Crypto asset owners are not afraid of the risks that this industry includes as there are already millions of people who trade or just own digital currencies. When we talk about risks, the most considerable one is safety. Even though cryptos are safer than fiat currencies, there are some risks associated with cybercrimes.
Yes, the digital currency market is decentralized and there is zero control from governments or financial institutions. Accordingly, there is no specific law that protects the fairness of the crypto market. Because of that, there is a huge risk of cyber criminals stealing your data and crypto investments.
Hackers know many ways to attack your crypto wallet or trading account. Unfortunately, there are many examples of how hackers steal all crypto assets from people. But it is wrong to see that you can not avoid such risks and always will be unsafe on the crypto market. Everyone can increase their protection and reduce damage impacts. For that, you need to know several tricks and if you are looking for them, this article is just for you! We will give you beneficial information to make crypto assets safer from cybercriminals.
If You are a Beginner, Start by Selecting The Safe Wallet
If you are just going to start having crypto assets, the main challenge is to identify which crypto platform is safe and which is not. As you may already know, the negative side of being popular and trendy is that the risks of unfairness increase. The crypto market was not an exception. As its popularity started massively growing, hackers and cybercriminals started finding new ways to steal information from users.
So, crypto owners were a new target for them. The main way they can steal your data is to create fake websites called scams and simply get access to all your information and assets. This is why selecting a safe crypto wallet, exchange or trading platform is essential to have at least core protection from hackers.
No matter the platform type, it should be completely transparent about licenses, contact information, registration numbers, and others. In addition to this, it is mandatory to check reviews and comments about the platform on other websites, because companies mostly lie when they publish customer testimonials on their official websites. Other details of checking safety norms depend on the type of platform.
If you are checking a crypto wallet, you need to check payment conditions, partners, etc. If you are selecting a crypto casino for playing, then always depend on customer reviews. To understand what safe gambling platforms look alike, we recommend checking Coinplay.com. If you are looking for an exchange and trading platform, it depends on their transparency and the size of customers.
Always Use Two-Factor Authentication
No matter the platform type, the difficulty of signing in to your account always matters for protection level. You may think that simple requirements such as username and password are more comfortable than inserting too much information while having the access to your account. But remember that it is worth having. Two-factor authentication means that whenever you sign in to your account or make any transaction, depositing or withdrawing, you need to insert a one-time code, sent to your mobile phone. For additional contact sources, you can use e-mail.
Having two-factor authentication will help you to get notified when someone tries to make a transaction instead of you. No matter whether you use crypto for trading or gambling, or it is just a crypto wallet, always try to have the platform with two-factor authentication.
But if your platform does not provide you with that feature, it is even more effective if you use authenticator apps. There are many on AppStore but for more safety, we recommend Google authenticator which will send you codes and SMS on every action to your mobile number. That way criminals will not be able to make transactions and steal your assets, as they do not have access to your withdrawal codes.
Never Repeat or Write Down Your Passwords
Most of us save our passwords on phones or on paper. In any case, saving passwords increases risks. Also, you need to create a very strong and complex password for every account. The main common mistake is that people have one single strong password that they use on most of their accounts. This is a very unsafe way and means that if the hacker has access to your single account, also will be able to steal every account information.
The best tip here is to use different passwords, especially for crypto assets. For example, if you use crypto for trading as well as gambling and for sure, you have a crypto wallet, for each of them, you should create different passwords. Especially for a wallet, you need a very complex password. If you use a hardware wallet, it will make your account even safer as for transactions you need to connect to the remembered device and use PIN codes. After considering these three simple steps, you will increase the safety of your crypto assets significantly.