How to Best Protect Your Cryptocurrency Investment?
Cryptocurrencies have been a popular topic for quite a while now. We always hear stories of people becoming successful in this industry, leading for many to think that it’s an easy way to earn more. Unfortunately, many new investors aimlessly join this new market without researching about how it really works. What they fail to realize is that cryptocurrency is still in its infancy. The market is unregulated, making it a hotbed for many scammers and thieves.
If you want to lessen the risks of investing in this industry, this article will be of great help. Below are some tips on how to best protect your crypto investment:
Set up Multi-Factor Authentication
These days, everyone worries about their online security. Whether it’s just for their social media accounts, personal blog, or smartphone apps, people are in search for ways to protect their online data. Good thing multi-factor or two-factor authentication lets you have added security to your accounts online. As for crypto trading, if you set up your two-factor authentication, no one else can have access to your accounts. You can only open it with the code that you set up. These digits change every time you need them and expire after about 5 minutes. This makes it hard for someone to hack on your personal data. The odds of hackers guessing your code is one in a million.
Avoid Storing Coins on Exchanges on Long-Term
Exchanges can be hacked. Sometimes even established crypto exchanges can be susceptible to these problems. That’s why it is not recommended to store your assets into exchanges for a long time. Instead, you want to store them in your wallets. This is because with wallets, you have more ways of securing it. You can even store them offline for added security.
Do Not Overshare
Crypto trading is a popular choice for many investors these days. While you might feel tempted to brag about it, it is not really safe to do so. This is especially true if you are going to share it to social media. With social media, you cannot really know who’s following who. Therefore, bragging too much about your crypto journey might make you a target to hackers or scammers.
If you are doing it to advertise, make sure you protect yourself in the process by only sharing necessary information.
Always Use a Unique Username and Password
This is not only applicable when you are crypto trading. Using the same username and password makes it easier for hackers to get to your online data. Keep in mind that if someone hacks your crypto accounts, there is no way for you to contact email support to help you get your money back. If you are having a hard time remembering a new set of password, you can always use password manager.
Transfer Only When It’s Needed
Only make transfers when it is really necessary to do so. You also need to double check where you are sending your coins as doing a transaction with the wrong address can be risky. This might give hackers access to your accounts, allowing them to siphon your tokens.
If you want to take your career in bitcoin trading in Singapore to the next level, contact Crypto Trader today. They offer crypto courses designed to help you learn about proven and tested strategies straight from a crypto-trading expert. Check out their website for details.