5 Great Ways To Protect Your Cryptocurrency

How to Protect your Cryptocurrency and ensure great security for your accounts

Cryptocurrency accounts are among the most sought after targets for hackers. The popularity and surge in price of the global crypto market make them extremely enticing to hackers as there is a lot of money available to be stolen from people without the correct security measures. Although cryptocurrencies have blockchain technology to prevent manipulation and to ensure a decent level of security, actual user accounts are where hackers are more likely to get away with people's money and so we all need to ensure that we are up to date with the best security practices.

Hackers will continue to target cryptocurrencies as they increase in value and become more and more popular and used daily. There is also not much you can do if your accounts get hacked and your cryptos get stolen, because due to the nature of cryptos, they are still unregulated and there’s no central bank or government that can recover the funds for you. Therefore, it is extremely important to ensure that your accounts are secured and that you properly protect your cryptocurrency. Here are some ways in which you can ensure that you are protecting your cryptocurrency. 



protect your cryptocurrency security


1. Use only reputable exchanges, cryptocurrency wallets or apps

Before you even begin deciding which platforms you want to use, you should thoroughly research the platform’s history and security features and understand the level of security that the platform makes use of. Research is your friend here and a quick Google search can really help you to decide whether or not the platform that you want to use is safe or not.

A good starting point is looking to see if the platform has multiple factor authentication (2FA) as this is possibly one the best security features available for user logins. This security method requires users to have access to both their email address and cell phone in order to gain access to the account, making it much more difficult to hack into your account remotely.

An example of a local exchange with excellent security features would be VALR. We highly recommend that you make use of VALR. If you are interested in opening your own VALR account, click here, or if you would prefer, you can find out more about VALR here.


2. Make sure to use different passwords 

Make sure to never reuse passwords for all of your various accounts. Doing so will make you more vulnerable, especially since cryptocurrency services are one of the most targeted online services by hackers. If a hacker gains access to one of your accounts, they will surely attempt to use those same details to log in on other exchanges. If all of your passwords are the same, they will have free access to all of your accounts. Just make sure that you keep track of your passwords and that you do not lose them all. We recommend that you make use of at least two passwords for your various accounts.

You could also make use of a trusted password manager, such as LastPass or Keeper Password Manager, to keep your passwords safe and secure. They also allow you to use a different password per account, further ensuring that your crypto accounts are safe and secure.


3. Protect your cryptocurrency from mobile phishing attempts

Many people who make use of a cryptocurrency wallet or an exchange make use of a mobile app to manage them. Malicious hackers are motivated to gain access to your accounts with mobile phishing campaigns, by gaining access to your account by pretending to be the exchange or wallet asking for your details. 

These attacks can come in any form and from any source on a mobile device, from social media to text messages or even via email. There are also malicious apps that you can unintentionally download that have the hidden ability to track what you are typing and therefore take note of your login details.


4. Keep your cryptos offline

Over the years, the amount of people using online wallets has grown rapidly and is therefore attracting the unwanted attention of hackers. Offline or physical wallets should be the preferred way to store your cryptos and the majority of your cryptos should always be kept offline whenever possible. 

If you have really large sums of money in your crypto wallet, we suggest putting them into a  physical wallet and storing it in a secure place such as a safe or safety deposit box. As time goes by, crypto wallets and the various exchanges will become more secure but for now it is up to you to make sure that your cryptos are kept safe


5. Don’t use wallets hosted by third party providers

The two most popular methods of storing cryptos are in wallets hosted on your laptop or desktop and wallets hosted by third party providers. Wallets hosted by providers are possibly the worst place to hold your cryptos because you are allowing the provider to store your private key on their servers and it is completely out of your control. 

These servers are also a prime target for hackers whereas your home desktop or laptop will be barely noticeable to hackers unless you've given them access some other way. Your home computer won’t even register on their radar but a server with thousands of other peoples account information is a very sought after target for hackers. 

The safest way to keep your cryptos safe is by using a hardware wallet, which is a physical USB-based device that both encrypts and stores your private key along with all other relevant details and in order to decrypt it, you often need the physical device. Therefore this is the safest method, provided you keep the device safely secured.

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