We have all watched on as the crypto space has exploded over the last 10 months and there are more first time investors than ever before in this market. One of the main criticisms which may have leveled at the likes of BTC and ETH however has been the level of security in the market, especially when it comes to wallets. If you are thinking about investing then it is important to listen to industry experts and analysts like, who often share great advice on your holdings.
If security is one of your main concerns, here are some tips on what you can be doing to keep your crypto secure.
Increasing Wallet Security
If you are using an online wallet from the likes of Binance or Coinbase, you will find in your account settings a range of security features. It is advisable that you ensure all of the security features have been turned on. This will increase the number of factors required to login to your account. This will also ensure that your account cannot have changes made without 24 hours prior to them being active, and it will also restrict withdrawals and trades in a single day. This is your key to keeping your account safe.
Buying a Hardware Wallet
For just $60 or so you will be able to buy yourself a wallet which you will have on your person, this is the most secure way for you to hold your crypto. This product is essentially a USB stick which connects to your wallet software. If you lose the stick then there are still ways in which you can access your wallet after buying a new hardware wallet. There is no doubt that this is the best way for you to secure your funds in the wallet and enjoy the peace of mind that it gives you.
One of the biggest risks out there is not that you get hacked, but rather that you are locked out of your account. This could happen if you have your phone or laptop stolen, it could happen if you lose access to the factors of authentication, and there are many more ways in which this could happen to you. When you are signed into your wallet you will be able to find reset codes and authenticator keys which will help you to sign into your account if you have been locked out. Always ensure that these are written down on paper and stored in your home where you believe that they will be safe. This is a very easy way to always ensure that you are going to be able to get into your wallet no matter what has happened, and there is no reason not to ensure that you have made a note of this information. You could even write them down on multiple pages and leave them with your family too.
Make sure that security is your number one focus when you are investing in crypto.