Cryptocurrency protection is something you should always keep in mind if you have already decided to invest in crypto coins. As there are no banks and intermediaries to take care of your coins - it must be you. It is essential to know where your cryptocurrencies are at all times and to treat them as a serious investment, no matter what the amount is. This article will give you tips on protecting your cryptocurrencies and reducing the probability of loss, theft, or hacking.
1. General tips for cryptocurrency security
Here are some general tips you should follow even if you don't have cryptocurrency.
It is vital to keep your computer clean and protected by being careful about what content you download. Update your operating system and applications when you see it's needed, both on your computer and your phone. If it is not necessary, do not use other people's external devices (USB sticks and so on) or let someone else use yours.
Ideally, you do not share the computer with others. If you share it, you can create a personal account where only your data will be located. Protect your computer account with a password to ensure that only you have access to the information. Also, pay attention to the security of the internet you are accessing, and don't use someone else's WIFI if not necessary. If you do need to use someone else's wifi, use a VPN service to encrypt your internet traffic. Use passwords on the computer, phone and for each online account, use a different password. Use new and strong passwords on each account.
2. Do not share your private keys with anyone
There is almost nothing to add here. Just do not share your private keys with anyone. Not your friend, not your online friend who is trying to help you with some issue. Also, if someone contacts you and presents himself as an exchange team member or associate to your crypto coin development team asking for your private key - still do not share your private key. Anyone asking for your private keys (or mnemonic seed phrase) is without doubt a scammer looking to steal your coins.
Note 1: whoever has access to your private key has direct access to your coins.
Note 2: Members of the Safex dev team will never approach you asking for your private information of any kind.
3. Safety on the crypto exchange
Use double authentication on the crypto exchanges. You can use SMS or an authenticator of your choice. You can also use external code generators that have performed well, such as YubiKey or similar.
When withdrawing cryptocurrencies or fiat money, you can also include the option to confirm each withdrawal via email. It is always good to transfer your coins to your wallet if you do not plan to use them for trading. That’s how you’ll protect your cryptocurrencies, and if you do not do that and some accident happens on the crypto exchange, the return of funds is not guaranteed.
4. Reliable password on the wallet and crypto exchange
When choosing a password on the crypto exchange, always try to make a new one, long enough and as a combination of uppercase and lowercase letters, numbers, and characters/signs. The same goes for your wallet password. Don’t use simple passwords (1111 and similar), and avoid having the same password for your device and crypto wallet. You will likely have accounts on several crypto exchanges, but remember or write down all the passwords. In addition, avoid storing passwords on your computer or online documents. If your device breaks and you have a wallet with some coins in it - choose a reliable person to fix it.
It is even handy to go to the trouble of keeping a small notebook with all your passwords, account names, seed phrases, etc written down. This means you can easily lookup a forgotten detail, if necessary. But remember to secure the notebook in a fire-retardant safe or other secure location - you don’t want to leave such an important document just lying around out in the open.
5. Keeping cryptocurrencies safe in the wallet
As we mentioned, it is always good to withdraw cryptocurrencies from the crypto exchange if you do not plan to trade further - crypto exchanges are not intended for safekeeping. If you want to withdraw Safex coins, download the cli wallet made by the development team, or the latest GUI wallet from TWM Inc and install it on your computer. Here is some advice we gave in our previous text regarding security and privacy, related to wallets:
- Always save your Keys and Seed Phrase
- Remember where your .keys file is and what your password is
- Backup, and backup the backup
- Always download the wallet from the official page
Remember that only you are responsible for your cryptocurrencies. We hope these tips have given you some ideas on how you can further secure your investment.