022 according to Forbes Advisor.
However, you can’t just go and randomly pick one from this wide selection as there are several things you need to consider before trading, one of which is security. When choosing an exchange site where you can do all your transactions, make sure to study their security measures and other key features such as trading volume, available coins, accessibility and more.
To help you get started, here are some of the exchange sites we recommend the most:
- Binance.US
- Coinbase
- Crypto.com
- Gemini
- CashApp.
Strengthen your devices’ security
Whether you’re using a mobile phone, laptop or desktop computer, it’s always important to strengthen your trading device’s security. One of the best ways you can do this is by installing a strong and reliable antivirus that can help defend your system against different kinds of viruses.
Exposing your device’s vulnerability to these viruses will make your wallet an easy target for hackers so make sure to keep updated with regards to the latest defence systems available today.
Create strong passwords
Your passwords are your assets’ first line of defence. That’s why we believe it’s important to not only have strong passwords but to change them regularly as well!
Usually, you’ll be presented with guidelines that can help you develop a strong password. These guidelines will encourage you to include special characters, numbers and a combination of small and capital letters so your password will be difficult to guess.
We also recommend using different passwords for your wallets if you own multiple ones. Moreover, make sure not to use the same password you have on your social media accounts. This way, when a hacker cracks into one of your social media profiles, let’s say your Facebook account, they won’t be able to use the same password on your wallet.
If you want additional security, you can opt to use two-factor authentication or 2FA whenever you’re accessing your account.
Secure your internet connection
Because crypto trading requires you to transact online, it’s a no-brainer to secure your internet connection. This means that when you’re outside, you should never use a public Wi-Fi network when transferring your assets no matter how urgent it may be.
Moreover, we recommend using a VPN every time you’re accessing your home network as this can add another layer of security to your transactions. VPNs help maintain anonymity because they can change your IP address to another city or even another country! This makes it difficult for hackers to attack your crypto wallet.
Don’t brag about your trading life online
No matter how great your portfolio is going in the crypto world, we discourage you from bragging or posting about it on social media. These are one of those things that you should keep to yourself because it’s too risky to expose online for other people to see.
It may not be your intention but posting about your trading life online may lead you to share sensitive information that will entice attackers into going after your assets.
Start trading safely today!
Now that you’ve learned about the different ways you can keep your crypto wallet safe from cyber attacks, it’s time for you to apply them in your trading life. The best thing about these tips is that they cost little to no money at all!
From opting to use cold wallets to simple things such as creating strong passwords and being cautious about online scams, these tips will help you become the best trader that you can be!