Historically speaking hackers have targeted the most profitable industries, such as the financial sector, retail and now, cryptocurrency. Due to the Bitcoin boom several crypto exchanges have come under fire because they couldn’t protect their customers’ assets.
Every investor or trader worth his salt will invest in a cryptocurrency wallet where they could keep their digital assets safe from hacking attempts and scams.
Here are 4 ways on how you can further safeguard your crypto wallet.
Open a VPN
A VPN, or virtual private network is a software or app that can shield your connection and make it more private.
With a VPN you can browse the internet anonymously, unlock regional content and yes, trade and store your cryptocurrency securely. Your location and IP address will be changed and this makes you and your wallet a more difficult target.
Use a Hardware or Cold Wallet
Cryptocurrencies are digital assets, and therefore may not be stored the same as fiat currency.
However, you can still store them inside a crypto wallet. Although there are many different types of wallets the most secure platform will be the hardware wallet.
Hardware wallets are named as such because they are devices that can store private crypto keys. Examples include a hard drive or flash drive specifically made to hold crypto assets. They come with encryption features to keep your investment from being stolen or copied.
Do Your Due Crypto Exchange Diligence
A lot of headaches can be avoided if you exercise due diligence right from the start of your investment journey, particularly picking the right cryptocurrency exchange.
A simple check on online reviews will reveal whether the exchange platform is a scam or not. A deeper look will tell you how many users are on it, and if trade volume is acceptable. Lastly, you can check on how secure the exchange is- have they been attacked before? If yes, then go somewhere else.
It’s also a good idea to not put all your assets in one place. Just deposit enough on the exchange so you can readily use it to trade and make money. The rest of your winnings should be stored offline, preferably a cold wallet.
The infinity app is your guide to making more money through the cryptocurrency market. It’s available to download on your smartphone today.
Change Your Password Regularly
Hackers and phishing attempts will usually get you to give up your account information, particularly your user name and password. There’s also a chance that there might be a breach, and the password and email you use on other sites and platforms may be collected.
To mitigate the risks of these things you should regularly change your password and ensure that they’re strong enough that they won’t be guessed easily. Simply putting in ‘password’ won’t be enough- include special characters, numbers and capitalized letters so you can be more secure.
Then, set a reminder each month or two telling you to change your passwords so you can keep it fresh. This way your investment will be safe and in good hands.
