How to Keep Your Crypto Secure

Summary:

• Keeping your crypto safe is essential to protect your investments from hackers and scams.

• Use secure wallets - hardware wallets are the safest option.

• Protect your seed phrases like your life depends on it.

• Beware of phishing, scams, and fake websites.

• Staying cautious and informed is your best defence.
  

Keeping your crypto safe is one of the smartest ways to grow your wealth! 

There are so many scams and hackers in the crypto space so security should be high on your list of priorities. Once your crypto has been scammed or stolen from you, they’re usually gone forever - there's no refunds or customer support to complain to. With a normal bank account, your funds are protected up to £85k per person, per bank, in the UK. Crypto is not like this at all and so the responsibility is on you to protect it. 

Here are some tips to keep your crypto secure from the start. 

1. Use the right wallet

A crypto wallet is where you store your crypto. There are two main types: 

Hot Wallets - These are wallets that are connected to the internet, making them convenient for trading and spending. When you sign up to a crypto exchange you are automatically created a wallet on the exchange for your crypto. You can also have a hot wallet that isn’t connected to a crypto exchange, for example MetaMask. While hot wallets can be easy to use they are vulnerable to hacks because they’re always online.

Cold Wallets - Cold wallets are offline, making them much harder to hack. The most secure option is hardware wallets like Ledger or Trezor. Your long term investments should be in cold storage and not kept on an exchange. When you buy a hardware wallet, you’re issued a ‘seed phrase’ - this is a password consisting of a long string of letters. You absolutely must keep this safe! If you lose it, you lose access to your crypto for good. 

The golden rule for crypto is to keep most of your crypto in a cold wallet and only small amounts in a hot wallet for regular use.

3. Use Strong, Unique Passwords

Always use a strong password with a mix of numbers, capitals and punctuation - and use a different password on each exchange - and a different email to log into different crypto exchanges. 

Don’t keep your passwords saved on your notes as if it gets stolen or hacked, you’re literally making it easy for them to steal your crypto. 

4. Enable Two-Factor Authentication (2FA)

Two-factor authentication adds an extra layer of security to your accounts as even if someone gets your password, they can’t access your account without the second factor. How it works, you download a 2FA app, and you connect it to your crypto exchange account and then any time a withdrawal is attempted, a 6 digital code which expires after 30 seconds, must be input. 

The best 2FA apps are Google Authenticator and Authy. The Google one is best however, if you are prone to losing or breaking your phone, you will find it a hassle to get back in afterwards. Authy allows you to gain access from other devices but of course this means it's not quite as secure. I personally use Authy after a bad experience with Google Authenticate - I still can’t get into my Gate.io account due to this and can’t create a new account with them as they are no longer allowed to operate in the UK - so no new accounts can be made. 

5. Beware of Scams

Crypto is full of scammers trying to trick you and steal your crypto. Here’s what to look out for:

Phishing Scams

These are fake websites or emails that look real. They ask for your seed phrase or login details, then use this to steal your crypto. You can avoid these but always double checking URLs and NEVER click links from emails - many scammers send emails that look like they are from the actual company. Assume everything is a scam. 

Fake Support Agents

This is when scammers pretend to be customer support and ask for your seed phrase - no legit support will ever ask for your seed phrase! 

Giveaway Scams

This is when scammers promise free crypto if you send them some first  - another golden rule in crypto is - if it sounds too good to be true, it is.

6. Avoid Public Wi-Fi

Using public Wi-Fi at coffee shops or airports to access your crypto accounts? Big mistake. Hackers can intercept your data on unsecured networks. Consider using a VPN (Virtual Private Network) to secure your connection or stick to your mobile data.

Keeping your crypto secure doesn’t require

 tech skills or paranoia -  it’s about being careful and informed. Remember:

• Use cold wallets for long-term storage.

• Protect your seed phrase like treasure.

• Be skeptical of anyone asking for your details or offering “free crypto.”
  

By taking these steps, you can keep your crypto safe from hackers, scammers, and accidents!