Cryptocurrency investments in 2023 yielded impressive profits if you invested in Bitcoin. The rise to 45,000 from the last price bottom of 15,500 is an excellent investment result. These remarkable gains may tempt you to join in and seize the opportunity. However, it’s normal to have concerns about digital safety and security. How to protect crypto assets? Will your privacy be protected? And how can you minimize your exposure? Here are a few steps to help you protect yourself from various threats.
Crypto Assets Security Tips
1 Use a Password Manager
Make sure your passwords are at least 16 characters long, highly complex, and unique for every account. It can be challenging to do this on your own, but password managers like 1Password or Dashlane can assist you in creating and remembering your passwords.
2 Use a VPN
When you connect to your exchange account or warm wallet, you must have one of the VPN apps active. Without a VPN for crypto trading, you bear increased risks. If you use an anonymous VPN for crypto transactions, you can prevent the disclosure of personal information, and protect yourself from account hacking and password interception. One of the prominent VPN services is VeePN, which has a lot of technologies to protect your identity and improve privacy.
3 Be Cautious of Phishing Attempts
Phishing attacks are unfortunately prevalent in the crypto world. Scammers try to deceive users through fake websites or deceptive emails, pretending to be legitimate exchanges, all in an attempt to trick people into disclosing their login credentials. Remember, it’s crucial to always verify the URL of the website and ensure it is indeed the official exchange website. Additionally, when checking the sending domain of an email, keep an eye out for any typos or incorrect syntax. Stay cautious of unsolicited emails or messages that request sensitive information. Never hesitate to double-check the sender’s email address and avoid clicking on any suspicious links. At One Trading, we want to assure you that all our emails will only ever be sent from the root domain: onetrading.com. Stay safe and vigilant!
4 Enable Two-Factor Authentication (2FA)
Enabling 2FA enhances the security of your exchange account by adding an extra layer of protection. This process usually involves connecting your account to a mobile device or an authenticator app. Whenever you log in or perform important actions, you will be prompted to provide a unique verification code generated by the app or sent to your mobile device. By implementing 2FA, the risk of unauthorized access is significantly reduced, even if your username and password are compromised.
5 Beware of Public Wi-Fi Networks
Public Wi-Fi networks have unfortunately been responsible for a significant number of cases involving crypto theft, fraud, and displacement. These networks can quickly extract login information and hand it over to hackers, putting your crypto wallet at risk of being compromised and lost.
Therefore, it is crucial to avoid accessing your crypto wallet through public Wi-Fi networks. Even in urgent situations, it is recommended to patiently wait and access your crypto wallet securely, rather than taking any risks with public Wi-Fi. If you must use Wi-Fi, use an online VPN to protect yourself. A VPN can encrypt data and prevent data leakage. Your crypto assets deserve the utmost protection!
6 Verify the Reputability of Crypto Wallet Providers
There are many best crypto wallets available, but only a few have taken the necessary steps to strengthen their platforms with appropriate security measures. Therefore, it is crucial to verify the track record, security abilities, and overall reputation of crypto wallet providers. Remember, security is the most important aspect of any crypto wallet, so it’s advisable to choose a supplier that prioritizes cybersecurity.
7 Utilize Several Wallets
When it comes to crypto assets and digital assets in general, it’s always a wise decision to diversify. Instead of putting all your eggs in one basket, using multiple crypto wallets can help mitigate risks and add an extra layer of security. While this strategy won’t eliminate the possibility of compromised crypto wallet assets, it guarantees the safety of the remaining portfolio. This way, investors can rest assured knowing that the loss of one corrupted crypto wallet will not result in the entire crypto portfolio being compromised. It’s a proactive approach that promotes safety and peace of mind in managing your crypto assets.
8 Use a Cold Wallet Storage
Finally, embracing the cold wallet could be the ideal approach to guarantee ultimate security for your crypto assets. Unlike regular hot wallets, cold wallets are entirely remote and offline, shielded from digital threats. With cold wallets, cyber attackers would need to physically steal the device, bypass the encrypted code, and overcome numerous layers of security. Naturally, such attempts are exponentially more difficult than common malicious practices.
Nonetheless, users must stay vigilant with their cold wallet devices. It’s important to remember that if cold wallets are lost, stolen, or corrupted, there are no effective means to recover the misplaced funds.
Also read: The Rise of Fractional Ownership: Unlocking New Opportunities
Wrapping Up
Investing in crypto may appear riskier compared to other assets, as it entails the possibility of price depreciation and the additional risk of hacking and digital theft. However, it’s important to note that investing in crypto doesn’t have to be excessively risky. By taking proper measures to safeguard your digital currency and avoiding unnecessary legal risks, you can minimize the chances of falling victim to hacking or scams. Remember, with the right precautions, investing in crypto can be a secure and rewarding venture. Can you tell us your methods in the comments, on how to secure a cryptocurrency wallet?
