The increase in the value of cryptocurrencies has grabbed the attention of several hackers and scammers to steal funds from people holding cryptocurrencies. There have been cyber attacks on crypto exchange platforms that made people lose their money. Digital cyber crimes have been rising since the inception of digital currencies. This makes it difficult to invest in digital currencies and store them in digital wallets.
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Tips for Keeping your Crypto Portfolio Safe and Secure
1. Use cold wallets to store your cryptocurrencies
The most common way to keep your crypto portfolio safe and secure is by storing them in cold wallets. There are two types of wallets to store cryptocurrencies, hot wallets, and cold wallets. A hot wallet is your digital wallet that is connected to the internet, and it allows faster and easy transfer of funds. Hot wallets or digital wallets are more prone to cyber-attacks, and you might lose your funds.
A cold wallet is a hardware wallet that offers you to store cryptocurrencies without any connection to the internet. You can store them offline, so you don’t have to worry about any cyber attacks providing you with a safe and secure way to keep your crypto portfolio.
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2. Use a secure internet connection
The next important tip to keep your crypto portfolio safe and secure is by avoiding public Wi-Fi networks and an unsecured internet connection. There are chances that your wallet credentials might get hacked while trading or making payments using a public Wi-Fi network.
It becomes easier for hackers to get access to your data and personal information while using an unsecured internet connection. Using a secure internet connection reduces the possibility of hacking your wallet login credentials, and you can keep your crypto portfolio safe and secure.
You can use a VPN whenever making online payments or accessing your digital wallets. A VPN provides additional security by changing your IP address and location, giving you safe browsing sessions, and reducing online threats.
3. Maintain multiple crypto wallets
The third important tip that will help you to keep your crypto portfolio safe and secure is through maintaining multiple digital wallets. There is no limitation to creating digital wallets. You can choose different online platforms to store your crypto coins.
You cannot prevent cyber-attacks, hackers can always find a way to hack into the network, but you can prevent losing all your funds all at once by using this method. You can store some cryptocurrencies in your digital wallets to make regular transactions, and the rest you can store in other digital wallets.
You can even use cold wallets to keep your funds safe and secure. Ensure that the platform you are using to keep your cryptocurrencies is reputable and trusted and provides advanced security measures to prevent cyber attacks.
4. Secure your personal device
The next tip you must follow to keep your crypto portfolio safe and secure is by securing your personal computer and laptops that you use to access your digital wallets and to make online payments.
Browsing the internet without protection is an invitation to the different viruses on your device that allows cybercriminals to take advantage of the security flaws to hack into your device and steal personal information and damage your device.
Ensure that your personal device is protected with antivirus, firewall, etc. This provides maximum security to your device, and you can protect your data from being hacked or misused. Also, keep your device’s software updated so you can get maximum security.
5. Change your login credentials regularly
The most common tip people usually forget but can be quite effective in keeping your crypto portfolio safe and secure is to change your login credentials regularly. It is very important to change the login credentials of your digital wallet account to ensure optimum safety.
You must avoid keeping the same passwords and usernames for every social platform. If possible, create multiple email ids to open your new account into different social platforms. Avoid keeping the same login credentials for social platforms and applications to make online payments.
Also, avoid saving your login credentials into different devices that you don’t use frequently or do not belong to you. Ensure to keep a strong password with an alphanumeric combination every time you change the credentials. Nowadays, the latest security measures offer two-factor authentication to provide extra security.
6. Avoid getting phished
Remember this pro tip to beware of phishing scams that can hinder the security and safety of your crypto portfolio. There are several methods of phishing scams through malicious ads and links to websites that can steal your personal information and login credentials.
This is the most common way of stealing your digital funds while making payments in cryptocurrency. The most common way of phishing scams is by sending you emails or text messages with links to a malicious website to get access to your data.
Hence, avoid any ads or links that are unknown and unfamiliar to you. Always check the name of the sender of the email before clicking these links. Many phishing scams impersonate affiliated organizations and employees to make people believe in their authenticity, and they don’t hesitate to click on these links and ads.
It is important to adopt measures that can help you to keep your crypto portfolio safe and secure from cyber-attacks and phishing scams. The growth of the digital currency industry has provided several options to keep your funds safe and secure, and it is your responsibility to adopt these measures to safeguard your crypto portfolio.