10 Security Tips For Crypto Users and Investors

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One of the most important things about having a self-custodial wallet like MetaMask or keeping digital assets on crypto exchanges is that, in addition to the Security tips for crypto users being discussed in this article, you remain the only one who can manage your digital wallet’s keys or your crypto account’s login information. Even though this is a strong idea, there are a lot of bad people out there who are trying to scam or phish self-custodial wallets in order to steal their owners’ assets.

If you are an active investor in crypto or you are planning to make your way to this risky business, the following security measure will help you avoid the loss of your crypto assets.

1. Watch out for phishing scams

Phishing is the fraudulent act of attempting to obtain sensitive information from a user while posing as a reliable organization. Hackers often imitate the exchange or web wallet websites that bitcoin holders use by generating a false version that is identical to the real one. They send the victim the URL via email along with a convincing message. Innocent users will be persuaded by this message to sign in and take immediate action. There are several examples of people giving in to this, visiting these websites, and providing their information. Following that, the hackers use this information any way they like. Check that the link in your browser matches the one on your exchange or digital wallet to prevent phishing.

2. Steer clear of keeping cryptocurrency on exchanges

Even while you could be taking the appropriate steps to ensure crypto security, this does not necessarily guarantee that your cryptocurrency exchange is secure. Big exchanges have frequently experienced the loss or freezing of user cash in the past. Technical issues or hacking could be to blame for this. Transfer the funds from your exchange to your wallet if you intend to swap them sooner. You might look at some of the well-known exchanges, such as Binance, Coinbase, etc., if you are still interested in keeping cryptocurrency on an exchange. These are reliable, and compared to the numerous other possibilities available, your coins will be safer on these exchanges.

3. Purchase a hardware crypto wallet.

A hardware wallet is an extremely secure way to keep your digital valuables safe. A physical device known as a crypto hardware wallet offers the user quick access to their coins while concealing their private key from prying eyes. Trezor, Ledger (Nano S), and KeepKey are the three most widely used hardware wallets. The private keys are kept in a secure circuit. Users can quickly sign contracts with just one click. A “seed” is also included with a hardware wallet. If the gadget is stolen or misplaced, users can transfer their keys to another wallet using a physical seed.

4. Avoid using free WiFi

Your browser can be directed to any webpage over Wi-Fi. This could occasionally be a fake version of your wallet or exchange. In the event that the data carried across the network contains the password you entered, they will also be able to obtain that information. Use a Virtual Private Network (VPN) if you’re using a public Wi-Fi network to access your wallet. It is a technique used to increase security and privacy on both public and private networks, including the internet and Wi-Fi hotspots. Businesses mostly utilize VPNs to protect sensitive data.

5. Verify Device Security

A firewall and an up-to-date antivirus program must be installed. Installing software should only be done when you are certain about it. Never open or download any unknown attachments. Make sure to thoroughly investigate the software’s reputation before you install it on your machine. You can look for information using Google, social networking sites like Reddit, or even ask your friends who you believe to be more knowledgeable about the subject.

6. Make Two-factor Authentication available

It alludes to an additional security measure that is added to the validation process. This makes it challenging for hackers to access your wallet or exchange account since they need more than just the password to do so. It makes sense to secure cryptocurrencies in this way. For the vast majority of exchanges and wallets, two-factor authentication is necessary. A random pin number that was issued to you via email or SMS might be required.

7. Avoid Crypto-based gambling websites

The secrecy that Bitcoin gaming provides is one of its biggest draws. This anonymity could occasionally be a drawback. The proprietor of many Bitcoin gambling websites keeps their identity a secret. This makes it difficult to determine whether the platform has the necessary permits. You must choose reputable Bitcoin gambling sites that are at least a year old, have positive internet reviews, and adhere to these rules to protect your cryptocurrency.

8. Avoid Pump and Dump Crypto Situations

A group or an influencer may employ the pump-and-dump strategy to create buzz and encourage many individuals to purchase cryptocurrency at once. As a result, the price of cryptocurrencies skyrockets, giving the scheme’s creators the opportunity to dump all of the buyers at a higher price. Both the traditional and the crypto markets are against this conduct. In order to protect your cryptocurrency, you must avoid it. Your participation may be persuaded by the organizers’ promises of excellent rewards. However, the only people who will profit from this are the organizers.

9. Use Complex Passwords

Use a very strong password when setting up a wallet or a cryptocurrency exchange account. The mix of numbers, capital, and lowercase letters, symbols, etc. are all acceptable. To create a secure password, you can use online password generators. One such password generator that assists in the quick development of random, secure passwords is the “Passwords Generator”. The password needs to be kept in a secure location. The best course of action would be to write it down or store it offline.

10. Protect Your Crypto & Digital Assets

People have frequently been attacked or even killed in the past by criminals who wanted to steal their cryptocurrency. Because cryptocurrencies are anonymous, both hackers and criminals find them tempting targets for theft. Bitcoin and other cryptocurrencies cannot be traced to an identity, unlike money taken from a bank account, which can typically be linked to an entity or a person and be recovered. Therefore, you must never divulge your cryptocurrency holdings to anyone. When conversing with others at blockchain conferences and cryptocurrency meetups, you must keep this in mind. Add a cryptocurrency portfolio tracker as another piece of crypto security advice. If your phone is stolen, you can utilize this feature to prevent someone from finding your possessions.

Conclusion

Theft of cryptocurrencies has gained enormous popularity over the past several years. Since the cryptocurrency market is becoming more attractive every day, its rising popularity is the primary factor attracting the attention of many hackers. There’s no reason to freak out. By keeping these 10 security tips for crypto users in mind, you can protect your crypto coins and start your way to becoming an expert in cryptocurrencies.

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