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Security Tips For Trading Cryptocurrency Online

Cybercriminals are always ready to hack cryptocurrency accounts/wallets these days. The popularity and rise in prices of leading cryptocurrencies like Bitcoin and Ethereum have made them a lucrative target for crooks across the globe.

This enables the need for knowing cryptocurrency security and the potential danger concerning it and when to secure the crypto under several patterns such as a falling wedge pattern. It is because the centralized cryptocurrency service does not offer the same level of security as compared to the bank. 

How Secure Cryptocurrency Is?

The technology used for creating a cryptocurrency is Blockchain technology. All the method transactions are recorded in blocks and blockchain describes the time stamp. It is the most lengthy and complicated procedure. However, the result is a highly secure digital ledger of cryptocurrency transactions. This way, hackers cannot influence the wallet. 

Transactions also necessitate the two-factor authentication process. Although security systems are in place, they can still be the advantage of hackers. 

Tips To Help Secure The Cryptocurrency

Check Your Account Activity

It is significant to make an audit of all your cryptocurrency wallets, logins, and accounts that constitutes information concerning your crypto assets. It helps you in keeping your account safe from risk.

For this, the first thing you need to do is check the platforms you are signed up for. When you are aware of each and every account, you will be able to monitor the activities and act immediately when you find anything suspicious. Although this is a simple method, it is highly effective.

 

Hide Your Digital Footprint

A digital footprint is associated with the traces of your online activity. It includes social media posts, comments, cookies, IP addresses, and login details. Cybercriminals try to get access to sensitive information using these traces. Of course, we do not want this to happen or risk the security of our crypto assets.

Therefore, it is advisable to use a Virtual Private Network (VPN) that hides your identity while browsing and even keeps the online activities away from the interfering eyes. 

Avoid Storing All The Money In The Exchange

Over the years, many crypto exchanges and user accounts have become victims of hacking attacks and other security issues. This led to many users’ accounts getting frozen or worsened. It indicates that there is no guarantee that your tokens are safe in crypto exchanges. Hence, it is significant to store it in a private wallet. 

In this crypto space, using a cold wallet is highly recommended. It is because it contains a Secure Element (SE) chip that enables you to secure your keys even on an offline device. This way, your information will be less susceptible to potential hacking. 

Moreover, the device is embedded with the microprocessor, which remains offline even when it is connected to the Internet. Therefore, if your computer is comprised of malware, the private keys will remain safe.

Spotting Phishing Email

Cybercriminals nowadays are relatively smarter in terms of phishing for information. One such example is the last week’s phishing attack on OpenSea.io users resulting in losses amounting to $1.7 million.

Therefore, you have to be extra careful while receiving emails with additional links. People get caught up in this act because the emails are framed in such a way that it is sent from a legitimate company and might be tricky to detect.

You need to check the domain name before clicking any external link or providing them with your personal information. It is because legitimate companies often use their domain name to send an email.  

Also, it is advisable to be aware of the email that asks you to confirm your personal information. And do not send crypto to a wallet using an email. ICOs and crypto exchanges never ask their users to make transfers using this method. 

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Use Two-Factor Authentication

With the help of two-factor authentication, you can add layers to your security. However, do not use the SMS 2FA since it can be intercepted. Some crypto enthusiasts suggest the Google Authenticator App as it is accessible offline and local to your device. 

If you are using third-party software for trading, then restrict your API keys. This way, it will only work with specific IP addresses. You will rest assured that no one will touch your account even if the hackers manage to get your secret keys. 

These tips are highly efficient in saving your cryptocurrency from malicious activities. 


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