Ways of Keeping your Cryptocurrency Safe from Marauding Scammers

Since its inception in 2009, the cryptocurrency market has experienced tremendous growth at a spectacular pace. Investors from all walks of life have been able to develop their financial portfolio as a result of the huge profits earned from the investment. Even after experiencing a fading popularity in 2017, cryptocurrencies such as Bitcoin still managed to bounce back to attain another significant surge between 2019 and 2020. This is the time when the Bitcoin managed to secure its all-time high and surpass the previous records it established. 

Based on the fact that many investors are still unfamiliar with the system, and may not know how to keep their investment safe, security of the funds has become a major issue. Hackers are devising high tech  mechanisms for stealing funds from investor’s wallets. In fact, some theft cases have been conducted openly at the owner’s vicinity. For instance, some would even blatantly reroute cryptos from one wallet to the other while victims watch helplessly. 

Why do I need to keep my Keys?

As an investor, you should note that your private keys are some of the important pieces of information that will always give you the accessibility to your digital wallet. We advise that you keep them in a secure location to prevent cases of theft or losing them. Although cryptocurrency can be a rewarding investment, it remains one of the riskiest, especially with the increased cases of cybersecurity risks. How do you therefore protect your cryptocurrencies? Walk with me through the next sections to learn more. 

1. Trade on Reputable and Trustworthy Exchanges

Investors buy and sell their cryptos on exchanges, just like the stocks. Currently, hundreds of exchanges exist globally, with some being perceived better than others. In fact, it is very easy to know the exchange platforms that have been foundationally built on reputation and trust. You should only go for them if at all you want to avoid the unforeseeable issues of thefts and losses of your coins. We recommend some exchanges such as the Etoro and Binance because they are arguably the safest platforms in the market. 

It is important to note that all the exchanges that I have mentioned above are secure and possess robust cybersecurity infrastructures that protect investors’ wallets from external intrusion by hackers.  

2. Use a strong password to protect your crypto wallet 

Your safety starts with you. By this, it is advisable not to use the same passwords across the multiple cryptocurrency services. Ideally, the exposure or loss of that particular password will mean that you’re likely to get scammed if it lands on the hands of the hackers. For a strong security, you can implement a two-factor authentication, and regularly adjust or change the passwords if possible. Do not forget to use the password manager which will help you access the automated processes, thereby saving you a great amount of time. 

3. Never put much crypto in online wallets 

Although we all know that cryptocurrency investment is a lucrative investment, we do not advise keeping too much crypto on your digital wallet. Keeping cryptocurrency offline is one of the best and safest ways to store your coins. In recent times, there have been cases where hackers target online wallets with an aim of scamming investors with their hard-earned funds. Going forward, you will have to exercise maximum caution on which wallets to use. The offline storage provides a considerable amount of protection because something like a physical (hardware) wallet can comfortably fit into the safety deposit box. 

4. Exercise vigilance with your mobile traffic

It is not surprising that hackers can use ingenious strategies to access your digital wallets. The cases of using malicious apps to access the mobile device of investors have been reported. Although it may be hard to believe and understand how it happens, the malicious apps will assist the hackers to watch anything that happens on your screen. We advise buying antivirus software to protect your mobile devices from such unauthorized intrusion. 

5. Make use of the Multiple Cold wallets 

The conventional wisdom dictates that if you possess a more virtual currency that you feel comfortable holding, then you should keep it in a cold storage. This also applies when you want to make a long-term investment. While it is evident that there are safe and reputable exchange platforms, fraudulent activities do occur. Thus, the most spectacular option would be to keep your crypto away from the exchanges, and this is with the multiple cold wallets. Just like other software wallets, the cold wallets provide a high level of superior protection of your cryptos such that even the most brilliant hackers cannot access through the internet. 

Conclusion on measures for crypto safety 

If you are an investor or planning to invest in the future, security of your cryptos should be your biggest priority. Although it seems a daunting and time-consuming task, it is necessary to take a proactive mechanism to prevent unforeseeable future problems. Here, I have provided comprehensive ways to protect your coins from scammers. The dictates of the conventional wisdom is that it is good to prevent damage instead of merely mitigating it. Through trading on safe exchanges, keeping your private passwords and keys secure, and making use of the multi-factor authentication will help you reduce possible risks of losing your funds.