SAFETY IN CRYPTO EXCHANGE

9 simple steps to improve the security of your investments5 min read

Table of Contents

The thought of losing the cryptocurrency has stolen the sleep from the eye of many of the investors.

And They have the right to be worried, you know that users may lose bitcoins and other cryptocurrencies as a result of computer failure, loss the access to their private keys, or being stolen, and many more ways.

In this article we have discussed the different ways to prevent the damage and loss that have been mentioned, so read the text below and collect all the information you need before entering these complicated environments.

Earning cryptocurrency is one thing and how to store it is one thing else. Looking from the outside it may look like a hard process to secure your investment but no need to be worried read the following text, we have told you 9 simple steps to easily secure your wallet.

Tips for having a secure crypto investment:

1. Study different Exchanges

Before investing any money in the exchanges, search about the different exchanges, their functions, their security features, and many more factors that you have to consider.

And study about the exchanges learn how to work them, there are different crypto exchanges that are created by various cryptocurrency exchange software development companies available in the crypto world.  Do a complete search on these exchanges; read the users’ feedback and reviews and talk to the experienced investors before doing any action.

2.Know how to store your digital currency

When you buy or earn a cryptocurrency you have to store it. You can store it in the exchange or the crypto wallet. It is safer to store it in the wallet. There are various kinds of wallets available to use. Each of these cold wallets has its benefit, technical requirements, and security. Use a cold wallet; cold wallets do not connect to the internet based on this fact they are not risky for cyber-attacks. Storing your private keys in a cold wallet is more secure.

Let’s take a deeper look into two different types of digital wallets.

Hot wallets:
These wallets are online wallets. Hot wallets run on online platforms they launch on the devices that connect to the internet such as phones, computers, or tablets. A hot wallet can be so convenient in a way that you can access and make transactions with the assets quickly, but they lack security because they are online and these wallets generate your private keys but they are vulnerable to hackers’ attacks. These wallets mostly are used for small amounts of assets.

Cold wallets:
As we mentioned above this type of wallet is the safest option for storage. Cold wallets are the wallets that are not connected to the internet so they may face fewer risks rather than hot wallets that are online. These wallets are also called offline wallets or hardware wallets.

trust wallet clone

The things that you should look for in a hardware wallet:

A recovery phrase:
This is a code that stores all the information needed to recover your wallet. In a case that your cold wallet is stolen. Damaged or you don’t have access to your wallet, a recovery phase will let you get to your coins via a digital wallet or a new hardware wallet.

Security level:
By now, you have understood the importance of security, so lookout for a high-quality security chip in your hardware wallet.

Ease of Use:
You will need a hardware wallet that is easy to use, offers direct control over your crypto, and will give you complete access to the crypto services that you need them.

3.Diversify the investment

Since there is no limitation for creating a wallet, you can store your cryptocurrency assets in different wallets. Choose one of the wallets for your routine use and the others for keeping your assets. This will keep your funds more secure and in case any problems happen to one of them you will not lose all of your assets.

4.Use a secure Internet

When using your account or when you want to execute transactions/buy or sell assets, make sure you are connected to a secure connection, avoid connecting to the public network. And when using your personal network use a VPN to change your location and make your browsing process safer.cryptocurrency exchange development services

5.Change your password frequently

The importance of a secure and strong password is not hidden from anybody. Use a different password for your separate wallet and change them after some time. Choose passwords that are hard to guess.

6.Software updates

A wallet running on non-updated software is an easy target for hackers. Always keep in mind that the latest version of the software will have a better security system. your wallet is updated with the latest version you may prevent a big crisis because is harder for attackers to break into updated software because of the enhanced security features.

7.Check whether your 2fa verification is active

Don’t ignore an additional layer of security, and turn on your two-factor authentication, in the security setting of your wallet account. 2FA sends an additional password request to your phone or email address every time that you want to log in to your wallet account.  This will prevent a hacker from accessing your digital wallet account because it will need to have the access to the phone or email. Google authenticator is one of the most popular 2fa applications that provide users with two-factor authentication.

8.Backup

create a backup of your entire wallet regularly. In case the computer fails, a backup may be the only way to recover the currency in the digital wallet. Make sure that you backed up the entire wallet and store it in multiple secure locations and set a strong password on the backup.

Getting phished via vicious ads and emails is so common in the cryptocurrency world. Be so careful about the unknown and suspicious links while making crypto transactions. These attacks were performed through some fake domains and by embedding vicious links in documents, SMS, websites, and emails.

The last word

 Be prepared for volatility

Cryptocurrency has lots of volatility full of ups and downs, so if you can’t handle all the risks forget the investment in the crypto market. Also, this is a brand new market and it will have many challenges so be prepared.
If you know any other ways that will help to increase the security of the investment, comment it down below. we would be happy to hear from you.

Send Your Request

Don't miss these articles

Leave a Reply

Your email address will not be published.

Radin Experts
Online Support System

Please enter the form information