The rise in cryptocurrency as an alternative to the existing financial systems shows people are accepting it. Nonetheless, given the lack of appropriate regulations and security measures, cybercriminals have barged into this niche to raid people of their money. Thus, it is important to take every step possible to protect crypto assets.
How To Ensure Crypto Wallet Security?
The process of digital asset security begins when you enter this niche, from choosing a reputable crypto exchange, to selecting the right trading measures, everything constitutes your crypto coin wallet security methods. Below we list a few primary security practices you should never forget while dealing in the crypto world.
1. Protect your internet connection
The key to securing any online or digital asset, including your cryptocurrencies, is to use a safe internet connection.
Ideally, you should avoid using public WiFi hotspots in general, though it’s even more critical for crypto transactions since hackers present on the network can steal your assets right away if they spot your crypto details.
The best way to secure your online connections is to use a reputable VPN that masks your online identity, thus alleviating traceability possibilities. VPNs also help you stay anonymous when you wish to make payments via crypto without revealing your personal data.
2. Select reputable crypto services
Given the growing public interest in this sector, many scammers have stepped into the crypto world with different schemes. Some even pose as crypto exchanges, luring people into investing their money which they eventually steal via exit scams.
Thus, choosing a reputable exchange is crucial to securing your money. Instead of falling for too-good-to-be-true profit offers, do thorough research about an exchange’s background, owners, and customer reviews before registering.
3. Choose a crypto trading bot wisely
As crypto gains further momentum, it attracts unpredictability in its value. Consequently, the rapid rise and fall in the value of various crypto coins urge people to stick to trading 24/7 to avoid losses. However, since this isn’t always possible, crypto trading bots have emerged to ease the burden. These bots claim to automate crypto trades using artificial intelligence.
While crypto trading bots look convenient, they can also be stressful for naïve investors. They often execute activities without human input, which isn’t always profitable. Likewise, many crypto scammers also offer lucrative bots to steal people’s assets.
Choosing a smart and reliable service that ensures maximum profit without risky trades is crucial. One such example is the OKX trading bot from Bitsgap, which provides safe and smooth trading and profit reinvestments.
4. Keep your crypto information private
From your account passwords to crypto wallet addresses, every single detail requires attention if you want to keep your crypto assets secure from cybercriminals. Any such detail reaching the hands of attacks could inflict massive financial loss.
Ideally, consider using a robust password manager to store all your sensitive information. Also, you can choose not to store your private keys online at all. Instead, you may write it on paper and store it safely. (Perhaps, any physical intruder might not be able to guess the key as quickly as an online attacker would.)
5. Never store your crypto assets in one place
Like your real-world financial assets, keeping all your crypto assets in one place is also a risky practice. One wrong move, and you’ll lose your investments in the digital ether. So, just like your bank accounts, consider using multiple crypto wallets and disperse your assets to alleviate any probabilities of losses in case of a cyber-attack.
6. Keep an eye on your transactions
Again, like your bank account statements, you need to monitor your crypto transactions regularly. People often lose their assets to hackers only because of their negligence. Whereas those who keep an eye on their crypto wallets quickly spot any discrepancies and often escape damages. So, regularly scan your devices (mobile or your PC) for any infections and monitor your crypto transactions for any ambiguities.
7. Watch out for phishing scams
Phishing is another threat against which you need to jazz up your existing crypto coin wallet security methods. Although it may not directly target your wallet, it would lure a victim into sharing their wallet details with adversaries.
So, one must adopt a few essential browsing habits to avoid falling for phishing attacks. These include avoiding clicking on suspicious, unknown, vague, and unclear links, avoiding opening emails from unknown or untrusted sources, never trusting any unsolicited messages, texts, or emails with content asking for passwords/OTPs sharing, or requiring you to click on URLs, and never sharing your personal crypto information to third parties.
In case of doubt, reach out to the apparent sender via other means to validate the authenticity of the message/email. Again, it’s better to spend a few minutes investigating such things than to proceed quickly and lose your crypto assets.
Since cryptocurrency is relatively new compared to FIAT, security measures keep surfacing online as new threats emerge. Unfortunately, while those measures can counter the known dangers, they may not prove to be effective against novel attacks. Therefore, as the end-user, one must remain vigilant while dealing in this niche. The more cautious you are, the better you can protect your crypto assets.