In this article, we bring to your attention the 7 best ways to secure your crypto. In the last 5 years, the digital currency has skyrocketed in terms of both price and popularity grabbing the attention of one and all. However, the lack of a regulatory body and rules and regulations governing its transactions have led to it being exposed to malicious intended hackers putting your investment at high risk. So we recommend you read through the 7 best ways to secure your crypto understand each of the ways properly and keep trading securely in crypto.
Hybrid approach to ensure digital wallet security
It involves keeping your crypto safe by storing a major portion of cryptocurrency in a physical wallet rather than keeping the money mostly in e-wallets.
Strong password policy for secure wallet
We recommend keeping a strong password policy as one of the most basic steps to ensure that your e-wallet and physical wallet are securely maintained.
Invest only through well-known crypto/ wallet/exchange/apps/brokerages
One must not just choose any crypto wallet or platform for the investment of cryptocurrency and must always look to carry out proper research and due diligence to ensure that the platform for cryptocurrency transactions is reliable.
Protection from Mobile phone Phishing
Mobile phishing is one of the most prevalent forms of malicious hackers trying to steal confidential data from your smartphone. One must always be cautious before opening any type of links sent through messages, social media, and e-mail to protect their device from falling prey to phishing.
Regular monitoring of crypto wallet transactions
A crypto investor must regularly check and keep tabs on the transactions carried out through his/her crypto wallet to be vigilant against any illegitimate transaction.
Maintaining crypto in custodial wallet
One of the best ways to maintain the security of your cryptocurrency without much effort is to store your crypto in custodial wallets. A custodial wallet is a type of digital wallet that stores your crypto through a 3rd party managed cold or hot wallet.
Avoiding cold wallets and using hot wallets
A cold wallet is the physical storage of cryptocurrency in the form of a paper contract. While hot wallet refers to storing crypto in its digital format. Although cold wallets are more secure, one should not store crypto meant for trading in the cold wallet as it leads to a lot of time and effort being wasted along with incurrence of fees for regular transfer of crypto from cold wallet to hot wallet given that you can’t directly trade crypto using cold wallet balance.
Bingo!! You have finished the first step towards securing your crypto. We have covered the best 7 ways possible to ensure the security of your crypto balance. However one must take ownership to ensure that you follow them religiously to keep your balance safe.
Hopefully, we were able to help you understand the 7 best ways to secure your crypto. !!!