Who doesn’t know that Bitcoin is on a roller-coaster ride nowadays? The top cryptocurrency value has spiked unbelievably in the past few weeks. After the investment of Tesla’s CEO Elon Musk, the digital currency value has touched the maximum from 30,000$ to 51,500$. Such strong shreds of evidence are encouraging people to buy and invest in digital currencies. But the thing also draws malicious hackers to see an opportunity in such favorable circumstances. Hackers steal funds from unaware users who don’t know the basic security of the cryptocurrency exchange wallet. If you’re new to the crypto world, these little known tips can help you protect your digital fortune.
Protect Your Online Wallet
The easiest way to get started with Bitcoin and other popular currencies is to sign up with a good trustable cryptocurrency trade wallet. These online wallets hide a lot of technical challenges like handling the private keys and addresses of wallets. So, they become attractive tech-savvy cryptocurrency exchange wallets. It takes no more than a few minutes to set up your account and you can access it anywhere around the globe with the help of a computer or mobile application.
Cryptocurrency Exchange Wallet is not however the secure, if you don’t show them a little security concern. Anyone with your email and password can access your wallet and some bad actors can access your account with simple little tricks as email and scams of fake crypto ads on your internet browser. And as we know that Bitcoin and the cryptocurrencies are decentralized, so recovering your digital money is virtually impossible.
Here the best security practices to make your wallet security more powerful.
- Make Sure the Two Factor Authentication (2FA)
Most of the online wallets support 2FA or multiple factor authentication that makes your wallet link with a phone, mobile app, or any physical dongle. So in case of a malicious hacking attempt and getting access to your password can still require the hacker an extra factor of authentication.
- Never Use your Phone Number for 2FA
Many cryptocurrency exchange wallets support several forms of two-factor authentication but all of them are not equally secure. Relying on your SMS passcodes can make the intruders breach your account by bypassing the 2FA. If you are using a phone number with your account, it’s best to keep that SIM card secret.
- Dedicated Email for Your Exchange Wallet
Most of us people have a general email address logged in our mobiles and laptops. We also use them in Facebook, Twitter, and other accounts like PayPal. Sharing such email accounts has a larger chance of stealing your personal information. Even if your exchange wallet is associated with this email, a hacker has the access to one of the two pieces of information to access your cryptocurrency exchange wallet.
- Use Secure Internet & VPN
Avoid public Wi-Fi and use secure internet connections while you open your cryptocurrency trade wallet to perform transactions. If you really need to use the internet, prefer your mobile SIM data. You should also use a VPN virtual private network for an additional security factor at your home network. Such virtual networks change your IP and location and keep your browsing activity protected from the bad guys.
- Don’t Get Tricked by Scammers
Never open the unknown links in your email or click the malicious ads as they are rampant in the crypto world. Cybercriminals put their best to make the attackers’ mind click on their links leading to unsafe websites and harm your confidential data.
- Talk Your Testaments
Last but not least. Have a backup plan with your most trusted peer or family member as your crypto assets could be lost forever. If your wallet info like password or location is not known when you are gone, there is no even little hope your funds would get recovered. Talking about your testaments can make the difference.
The cryptocurrency exchange industry is constantly evolving and so are the intruders and it’s the sole responsibility of users to protect their cryptocurrency exchange wallets. You can use the above-described security measures for that purpose. Besides this, updating yourself with the latest technology news and prevention strategies would extra benefit your wallet security.