As a crypto trader, you are a prime target for hackers who are gravitated towards digital currencies given their decentralized nature and fast-rising value. While it is nearly impossible to hack a blockchain, cybercriminals leverage many other avenues, and you need to secure these endpoints for your safety. This article outlines eight security tips for crypto traders.
1. Choose a reputable crypto trading platform
Before choosing a crypto trading platform, it is critical to research your options, as the exchange you use will be your first line of security against hackers. Prioritize working with reputable platforms that have incorporated the best security measures like Netcoins that leverage advanced blockchain analytic and forensic tools to safeguard all traders.
2. Keep your devices safe
Keep your trading devices safe by ensuring you have an active antivirus and firewall to protect you from malware attacks. Most importantly, limit the usage of these devices for other activities, stick to using private and secure Wi-Fi network, and always log out after you finish placing your trades.
3. Practice good password and secret key hygiene
Always use a strong password for your crypto trading platforms, and ensure it is a unique combination that is not in use for any other accounts. If you have trouble remembering your passwords, use a password manager for secure storage. Similarly, you must also securely store your private secret key offline, as these seed phrases are the only way to validate your authenticity as an owner sending or receiving digital coins.
4. Enable multi-factor authentication
Beyond having a strong password, you need to enable multi-factor authentication to make it harder for hackers to access your accounts. This extra layer of security will require a random pin sent to you via email or SMS before anyone can access the account.
5. Hide your digital footprint
The growing use of AI in crypto trading has made it easier for traders to explore more trading opportunities. However, it has also created a danger as hackers can use this technology to your disadvantage by learning your online behavior and acquiring critical information. To limit these risks, it is vital to hide your digital footprint by using a VPN (virtual private network) to mask your IP address, encrypt your data, and make you more invisible online.
6. Don’t store all your money in an exchange
Avoid storing all your money in an exchange, as even trading platforms can suffer from cyber-attacks. A good practice is to use crypto wallets to store your digital coins in a safer location that only you can access.
7. Beware of phishing scams
There are so many phishing scams targeting crypto traders, and you must always assume the worst whenever you seek new trading opportunities. Common scams include fake ICOs (initial coin offering), pirated crypto apps and websites, and scamming emails that can easily see you lose all your crypto investment in an instant.
Endnote
The cornerstone to being a successful crypto trader is prioritizing your security, and with these tips, you can keep hackers at bay and focus more on safely growing your investment.
