The crypto market is continuously evolving at a stunning pace. It opens a new way of trading to modern investors and novice traders. However cryptocurrency is very rewarding but it is dangerous as it has high cybersecurity risks. The entire market of crypto is still in its infancy; very volatile, unregulated, & a perfect place for hackers, cybercriminals, and scammers. So, if you do not properly control your account, you can lose all your funds and get hacked at any time. In this article, we will discuss 5 simple ways to secure cryptocurrency exchange.
1. Use a strong password
Cryptocurrency exchange accounts can be hacked without a strong password. Hackers can steal your funds by cracking poor passwords. Moreover, you can’t trace their identity. So, if you are using a poor or short password and if it doesn’t contain numbers & symbols, your crypto account is at high risk. Hackers take advantage of software to break your account and steal funds. So, securing the password is extremely essential.
2. Two-factor authentication
Two-factor authentication is also extremely essential for several security reasons. These authentication processes ask the users to give at least 2 verification factors e.g. SMS code to access their account. According to cybersecurity departments, more than 50% of users apply the same passwords for accessing multiple accounts. This increases the risk of hacking and funds being stolen. Experts highly recommend using two or multi-factor authentication to secure your crypto account and keep it safe from hacking.
3. Avoid scamming
Cryptocurrency attracts scammers as it is unregulated as well as decentralized. Scamming is rapidly increasing day by day. From offering attractive schemes to developing fraudulent websites and promoting fake giveaways, scammers generally use a number of tactics and tools to steal money. Apart from that, a phishing attack is also common in scamming. It’s a cybercriminal trick used by scammers to get sensitive information from the user. To protect your crypto account from these scams, you must avoid clicking suspicious links, keep away from fake crypto giveaways, and check the crypto website properly before you start trading. You can build a secure cyber umbrella to deal with popular crypto entities.
4. Use a cold wallet to store crypto
The cold crypto wallet is a special type of wallet where you can store your funds without using the internet. A hot crypto wallet is the opposite of a cold one. This means hot wallets are connected through the internet. According to experts, cold crypto wallets are highly secure. Hackers never access your funds if you store them in a cold wallet. Ideally, you must distribute your crypto to multiple cold wallets & keep a small portion in your software wallet if you’re a trader.
5. Trade on safe exchanges
Just like stocks, crypto is mainly sold and bought on exchanges. There are thousands of crypto exchanges available, & some of them come with high trading volumes. However, if you are planning to start trading, choose the best crypto exchange. You have to choose an exchange that is very reliable as well as withstands crypto market movements and sustains user activity. Reliable exchange platform keeps you safe from hacking.
If you are new to cryptocurrency trading, you must be aware of these above-mentioned tricks. Securing a crypto account seems like a time-consuming and very daunting task but it helps to secure your account from any cyber-attack.
Rely on Wisebitcoine for a secure cryptocurrency exchange. The company has built the most secure crypto exchange platform for experienced and novice crypto traders. With over years of experience, they are delivering the best services to take your crypto to the next level.