Security measures that help protect your crypto

Over the past decade, the crypto industry has gone mainstream, achieving incredible levels of popularity. Traders have rushed to add different digital coins to their portfolios, both for diversification and lured in by the promise of profit. Over 2020 and 2021, the prices of both Bitcoin and altcoins have reached new heights, with BTC climbing by up to 615 compared to values in previous years.

However, 2022 has been less auspicious, and traders had to witness prices sliced to a third of their previous value. This has driven many to sell their crypto before the price could drop further and cause more financial damage. Others have sworn off crypto completely, convinced that digital assets are too volatile to create actual value. Regardless, many traders have also remained loyal through this unpleasant situation. Bitcoin owners are convinced that the prices will jump back to their previous levels and might even exceed them. Binance, the largest exchange in the world by trading volume, is one of the most trustworthy sources when it comes to checking the current BTC price. 

If you’re new to the trading world, this might seem like a daunting time to join the rank of crypto owners, but with a few valuable tips, you should be able to start a trading career successfully. One of the things you must be particularly mindful of is the safety of your assets. Here are some of the ways you can ensure your crypto stays safe.

Trustworthy exchanges 

When you begin trading, one of the first things you’ll have to decide on is which exchange to use. Do your research before you settle on one. Reputation is essential, so you want to choose an exchange that doesn’t have any severe problems attached to its name. If you have a hard time deciding, you can join an online crypto community. Several platforms and forums host at least a few, and they’re typically very active, mirroring the speed of crypto. If you want to be successful in your undertakings, you need to be able to keep up. The general consensus of other users on the performance of the exchange, as well as the information you gather on whether or not the exchange experienced any security concerns and, if so, how they were addressed, should provide sufficient information to help you decide.

As a general rule, it helps to stick with well-known options, such as Binance. As the largest exchange in the world based on daily trading volume, you can find many options available on their page, so you can add several cryptos to your portfolio without having to worry you’ll have to switch between exchange platforms to perform your transactions. And while getting a good idea about the Bitcoin price is very important as it helps you make better decisions regarding your ventures, how well said ventures are guarded should also be one of your top concerns. Trustworthy exchanges take safety concerns seriously, and their servers are equipped with higher security options. One good way to ascertain if safety is a priority for an exchange business is to observe how easy it is to start an account on the platform. If it’s unusually simple, chances are security measures are likely lax.

Cold wallets 

How you store your crypto is significant for the security of your digital assets. However, you can keep your currency on the exchange platform you choose. While there are safety precautions in place, no exchange is immune to hacks. You should be aware that the one who’s mainly responsible for the safety of your crypto is you, so you want to do everything in your power to keep your Bitcoin safe.

Enter digital wallets, the best crypto storage solution out there. However, not all wallets are the same. The wallets are divided into two main categories, hot and cold wallets. The first is software-based and connected to the internet, while the second resembles USB drives and acts as a physical storage solution. When you choose a cold wallet, your finances are better protected, and you’re safe from hackers. Since your wallet isn’t connected to a network, nobody can exploit that connection to access your BTC.

Every hardware wallet comes with a private key. This password decrypts your wallet, allowing full access to the coins and tokens stored inside. However, you should remember that digital thieves shouldn’t be your only cause for concern. You must remember to keep your private code safe since losing it means you immediately lose access to the wallet’s contents. You must also ensure that nobody else has access to this password. Don’t share it with anybody, no matter how trustworthy they may seem. Many scammers operating online will attempt to gain your trust, only to extract your digital money from your account later.

Beware fake apps 

With more people spending more time online, hackers and scammers have also doubled their efforts to gain access to users’ private details and information. As such, there are plenty of fake apps created to look legitimate. Some are so well done that they can trick even the most vigilant users. Like downloading a fake wallet app, you can also be tricked into accessing misleading or malicious smart contracts.

While there’s no way to guarantee you won’t ever fall prey to such a scheme, a few techniques are likely to keep you safe, including:

• Only use Dapps you trust: If you have a background in coding or computer science, you can check the contract addresses in the developer’s documents. This allows you to check for any “ownerOnly” functions that could potentially be used to gain access to your data, crypto and tokens. If you’re not comfortable reading code, then the safest bet is to avoid applications that are too new or which have been introduced by independent programmers.
• Official websites: Generally, the genuine website is the first one that shows up organically on a search engine. However, if you have any cause for concern, you can always check reputable crypto news sites to find genuine URLs.
• Safe connection: Always check that the SSL certification is in place to the left of the URL. The lock will appear red if the site has been hacked or doesn’t abide by the adequate online transaction safety regulations. Your browser might also warn you that the page you’ve accessed is unsafe and that the data you enter won’t be well protected.

Investing in crypto can seem very straightforward at first glance, but it’s more complex than it looks. Since the safety of your coins should be your top priority, you should ensure they’re protected at all times.