How to Keep your Cryptocurrency Safe

Cryptocurrency is usually at risk due to the digital wallets which are also referred to as exchange providers. These wallets do not store cryptocurrency, contrary to popular opinion. They actually possess a key that enables the online trading of cryptocurrency.

This key is the digital identity of the user in the crypto market. If anyone other than the user has access to this, it can be used for fraudulent transactions or even theft of cryptocurrency. Cybercriminals have mastered this art with the use of sophisticated techniques.

This is where apps like Immediate Profit Official App come into play for securing cryptocurrency. Protecting cryptocurrency can take several forms as discussed below.

Crypto Trading

Avoid phishing scams

Malicious ads, as well as emails, are common ways of conducting phishing scams in the world of cryptocurrency. While making any transaction make sure that you do not click on any suspicious link.

Phishing scams have been said to steal $200 million worth of currency in two years. These attacks have mostly happened in the US and Japan. Before conducting these phishing scams, the hackers identify the email accounts of cryptocurrency users by initiating a reconnaissance phase.

Phishing attacks are usually performed via fake domains that impersonate a credible organization. They send emails with malicious links embedded in the document, thereby acting as a trojan horse.

Conducting small transactions

A single transaction must never contain a bunch of cryptos when you are trying to purchase or make a sale. Instead of transacting a huge amount, it is wiser to break the amount up to and then conduct multiple transactions. The double-checking and security layers may seem rather cumbersome and time-consuming. However, they are crucial to your funds being safe.

Don’t keep the same password

Any talk about digital security is incomplete without underlining the importance of strong passwords. Studies have discovered that 3/4th of American millennials use a similar password for 10 or more devices, apps, and accounts.

It is important to understand why a strong and complex password is necessary. When it is difficult to guess, you can be assured that your wallet is safe. At the same time, it is also important that you change the password occasionally to make it more difficult for others to guess.

Don’t share private keys

Never make the mistake of giving your private keys or even the seed phrase to anybody, no matter how close you two are. Giving away the private keys makes your account unarmed and vulnerable to attack. Also, remember that a credible company dealing with cryptocurrency will never ask you about the keys while resolving any issue.

Ensuring that it is the correct recipient wallet

Before you make a transaction using cryptocurrency, check the address of the recipient. Even if you misspell the address by 1 letter, the transaction can be directed to some other wallet. What’s worse is that these transactions are irreversible. Sometimes, the recipient address can get altered due to malware. So, always be double sure.

Keep the 2FA verification on

The 2FA verification is an additional security layer that must be kept on while setting up the security settings of the wallet. 2FA provides a second password which you must enter while trying to access your wallet. When 2FA is activated, the hacker is unable to get direct access to the crypto wallet. This is because the hacker doesn’t have access to the email or phone of the user.

Keep your device updated

Don’t forget to update your devices regularly so that it is always capable of defending itself against any latest virus. Make sure that you employ a strong firewall and anti-virus to eradicate all the vulnerabilities of your device. This will decrease the chances of the hacker to detect the weakness of your device and subsequently access your wallet.

Maintaining more than one wallet

You can always create more than a wallet to protect your cryptocurrency. Multiple accounts enable you to diversify your cryptocurrency investments. For all the regular transactions, use anyone from the multiple wallets. Use the rest for other purposes. In this way, your portfolio will remain protected and you can prevent any kind of breaching of your account.

Using a paper or a hardware wallet

A paper wallet is a piece of paper that contains the crypto address and the private key in a QR code form. Transactions are conducted by scanning these codes. Paper wallets are extremely resistant to any kind of hacking.

On the other hand, a hardware wallet is one that isolates the private keys by storing them in a flash drive. The private keys remain offline thereby immune to any hacking. Both these methods are referred to as cold storage or cold wallet.

Using a secured Internet connection

For all trading activities involving cryptocurrency, always use an internet connection that is secure. Make sure that you are not using some public WiFi network. While using the network at home, make sure you use VPN for extra security. When you use a VPN, your location and IP address get changed. This in turn prevents others from getting to know your browsing activity.