How to Keep Your Cryptocurrency Safe While Trading?
Online safety is an issue that is being tackled everywhere. This is especially more so in the financial and trading sector as large amounts of transactions take place every second and online security is paramount. With the cases related to data theft or unauthorized transactions rising, it’s imperative for online traders to be vigilant all the time.
With Cryptocurrency available in the virtual market, its safety is being talked about among all the groups. Many new traders who start trading often have very little information about the safety of their transactions. When traders use reputed automated crypto trading software like Bitcoin Era, all their trades are secured with strict protocols and SSL encryption so that no third-party entity can access that information. Here are additional ways to keep your cryptocurrency safe when trading online.
5 Best Ways to Keep Your Cryptocurrency Safe
Since the situation is so intense, we have come up with a list of best practices that you can adopt to keep your Cryptocurrency safe at the time of trading.
1. Choose the Best
It is a lot about choosing the best trading platform. One with an unpopular opinion or a set of negative reviews can harm your hard-earned money.
It is better to take your time and conduct enough research before handing over your money to a trading platform. Look for reputed trading platforms which have garnered a large number of fan following in this regard. Don’t just look for a popular trading platform, but it should also emphasize the safety aspect of the users and their money.
2. Secure Your Key
Every owner of Cryptocurrency gets a key to keep his or her digital money safe. A key is an alphanumeric code that is used to access the digital wallet, where Cryptocurrency is stored.
The common practice is to store it in an email. This practice must be avoided. It is easier for hackers to access your email and steal the information. Experts recommend storing the key in a password-protected firewall. If convenient then memorize the key. Also, avoid writing it on a piece of paper.
3. Sign-Up with Different Accounts
One trading platform allows a user to sign-up with only one account. A user can still sign-up on different trading platforms with different accounts. This comes in handy when one of the accounts is compromised.
Your Cryptocurrency at other trading platforms remains safe even though one of the accounts has been attacked by hackers. This follows the rule of not putting all your eggs in one basket. Having one account registered at different platforms can put all your investments at high risk of getting stolen.
4. Go for Hot and Cold Wallets
This refers to the type of wallet that you must opt for. A Hot Wallet and Cold Wallet can be chosen to keep your private keys safe.
An e-wallet for Cryptocurrency is a software program where you can store your private and public keys. Consider this like an actual wallet but only on the internet. Like your wallet keeps your cash and card secured, an e-wallet keeps your keys to access your Cryptocurrency secured.
5. Prepare for The Worst
You can assume that you can be attacked by hackers at any time. Don’t consider yourself as someone who will be able to get away safely.
This will force you to look for ways to keep your Cryptocurrency safe. One best way is to enable 2-factor authentication. Many trading platforms and email providers offer this feature. Keep yourself updated about the latest ways in which your information can be stolen by hackers.
Everything is okay till the time you keep your data safe on the internet. This is an evolving field, making it more important for you to keep yourself updated with the kind of tactics that hackers follow.