Best Ways To Secure Your Crypto

Cryptocurrency investments are rising, and many new investors are entering the crypto metaverse. But as investors see it as a great opportunity, so do scammers, hackers, and other criminal minds. Thus, many users are on the search to find the best ways to secure your crypto.

While the newest cryptocurrencies have many pitfalls, keeping cryptos safe and secure is undoubtedly the highest on the priority list of many investors. 

In 2021, the crypto exchange Liquid lost over $97 million worth of crypto to hacking. Similarly, in early 2022, another $30 million hacking activity took away Bitcoin and Ethereum, thus leaving investors searching for the best ways to secure their crypto.

Luckily, with an increase in the crypto market, related problems are also getting solutions. Currently, there are numerous different options to choose from that can help to secure your crypto from unwanted access.

Let’s jump right in to discuss the best ways to secure your crypto.

• Use Two-Factor Authentication

One of the easiest ways to secure crypto is using a two-factor authentication method to process transactions on your crypto exchange account.

2FA requires an input code from your mobile each time you make a crypto withdrawal. It will keep your crypto safe as hackers will not only have to hack your crypto account but also require you to jailbreak into your phone. 

Contrarily, if you do not have 2FA activated, you must rely on your email and password. An email is easy to access for bad actors to circumvent.

• Trade on Reputable Exchange

Crypto is generally traded on exchanges, just like stocks. New crypto exchanges enter the market daily but consider whether they are fully operational in terms of security features before opting for a trade.

Hundreds of exchanges are available, but only a few are considered safe: Kraken, Gemini, Coinbase, Crypto.com, and Binance are the safest and best crypto platforms.

All of the above exchanges have excellent cybersecurity infrastructure and use dedicated facilities to store their clients’ digital assets. Additionally, they have geographically distributed and heavily surveilled facilities.

• Use Secure Internet

It may be an obvious tip, but it is one for the ages. You can easily stay away from suspicious interactions by securing your connection. 

Your home will become your preferred place for crypto trading; thus, setting up a basic security infrastructure is key to securing your cryptos.

You can quickly check your firewall setting and make sure to have updated anti-malware software. Next, set a strong password for your internet router. Additionally, enable network encryption and network name broadcasting.

You can also have a Virtual Private Network (VPN) for maximum safety. A VPN will encrypt your communication, thus offering high-end protection. Since cryptocurrency is the future of finance, thus putting extra finance on its security is mandatory.

• Use Hardware Wallets

One of the most trusted ways to secure crypto is to store them in a hardware wallet. It is like a USB device that holds a key vault. It is designed in a way that does not let seed words move out of the device unencrypted.

Furthermore, a hardware wallet does not have an active internet connection, thus making it extremely difficult for an attacker to infect it with malware.

However, you still must connect your hardware wallet to the internet to transact. But security experts have added additional security features by using sophisticated techniques.

One tip is to avoid buying hardware wallets from untrusted sellers, as they may pre-install malware into wallets.

• Be Wary of Scam Emails

Hackers’ favorite mode of accessing digital wallets is using scam emails. They will send you an email containing a malicious file, which, when opened, will corrupt your system, thus giving them access.

So, staying ahead of the game is vital; stay alert to unknown emails and delete them without opening any attachments.

One of the methods to avoid this issue is to use different systems for your emails and crypto trading. Additionally, you can run antivirus software to scan files before opening them.

• Other Tips

In addition to previously discussed ways, here are a few tips to secure cryptocurrency.

Frequently Asked Questions

What is the best wallet to secure my crypto?

The best type of wallet to secure cryptocurrency is a cold wallet since these wallets do not have an active internet connection, thus making them more secure.

What is the most secure wallet for crypto?

The following are a few well-trusted crypto wallets in the market;

How to transfer crypto to a Trust wallet?

Transferring crypto to the Trust wallet is simple; select the Receive button after logging in, then choose the asset you wish to share.

Does crypto increase when stored in a wallet?

Yes, cryptocurrency increases and decreases in value while in a wallet based on the current market valuation of that particular currency.

Can I recover my crypto if I lose my hardware wallet?

Unfortunately, you cannot retrieve your cryptocurrency if you lose your wallet.

Parting Thoughts

The crypto market is on the rise, and so are malicious activities. We have discussed numerous ways in this guide if you are searching for the best ways to secure your cryptocurrency. 

You can easily protect your cryptocurrency from the new breed of criminals by using two-factor authentication, backing up your seed words, using secure networks, and avoiding public Wi-Fi. 

So, buying crypto is one part, and keeping them secure is another. If you are into the crypto business long-term, have your own secure VPN and a hardware wallet. These may cost more, but you will fancy your decision in the future.

Staying proactive is the key to securing digital assets, as scammers use new methods daily. Use renowned exchanges for trading cryptos, and use hard passwords.

We hope you learn the best ways to secure crypto through our article. Please let us know your takeaways and share best practices that helped you secure your digital assets.