Checklist From LATOKEN: 5 Ways to Secure Crypto Assets From Scams
If you are passionate about investing or trading cryptocurrency, you must protect your assets; Let’s take a look at these effective ways to help keep your crypto safe.
Although blockchain is often associated with absolute security on the Internet, this does not mean that all technology-based systems are safe for users.
For example, there are several security risks associated with digital wallets that many crypto investors are not even aware of.
In particular, your sensitive data, such as your private key, can be tracked at the exchange provider level and used by hackers and scammers to access your wallet (without your permission.) Here’s what you can do with it:
Add an additional layer of security
Two-factor authentication (2FA) passwords change every 30 seconds, preventing potential hackers from breaking into your account.
However, 2FA may not fully guarantee the security of your crypto assets because there are workarounds that scammers can still use.
In addition to your crypto exchange, enable 2FA for all other online accounts associated with your crypto assets, including your mailbox, social media, and file storage platforms.
Disable auto-update of your crypto wallets
Most crypto wallets are periodically updated to keep users safe from potential threats. Therefore, it is recommended to always monitor your wallets for new updates.
Never rush to download new updates as soon as they become available because new versions may be released with bugs that could put your safety at risk.
Disable auto-update. Wait a few days for other users to update their clients, and if everything went without a fuss about hacks and scams, feel free to update yours.
Don’t put all your eggs in one basket
Let’s say you have two or more wallets. You can use one for transactional purposes and the other for storing your crypto savings.
The last wallet should be a cold storage wallet. If possible, keep a backup of your private keys offline.
Create your own crypto wallet
The best way to secure your cryptocurrency is to create your own wallet to store digital assets.
There are different types of cryptocurrency wallets, and the process for creating them differs depending on the level of security. Many cryptocurrency investors prefer mobile wallets as they provide quick and easy access to cryptocurrencies.
However, they are more vulnerable to cyberattacks, especially compared to paper and hardware wallets. Therefore, if you decide to create your online wallet, it is very important to work on its security.
A secure online wallet provides many benefits, including quick access to your assets, easy management of a wide range of assets in one space, and an authenticated transaction.
Back up your wallet
With a backup, you can still access your digital wallet if you lose your device.
Choose whatever is most secure for your backup. If your device is stolen, you can restore access to your digital wallet using a backup file.
If you are passionate about cryptocurrency trading or enjoy the many benefits that the latter brings to the financial world, you have to learn how to protect your assets from crypto scams.
While the above precautions may seem a little confusing if you are just starting out, you will soon find that they are not as complicated as they might seem at first glance.
About LATOKEN
- Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.
- Has over 2 mln registered users, over 1 mln Android app installs.
- Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed.
- VCTV, a live streaming panel with high-profile industry leaders, produced over 500 shows to advise traders and investors how to navigate the crypto world with discussions, news updates, and interviews.
- Advisory Board includes former CFOs from JP Morgan and Paypal.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
