It’s no secret that the cryptocurrency topic has been making a bunch of noise over the past years. To be precise, ever since Bitcoin’s inception back in 2009, day or swing traders, real estate or individuals looking for profitable ventures have all been interested in the capabilities of these coins.
However, they’re relatively new and there are no clear regulations regarding security and transactions. Of course, the lack of regulations and privacy is the main selling point of these coins and it is what makes them so special.
Besides being extremely volatile, these crypto coins have one more problem and that problem is called scammers. Scammers can find ways to trick you into losing your cryptos which can seriously impact you financially. Furthermore, hackers also operate on the internet and they work to penetrate your security system just to steal your precious coins.
Since January 2021, more than 40 thousand individuals have reported that their crypto wallets have been a subject of an attack which is extremely alarming.
If you want to avoid any security breaches and ensure that your coins are safe, here are the best way to do so.
Trade only on secure exchanges
The first thing you can do to ensure safety when dealing with crypto is to buy from a reputable exchange. Make sure you find the best secure crypto exchange that will provide you with unparalleled service and privacy.
In addition, if you are interested in a coin but you aren’t sure whether it’s completely safe, you can use reputable crypto exchanges to see whether the coin in question is listed there. If the coin is not listed on any major crypto exchanges it’s a sign that the coin doesn’t comply with all the necessary requirements set by the best exchanges.
Store your crypto in multiple cold wallets
While trading crypto is better than holding it, there comes a time when you must store it. Although there are many safe methods to secure your crypto, the best one is to have a cryptocurrency wallet. There are two types of wallets—hardware (cold wallet) and software. A cold wallet is much safer than a software wallet as it’s completely disconnected from the internet and it cannot be targeted by malicious hackers.
To maximize security, you should spread most of your crypto across multiple cold vaults and only keep a small amount in a software wallet or on an exchange in order to be able to trade fast.
Besides spreading your coins in different wallets, you should also think of strong passwords for them. Use unique, complex passwords and change them at least once a year. Write down your passwords on a piece of paper if you have trouble remembering them but remember to keep them out of reach.
Beware of scams
Cryptocurrency is unregulated and decentralized, which makes it attractive to scammers of all kinds. Scammers employ a variety of techniques to steal your coins including crypto romance scams, fake Bitcoin investing scams, as well as promoting fake crypto giveaways, and setting up fraudulent websites that act as exchanges.
To protect yourself, avoid clicking on any suspicious links and giveaways on social media. Beware of imposters, always use reputable exchanges, and follow trends so you’re always on track. Don’t believe the hype, especially a very sizeable guaranteed return. This should always be treated as a scam.
Be cautious about your mobile traffic
Phishing campaigns will only get worse as crypto prices rise. What this means is that malicious apps can access your mobile device and steal login credentials. Although it may seem unbelievable, these malicious mobile apps can monitor your typing and even take pictures of your screen.
To avoid this altogether, do not download any apps except services such as the App Store or Play Store. Furthermore, you can consider investing in antivirus software that will keep all malicious activities at bay.
Keeping your crypto safe is easier said than done. There are many factors that you will have to consider as hackers and scammers think of creative ways to take the crypto off your hands. Think about investing in cold wallets rather than software wallets if you are scared that you might lose your investments. Besides that, make sure that you are always using secure crypto exchanges to trade and buy coins.