As the popularity, acceptance, and value of cryptocurrencies are continually on the rise, it is gaining a lot of attention from people worldwide. Unfortunately, prospective investors aren’t the only ones attracted to digital currencies now, as hackers have also started employing ways to get their hands on them. If you search past incidents online wherein hackers robbed Bitcoin owners of their investment, you’ll get plenty of resources. It has resulted in investors panicking and being worried about their investment.
Well, if you’re an investor willing to expand your cryptocurrency portfolio or secure your existing one, this guide is for you. After talking to various seasoned cryptocurrency investors, we have compiled an ultimate list of tips that will help you keep your cryptocurrency secure. All you have to do is simply follow them for maximum benefits. So quickly head to the security tips shared below.
- Don’t Keep All Your Investments in Online Wallets
If you want to buy Bitcoin online to strengthen your portfolio, we’d suggest not keeping it entirely in an online wallet. Most investors that use crypto exchange platforms to buy and sell cryptocurrencies rely on the platform’s online wallet. Since hackers have managed to break into various exchange platforms’ access in the past and steal the stored cryptocurrencies, it is certainly no longer a safe option to secure your owned digital currencies.
An offline wallet should be stored in a safe and secure place so no one can get their hands on it except you. To protect your investment, we’d suggest buying robust offline storage wallets that usually stay out of reach of hackers. There are various types of offline wallets and numerous providers, so you can pick the one that best meets your expectations.
- Use Strong Passwords & Enable Two Factor Authentication
One of the easiest and best things you can do to secure your purchased cryptocurrency is to set strong, unique passwords. Even though it may sound like cliché advice, it works wonders. You should never reuse any password and try changing it frequently. If you’re using a reliable password manager, it may ease things for you.
Besides setting strong passwords and changing them timely, another thing you should do is enable two-factor authentication. It will ensure no hacker can gain access to your crypto portfolio. Most crypto exchange platforms offer this option as a standard safety feature, yet some people don’t leverage it. Even if you’ve invested a small amount in cryptocurrencies, we’d suggest turning on two-factor authentication for maximum safety.
- Only Deal with Reputed Crypto Exchange Platforms
You can find numerous crypto exchange platforms on the block, but not all are worth your attention. It is easy to come across platforms that don’t have the required security measures in place. So if you were thinking how to buy Ethereum or other cryptocurrencies online and from where, we’d suggest doing a small background check of the shortlisted platform online.
One of the quickest ways to determine whether the platform you’ve chosen is right or not is by doing a little Google search and checking whether there have been reports of hacking or fraudulent activities in the past. You can also join online cryptocurrency communities to get your doubts cleared by experienced crypto investors. If you’re still feeling skeptical, we’d suggest going ahead with reputed exchange platforms that have been around for years.
- Be Careful of Online Phishing Campaigns
Since most cryptocurrency investors prefer to store their purchased cryptocurrencies in online wallets, hackers resort to sophisticated phishing campaigns targeting them. So if you have downloaded a crypto wallet on your mobile phone, always be careful before opening any link sent via text messages from unknown numbers.
Besides SMS, hackers can also share phishing links through various social media platforms and other online means. As an investor, you must remain cautious 24*7 before engaging with any such content with a link. Moreover, never share your sensitive details on any unknown platform to stay safer.
- Don’t Share the Wallet Keys with Anyone
It may sound obvious, but you’d be surprised at the rising rate at which people are sharing their key numbers with hackers or scammers pretending to be from a particular crypto exchange platform online. They are often scammers because people working in exchanges will never ask for your wallet key, no matter what. If you ever get a call stating that the person is calling from a crypto exchange platform that you frequently use to facilitate trade, never give them your wallet keys.
Being Cautious can Save You from Crypto Hackers and Scammers
The online world has never been secure, especially for people who don’t take their online security seriously. If you’re a crypto investor who doesn’t want to lose the investment, following our security tips can help. You can follow one or more tips for the best results.