6 Essential Security Tips To Consider When Entering The Crypto Market

Entering the crypto market is most probably one of the most exciting things you could experience because you are exposed to new opportunities, and you might feel like you’re a few steps closer to the financial freedom you’ve been dreaming about. However, you should take a step behind and put your enthusiasm on pause for a while because it might result in naivety, which is something that is not welcomed in the crypto world if you want to achieve success, but your weakness represents the perfect opportunity for cybercriminals instead. The digital market has great security standards and an overall safe technology that prevents frauds and other malicious activities, but sometimes, a simple error could lead to a chain of negative events, and you might leave an open door for scammers after a moment of distraction, especially as a newbie in the field. So, if you are a new entry in the digital world, here are 6 essential security tips you should consider:

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Make Sense Of Common Crypto Scams

The virtual world is not secure, and a moment of distraction can lead to the loss of money and fraudulent activities that could put you at risk. For instance, some common scams in the crypto world are:

• Investment scams: this kind of scam is often found on social media, where individuals advertise that they will help you in your trading journey with zero risks and require your personal information for the registration process.
• Impersonators: the cybercriminals impersonate well-known companies or celebrities to encourage your activity in the digital market and a collaboration with them with the intention of stealing your data.
• Blackmail: scammers send emails claiming that they have compromising photos or videos of you that they could leak if you don’t provide your crypto platform credentials.
• Phishing: humans are naïve by nature, and cybercriminals take advantage of our weaknesses sending appealing emails crypto-related containing malicious links that, if clicked, lead to a specific website designed to steal your personal information.

Choose a Trustworthy Exchange

You can find multiple websites and exchange platforms that promise the same great infrastructure. However, the truth is far from that most of the time because some platforms could be managed by someone who doesn’t have good intentions, so it’s crucial to pay extra attention when choosing the exchange for your trading activities. First of all, you should consider the most popular platforms online and look at the feedback of users to vote on their reliability. Also, research should be conducted to identify any past data breaches of the website. Choosing a trustworthy exchange is essential because you will conduct most of your activity here in the crypto world. In fact, when entering the crypto realm, the first step is to create an account on the exchange, open your digital wallet, and then you can proceed to purchase the popular cryptocurrencies with your preferred payment method; for instance, a popular and safe choice for users is to buy Bitcoin, keeping an eye on the current Bitcoin price.

Take Protective Measures For Your Apps

As a trader, you have to manage all your crypto-related accounts efficiently in order to keep your investments safe. So, consider integrating a 2-factor authenticator for all your accounts, apps, exchanges, wallets, and any platform containing your personal information. It’s also essential to opt for long passwords and avoid simple words that can be easily guessed.

When choosing the password, make sure you match the requirements of the platforms and integrate capital letters, numbers, and characters. It’s also important to change them often, and you must absolutely avoid writing them down on your computer and phone because any tech device can be hacked. Opt for regular paper on a notebook instead. You can also add an extra layer of security, including a face ID option, so you can make sure only you can access your accounts and applications, and, of course, do your best to avoid sharing with other people sensitive information that could put at risk your finances.

Avoid Public wi-fi

Public wi-fi is the biggest trap for naïve people who want to avoid using their own secure data when leaving the house. Public wi-fi is open to anyone, and, of course, it’s appealing because it is free. It is also a great opportunity for hackers to access the network and steal as much information as possible, and what a pleasing surprise it would be to find a crypto investor who is trading at the moment. So, you must avoid unsecured networks, use a VPN whenever you have the opportunity, prioritize all the preventive measures for your crypto apps and platforms, and keep the wi-fi off when you don’t need it.

Consider a Hardware Wallet

A hardware wallet is a USB-like physical device used to store cryptocurrencies offline. It is a great choice that exceeds a digital wallet. It has additional security measures, and it is the safest storage method for traders and investors. This kind of device falls under the category of a cold wallet, and it gives you full control over your keys and sensitive information without putting your trust in the hands of third parties (exchange platforms).

The offline nature is an extra point to security because there is no possibility for your hardware wallet to be hacked or be subject to network vulnerabilities and technical issues.

Avoid Talking About Your Success

Despite the hard beginning in your crypto journey, once you start to feel successful, it becomes almost natural to talk about your achievements with the people around you. However, keep in mind that when it comes to money, jealousy is the predominant negative emotion people can feel, and sharing too much information about your trading activity can lead to unexpected malicious activities on your accounts; this is applicable to the people around you, but especially for the people you don’t even know in real life, so avoid talking about your success on social media platforms.