If you are investing in cryptocurrency, it is imperative that you undertake measures to secure your investments. As compared to traditional investments that may be insured, cryptocurrencies are largely unregulated in most countries. In case there’s a data breach, you will it difficult to pursue a legal recourse. When cryptocurrency is stolen or lost, it is usually quite difficult to get it back. You need to protect your cryptocurrency investments by following the necessary guidelines. Here are some tips and suggestions that will help keep your cryptocurrency safe from hackers.
Use ‘Cold’ crypto wallets – Instead of keeping all your cryptocurrency with online providers, you can store most of it in ‘cold’ or hardware wallet. This device is similar to a USB device and it holds a private key. You can keep some of your cryptocurrency for your online transactions and the rest in cold wallet. As a cold wallet remains in offline mode, hackers won’t be able to touch your cryptocurrency.
Use MFA – Instead of a password that can be cracked by advanced software programs, use multi-factor authentication (MFA) for your crypto wallet. MFA can include various levels of authentication such as biometrics, push notification, SMS and computer hardware configuration. MFA makes it almost impossible for hackers to access your online crypto wallet, especially if you are using multiple layers of authentication.
Use VPN – It may be possible for hackers to track your IP and subsequently target your computer in a selective manner. To avoid this, you can use VPN for your cryptocurrency transactions. Use a reliable VPN service that offers advanced security and premium features.
Avoid using public Wi-Fi – Public Wi-Fi is a significant risk for all types of online transactions including cryptocurrency transactions. Avoid these as much as possible.
Don’t brag on social media – Cryptocurrency investments can fetch high returns. And when something like this happens, it is natural for people to brag about it with their family and friends. However, doing so can make you a prime target for hackers. Never disclose your gains or losses or the cryptocurrency exchange you are using to anyone on social platforms.
Stay safe from phishing – Most people know about phishing, but hackers are finding newer ways to lure you into revealing your details. Never reveal your personal details, no matter how genuine or relevant the other person may seem like.
Select automatic updates – Quite often, people tend to turn off automatic updates. You should never do this if you are trading in cryptocurrency. Exploiting security vulnerabilities in a software program is one of the key tactics used by hackers.
Keep track of latest developments – Make sure you read about the latest updates related to cryptocurrency trading and emerging online threats. This will allow you to respond quickly in case of a new security vulnerability.