Protect Your Crypto com Account With Security & Data Privacy Best Practices

If you can’t avoid it, call your carrier and ask to add a password or other barrier to your account, Martin says. Private key, like a real key, unlocks your cryptocurrency for you to spend. While exchanges in the early days of crypto had their issues, governments and exchange operators have since improved the situation significantly. Learning to secure your digital coins properly is a vital step as you journey down the cryptocurrency rabbit hole. Nowadays, many cryptocurrency holders interact with DApps in the DeFi world, so you should also learn how to use your coins securely.

  • If someone can identify you personally as connected with a blockchain address that has received large sums of money, you could be targeted for blackmail, kidnapping, theft, or any number of threats.
  • Your XPUB also should be kept secret, since it allows read-only access to all of the “receive” addresses in your wallet – an XPUB can be used to configure a “watch-only” wallet.
  • You may sometimes have to connect to the internet while you’re not at home, and free public Wi-Fi at a restaurant or coffee shop may seem like a tempting solution.
  • You should not post information about your trading activity, which exchange you are using or your gains or losses on social media.

As we mentioned above, audited projects are more secure options to invest your tokens and coins with. If you’re interacting with smart contracts, staking in pools, or providing liquidity, it’s recommended you always look for projects with audits. As a result, keeping your private key away from prying eyes is of paramount importance.

Keep Your Holdings Private

But the crypto markets are still in their infancy; hardly regulated, extremely volatile, and a perfect breeding ground for scammers and cybercriminals. Cryptocurrency security experts recommend against keeping any digital currency holdings on an exchange for two primary reasons. First, if the exchange is hacked, you may lose your holdings. Second, if the exchange were to fold for any reason, you may not have recourse to recover your holdings. While the cryptocurrency space continues to evolve at an astonishing rate, so too are the hacking methods used by thieves to steal digital currency. Even though the cryptocurrency industry has only gone mainstream over the past decade, it has already produced a narrative so well known it’s almost a cliche.

Protect Your Crypto

Data is secured by state-of-the-art AES-256 encryption and has EAL 5+ security certification. SecurX V20 supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, BNB, DigiByte, Dash, Doge and Stellar. Because it lacks some features experienced traders may need and is significantly cheaper than the Nano X and Trezor Model T, it is a good option for beginners or to use as a backup wallet.

Get the Finimize app

Don’t store them in your iCloud, Evernote, or Microsoft OneDrive accounts. Those were the first places where my hacker went hunting for my crypto keys. In March 2019, a hacker tried to break into my crypto accounts and steal my funds. Come up with a schedule for backing up your digital wallet and stick to it.

If one of your wallets gets affected, the others will help brace for impact. Often crypto scammers will contact you and try to blackmail you with some compromising personal information like texts, videos, photos, or personal information sourced from the internet. With many users joining social media every year, these platforms have become a haven for crypto scams. Don’t engage if you come across a text or a post on social media.

It’s a lot of work and inconvenience to set up a second phone number and email address. But it’ll be even more inconvenient if hackers get into your accounts. While not foolproof, two-factor authentication can go a long way in protecting your account from being hacked.

Just remember, never store your private keys on the internet. So there you have it — a few tips on how to protect your crypto wallet. Be sure to take these precautions to help keep your digital currency safe. Always keep in mind that crypto is a constantly evolving space. Perhaps the best way to keep your crypto wallet safe is to always be on the lookout for new threats and take steps to protect yourself accordingly.

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