These days a lot of people are worried about the safety of their cryptocurrencies. Why, you might ask. Well, as recently as 2021 cryptojacking – use of malware to steal crypto – has increased 23%. However, the thing that a lot of people aren’t sure of is how to secure their cryptocurrencies so nobody can get to them.
It’s normal to have concerns, cryptocurrencies are there for a little over a decade, and they are not visible so it’s justified why so many people are skeptical about their security. Well, you do not have to worry anymore, we are here to explain how to keep them secure. After all, they are valuable and they need to be protected.
1. Cryptocurrency Exchanges
First and foremost, the crypto exchange platform is one of the biggest things to look at regarding the safety and security of your crypto. Several shady platforms are trying to scam you, so you better do your research.
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Our recommendation is to not get involved with platforms that already had some scandal, security breach, or data leaks in the past. You should probably stick with a well-established and reputable platform, as they won’t get there if they don’t have great security.
2. Passwords
This probably sounds obvious, but it’s very important. The amount of data breaches on all sites is very high, and the passwords of millions of people are online. So, your best bet is to use a complex password that you don’t use on any other site.
You should use a combination of letters, symbols, and numbers, and when it comes to letters be sure to use lower and upper cases frequently.
Remember some people steal for a living and are looking for every hole, don’t make their lives easier by setting a simple password.
3. Keyphrases
The best way to not have your crypto stolen is to secure your keyphrase and keep it very private, anyone who wants to know your keyphrase cant have good intentions.
This phrase is unique and it contains 12 or 24 words that can grant you access to your account.
So, naturally, if someone else gets a hold of this key they can move your assets to their accounts or for that matter whenever they choose. It’s probably for the better if you have this written out on a piece of paper so you don’t forget it, but be careful, even that piece of paper is a problem if it falls in the wrong hands.
4. Online Wallets
The online wallet also known in the world of cryptocurrency trading as a hot wallet is on the internet. This is good for trading because it provides a seamless user experience, but it comes at the cost of not being that secure.
Of course, that doesn’t mean it’s insecure but it’s much easier for your cryptocurrencies to be stolen on an online wallet in comparison to an offline or so-called cold wallet.
These are usually the preferred option when choosing a wallet because of user-friendliness.
5. Offline Wallets
Traders and cryptocurrency investors who take security very seriously usually opt for offline wallets. These are the most secure way of storing your cryptocurrency, of course, it comes at the expense of usability.
Offline wallets are anything that is not online, for example, external hard disks or USBs. Some companies specialize in making hardware wallets, these are made just for that purpose and they try to eliminate the disability of not being able to trade it and use it whenever you feel like it.
6. Public WiFi
You should avoid public wifi even if you are not in the cryptocurrency world, the reason being that public wifi doesn’t have any protection. They are public which means everyone with a smart device can connect to them, which means hackers too.
If you just connect to them you are not at great risk, but if you are doing crypto trades and/or depositing or withdrawing money from your exchange you are at a risk.
These hackers use spyware and other types of malware to crack your keyphrases amongst other things. So, just remember, don’t connect to public wifi if you are planning to do anything crypto-related.
7. Cryptocurrency Scams
With all this level of security, scammers are trying to get your credentials by using other methods, methods that can work on everyday people who are not that aware of them.
Most common are using email, they are either trying to present it to you like its once a lifetime investment or they are government officials that need your credentials, or they are trying to blackmail you somehow.
Either way, you need to remember that for anything that doesn’t feel right and feels too good to be true, you are almost always right.
Using secure crypto platforms and trading bots such as Bit Index AI is by far the safest way to trade, as you don’t need to interact with people in any case. That’s why these bots are becoming more and more popular, because of the security they provide.
And most of them have an AI component that can do a lot of research for you so you know where best to invest your money.
8. Antivirus
Antiviruses are nothing new, however, with the increased prevalence of ransomware and other malicious software, it’s more important than ever to make sure your data is protected. Antivirus software can help you protect against malware, viruses, and Trojans that could be lurking in emails or websites.
Also, while browsing the internet and you want to click on some link, your antivirus will stop you from doing so if it recognizes the site as a way to compromise you or if the site is flagged as a scam.
9. Two-Factor Authentication
This is just another layer of security you should be using. Two-factor authentication is easy to set up and it’s free. When you set it up every login requires a code that you get on a phone.
Even if someone compromises your password they can’t get in because of the code needed. This is a great layer of security and you should use it on practically everything, not only your cryptocurrency-related logins.
Closing Thoughts
You shouldn’t have any problem keeping your cryptocurrencies safe when using all that we mentioned in this text. Your biggest concern should be crypto scams, even that is not something to stress about if you are using common sense and antiviruses.
If you are curious about what wallet you should use, it depends on what type of trading you are doing. If you are doing short-term based trading online wallet is by far the best option for you. Offline wallets are for investors and long-term traders who don’t do changes to their cryptocurrencies often throughout the day.
