Cryptocurrency can be a scary place. You need to stay safe in crypto.
It’s not all sunshine, rainbows and profits. There is a particular nasty side of crypto where malicious individuals lurk. They are determined to take advantage of your lackluster security practices to steal your crypto funds.
The truth is, stealing cryptocurrency is easier than robbing a bank. That’s why hackers have set their sights on duping cryptocurrency investors and traders out of their money in any way possible.
To help keep you safe, follow this list.
Everywhere you can, use two factor authentication (2fa). It makes your account significantly more secure. You can and should do this for your email accounts, exchange accounts and everywhere else that supports it.
Don’t use SMS 2fa – it’s not secure. Use a 2fa app like Google Authenticator. This is the easiest way to stay safe in crypto.
Use a password manager
It’s not secure to have the same easy to guess password for everything. Instead you can use a password manager (with 2fa to access) that stores excellent passwords that will keep your accounts under lock and key.
Consider a hardware wallet
If you don’t need to access your crypto instantly, try a hardware wallet. They are very secure and will keep your funds a lot safer.
Watch out for phishing
Phishing is when malicious users direct you to a web page that looks very similar to the web page you’re after… but it’s slightly wrong. When you log in it will steal your details and use them to get ahold of your cryptocurrency.
Phishing is hard to avoid, but there are some precautions you can take. Bookmark important websites so you know you’ve gone to the right place and always double check what website you’re on before entering sensitive information.
In general, be careful anywhere you are giving away your personal information.
Look after your private keys
They are called private for a reason. Keep them to yourself.
Do your own research
This space is filled with gurus that want to guide your investment choices. Don’t listen to them. No one cares as much about you as you do. Do your own research and reach your own informed decisions.
Cryptocurrency is notorious for live chats with other investors. It’s fine to get involved, but don’t overshare. No one needs to know your real name or how much money you have. Revealing these details will just put a target on your back.
Trading is glorified in this space, but it’s not all it’s cracked up to be. It’s very hard and the vast majority of traders lose money. Don’t become one of the losers.
If you want to start trading, start slow and don’t be led by others. Learn properly by yourself and do things by the book. That’s the only way to stay safe in crypto while trading.