Here are the best practices to keep your crypto wallet safe from hacks and theft.
Use a cold wallet:
It is advisable to always use a cold wallet rather than a hot one. There are no chances of hacking as the cold wallets are not connected to the internet since there are no networks involved. A hardware wallet or cold wallet can also be of use in that it enables one to keep his or her private keys from the wallet. These are kept secure and the private key is kept in safe storage. Private keys are glass cards which are kept away from the internet to be able to access particular digital currencies. But for starters, hardware wallets may pose a challenge. Read more to learn how to keep your funds safe even when using a software wallet.
Manage multiple wallets:
People are advised against putting all their cryptocurrencies in one wallet. Instead, you may want to consider using as many wallets as possible, including hardware wallets for storage and online wallets for performing transactions where time is of the essence. We, however, suggest that you consider keeping a huge proportion of your currency’s value in an offline or hardware wallet and a small proportion online
As all the investment funds cannot be kept in one instrument if risk aversion is wanted, in the same way holding few wallets is better than putting all possible confidence in one to eliminate threshold derailments which are a result of a software failure. If you have been using a software wallet, it might be beneficial to do so to the very last to the case where the wallet application is being updated with the most recent and available security features. And apply anti-virus protection onto your computer or other hardware, where the software is being used.
Create a strong and unique password:
When it comes to protection, passwords are crucial and should never be overlooked. Create a strong passcode that you can remember easily. Don’t use one password across all your accounts especially for encryption-related ones, instead use one that contains no less than 16 characters. Alternatively, there is also password management software that allows generation and secure storage of passwords.
Select trustworthy exchanges:
You are likely using beginner wallets if you are just starting out. Make sure you settle on an exchange with a good name and high security standards. Always search for popular exchanges with favorable reviews from the society.
Always keep your private key secret:
If someone gets hold of the key to your door, everything in it (including cash) may be lost forever. Your crypto assets will also be in danger if anyone gains access to or else gets hold of your private key. It is highly recommended that users retain their private keys by themselves. In no circumstance should anyone share their private keys while trying to fix their cryptocurrency wallets.
Enable two-factor authentication (2FA):
Two-factor authentication increases the safety level of your wallet account. Enable it in your wallet security settings. You can choose this option to send another password request either to your mobile phone or Gmail account. To prevent the danger of SIM swapping, we advise using applications like Google Authenticator or physical keys such as YubiKey or FIDOkey instead of a SIM code.
Verify recipient’s wallet address:
Always verify the recipient’s address before proceeding with the transaction process. Cryptocurrency transactions cannot be reversed so an innocent mistake like pressing the wrong character in recipient’s address could make the funds go elsewhere. Some malwares are capable of editing and changing addresses even if they are correctly typed in. Therefore we suggest confirming your transaction many times before you get approval.
Avoid Scams, Fake Websites and Phishing:
Some people might have gotten messages on social media channels like Telegram asking them to transfer cryptocurrencies to their accounts or promising them doubling their coins through betting. All these messages are scams and fraudulent gifts. Just avoid them at all costs. It is also advisable not to click any doubtful link or email you may receive from unknown persons.
Cryptocurrency wallet can be protected by SEC Security through advanced cryptographic solutions. Ultimately, it’s like saying that you have finally moved on and gone on with your life because you may have experienced abandonment in the past but now it’s all gone.
Remember that it’s easier to warn against than to treat. To safeguard your virtual money, adopt avoidance strategies and familiarize yourself with common practices that mitigate chances of losing money or having it stolen. Remain updated, observe safety measures and always consider what is right for your most cherished online wealth.ii