How to Secure Your Crypto Investment: Essential Tips for Beginners
Cryptocurrencies have gained popularity as an innovative investment instrument since they were introduced in 2008. The presence of digital assets has opened access to everyone to buy and sell crypto without needing a bank account. However, not everyone knows the risk of crypto investment. Unlike stocks and bank deposits, cryptocurrencies are not regulated and insured. Hence, new investors must choose trustworthy crypto exchanges to minimize such a risk.
Choosing a Reliable Crypto Exchange
Many crypto exchanges boast to be the most trusted and claim to guarantee seamless transactions, but are they genuine? Crypto newbies must consider these crucial factors when selecting the best crypto exchanges.
Security procedure
The security of your assets must be the number one priority. Ensure the crypto exchanges you choose impose tight security rules such as two-factor authentication (2FA) and encryption protocols. Trusted crypto exchanges comply with regulations that prevent you from being scammed.
User interface
A user-friendly interface will provide comfort while navigating it.
Supported-crypto assets
Not all crypto exchanges support all crypto assets. Bitcoin is the most popular, but other assets exist, such as Ethereum, Dogecoin, and others. Therefore, you can browse whether your chosen crypto assets support the crypto assets you want to buy. Remember, highly regulated digital assets tend to have fewer assets than others.
You can browse to find the best crypto exchanges at BitDegree and play, learn, and win rewards. There are some reviews about top crypto exchanges that you can consider.
Tips for Securing Your Crypto Account
After discussing some key factors that determine the quality of crypto exchanges, here are some valuable tips to secure your crypto account
Create a robust and unique password
Creating passwords using your birthday is not advised, as it can be prone to data breaches. If you feel suspicious that your password has been stolen and you are prone to data thievery, you can check at haveibeenpwned.com/Password or https://dehashed.com/.
Keep your password offline.
In the digital era, we are sometimes too lazy to write with our hands. Prepare your notebook write down all your passwords to avoid data breaches.
Activate 2FA
Two-factor authentication (2FA) is a protection procedure requiring you to enter codes by typing on your phone before logging into the system or application. This measure aims to guarantee that you are the only person who can enter your account.
Be careful of suspicious offers and emails
Scammers are everywhere, and we can be their next victims if we are not careful enough. If you receive emails that sound too good to be true, like celebrity endorsements or something, skip them. Those are criminals trying to steal your personal information.
Using Hardware Wallets
A hardware wallet is a facility that saves your private key and crypto assets in hardware such as hard disks or USBs. This wallet aims to store assets safely without the role of an internet connection.
Hardware wallets have several advantages; your private key is more protected as the key can only be used that that respected wallet, preventing from being hacked online.
You can save multiple crypto assets in your hardware wallets. Also, you can have full control of your assets.
It is important that your chosen crypto exchange can be integrated with your hardware wallet for robust security. Hardware wallet is expensive and complicated, but it is worth trying for your online transaction protection.
Avoiding Online Scams
The popularity of a crypto market has attracted investors. Unfortunately, it also attracts online scammers. The data from The Federal Trade Commission (FTC) revealed that in the first half of 2024, cryptocurrency fraud had caused a $ 679 million loss.
Scammers will do anything to force you to share your private information. For example, scammers will lure you by sending emails and asking you to create account and password in a special website. Be careful! Once you enter your private key, scammers will steal your assets.
Fake celebrities endorsement and fake apps are among the most common crypto scams. Scammers pretend to be famous figures that send you emails and once you get excited, STOP it.
Always stay informed and feel alert wherever you are. Online scammers are everywhere.
The latest technology in crypto security
Technology is growing rapidly; so is crypto industry. The more advanced technology is, the more online threats are coming up. Luckily, crypto sectors have improved several things to secure transactions.
The application of Artificial Intelligence (AI) and Machine Learning (ML) is one of the most celebrated progresses in crypto security measures. These technologies can monitor real-time transaction, spot scams, and handle security risks. However, the integration of AI and ML is not without controversies as criminals have been trying their best to circumvent the advanced technology to steal our personal information triggering races between criminals and regulators.
Conclusion
Securing your crypto investment is vital, and reputed crypto exchanges can minimize the risk of being scammed. Learn about crypto investment and read about the best exchanges at BitDegree for a safe start to your crypto investment.