Crypto wallet security is mandatory if you want to avoid falling into the traps of hackers and scammers.
Before any investment, it is good first to know how to protect your crypto portfolio, but also how to protect your cryptocurrencies in general.
So, let’s see the most common and basic crypto security tips and tricks that you need to consider when you decide to invest your money.
What Are The Risks Of Cryptocurrencies?
Besides the well-known aspect of cryptocurrency volatility, in this article, we will focus on other problems that can arise when using crypto, such as cyber thefts and hacks.
Criminals can target crypto because it is completely online and anonymous work. Phishing attacks are the most common methods to gain access to crypto wallets or even trading platforms.
Through phishing, users are tricked into revealing their data, such as various details, their passwords, and the key phrase of the crypto wallet, providing hackers with access to their cryptocurrencies – often without even realizing that they did.
That’s why it’s important to be on the lookout for the latest crypto-threats so that you can protect your assets if they ever come up against them.
How To Avoid Crypto Scams?
There are several things you need to keep in mind and check the list of fake crypto exchanges in order to avoid crypto fraud.
For example, do a short search on project leadership. If someone in charge has a history of fraud or something similar, it is best to stay away from this project as it may be a rug pull.
Don’t join a project just because a celebrity promotes it. Kim Kardashian and Floyd Mayweather Jr. are being prosecuted to this day for advertising a crypto project that turned out to be a scam.
The people probably weren’t aware that this was a scam. However, people lost money.
If a project promises you high returns, run! A project can offer you high returns, but it is a risky bet.
So if someone promises a high return, whatever it is, it’s better to take some precautions; it may not be worth it.
It goes without saying that you should watch out for typos or grammatical errors when viewing a project’s website or whitepaper.
These are usually signs that only a few people actually read the whitepaper and that no audit was done, suggesting a restricted operation that could be suspicious.
Crypto Security Rules
It is recommended to work with already known exchanges. Large exchanges that are known by the crypto community only list a certain number of coins, so if the one you are interested in is missing from the list, try to check why.
If you are using a decentralized exchange, check the browser app link before connecting to your hot wallet.
Many fake websites that engage in phishing may have only one letter changed, two letters swapped between them, or replaced with numbers, compared to the link used by a trustworthy DEX. Double or triple-check the URL you are working with.
Don’t trust anyone – whether they claim to be government officials, celebrities, or just random people – who contact you directly to ask for payment in crypto or to present “an investment opportunity.”
You may receive messages with links on Instagram and Telegram, messages on Discord that claim you won a Giveaway or even messages on Facebook that redirect you to crypto platforms that you have yet to hear of.
You mustn’t access these links, and be aware that no one will send you 2 ETH if you send them 1 ETH, and they are not offering 3 BTC for free as part of a giveaway.
If you receive emails or messages from an exchange or project, check the format of the email address.
It is not uncommon for hackers to send an email that may appear to come from an official account, but when you check the email address, you can see that it is not legitimate.
Reject any offer that requires you to deposit before you start investing, especially if that fee must be paid in crypto.
The only crypto assets you need to own are usually those needed for a user card, as is the case with popular exchanges such as Binance or Crypto.com.
Even in their case, you only need to have funds in your account, so no one will ask you to send them to another address.
Set up two-factor authentication with any crypto-based wallet or exchange that you choose to use.
Keep in mind that even this does not offer a 100% protection guarantee, as we saw with the Coinbase hack.
Conclusions
Only invest in a project after first researching it. Any of us can become a victim of hacking or phishing attacks, so it is important to know that no website, person, or application, except hot wallets, will ever ask you to disclose your password. Password, your private key, or your seed phrase.
The crypto assets you own cannot be accessed or stolen without the three most important characteristics: the password or PIN, the private key, and the seed phrase.
