Cryptocurrency has revolutionized the payment markets globally and is a great opportunity for investments and trading. However, with everything that involves money, you have to be extra careful. This means that in addition to just looking for good tips for trading in crypto, you also need to pay a good amount of attention to cryptocurrency security as well.
Let’s look at some crucial tips that will allow you to remain safe on these platforms when you’re trading.
- Keep a Close Eye on Your Account
Have you ever conducted a thorough audit of all of your cryptocurrency wallets, logins, and other accounts that hold information pertaining to your crypto assets? If not, now is the time.
It is possible that you are putting your accounts at risk since you haven’t done so.
To begin, check your email inbox to see which cryptocurrency platforms you have signed up for and which ones you have not. Alternatively, you can write these down on a piece of paper and store them in a location that you believe is the most secure for you.
Knowing the details of all your accounts will assist you in keeping track of their actions and taking fast action if something suspect occurs.
It’s straightforward, yet it’s effective.
- Use a VPN
Whenever you are connecting to a wallet or an exchange, you are exchanging crucial personal information. If you’re doing it through a windows PC, it is important you use a VPN for Windows PC 10. A good Virtual Private Network will ensure that your financial and other personal data remains safe.
You will not be accessed by any external entities and your data will go through a secure server. There are also countries that restrict crypto trading. Using a VPN will ensure you can change your location and access your wallet data at any time.
Use a good VPN with encryption abilities like that of VeePN to keep your data safe and secure throughout your trading process. This is one of the best tips for crypto trading that someone can give you.
- Always Use Two-Factor Authentication
In order to keep your account more secure, two-factor authentication is a good idea.
But, it is very important not to use SMS 2FA because it can be hacked. The Google Authenticator App is better for crypto enthusiasts because it can be used even when you don’t have internet access. It’s also local to your device.
It would be best if you put restrictions on your API keys so that only certain IP addresses can use them. It’s safe to say that even if someone finds your secret keys, they won’t be able to touch your account.
- Check Out New Platforms, But do It Carefully
There are a number of exchanges present where you can buy and sell crypto. But you have to be super careful with what platform you can trust at the end of the day.
You may see very attractive exchange rates on some of these platforms but you have to beware as some of these can be scams. Always go for very renowned platforms such as FTX or Binance to invest your hard earned money.
If you’re looking to trade on FTX, check some FTX referral code first. It could cut your expenses and give you a good profit.
- Don’t Fall for Phishing Scams
Here is one of the most valuable tips for crypto trading for you. Do not fall for phishing scams. Hackers are getting better at phishing for information these days.
That’s why you need to be extra careful when you get emails with links to other places. Often, these phishing emails are made to look like they come from a real company and may be hard to tell apart.
Before you click on a link or give out personal information, check the domain name. People who work for real companies send emails with their company name as the subject line.
Hackers often use domain names that are almost the same as the name of the company they want to break into. It could be easy to mistake an email with the domain @coinbase.org for one with the domain name @coinbase.com.
If the email asks you to confirm personal information, be wary of that, too! Search for the organization and contact them directly. In the email, it says that you should not use any of the ways of communication that it says to use.
A virus could also be hidden in a file attached to an email. In most cases, scammers use this method to get into a computer and get their hands on personal information.
Finally, don’t send money to a wallet through email. No one will ask you to transfer crypto using this method. ICOs and crypto exchange platforms won’t ask you to do this.
- Hide Your Digital Footprint
A digital footprint is made up of all the things you do on the internet. A lot of things you do on social media, like commenting on other people’s posts, cookies, IP address, and login information.
Hackers can use these traces to get to your personal information, and they can do this by following them. You don’t want this to happen, and you don’t want to risk the safety of your crypto assets.
That’s why it’s a good idea to use a Virtual Private Network (VPN) to hide your identity while you’re online and keep your online activities from being seen by other people.Obviously we have covered the importance of a VPN for PC from the perspective of cryptocurrency security.
With this, you’re making yourself a lot less visible online, encrypting your data, and changing your IP address to make it look like you’re from another country.
To put it simply, Don’t be naive. Hackers are better now, even if they live in their mom’s basement. Don’t make it easy for them.
I bet you lock the doors when you leave your house. The same is true for your money. People who want to trade crypto should take simple steps like keeping their crypto in a cold wallet, leaving only their trading balance on the exchange, and doing account audits on a regular basis to be more safe in the world of crypto trading.