As you know, cryptocurrencies and blockchain technology are offering no intermediary between You and your funds. Therefore, all the responsibility for keeping crypto coins safe is on You. This is a great thing but means you need to be a bit more careful than you are with your fiat money. We will share several safety tips, so you can keep your Safex Coins safe.
1. Always save your Keys and Seed Phrases
We can’t emphasize how vital saving Keys and Seeds are. When you make a wallet and enter it, the first thing you should do is to save Private Keys and Seed Phrases. These you can use later in case you lose your .keys file or your password. To save them, you should go to the Home tab and click on the little key button. After clicking the wallet will ask you to enter your wallet password (the one you are typing when you’re entering the wallet). This step is necessary because inside are hidden very private information no one except you should see or have contact with.
When you open this hidden pocket, you should manually copy them, paste them on the document, and save them:
If anyone else uses the PC (or you have maybe visited certain websites or downloaded pirate software), be aware of the possibility of keylogger software being installed that could capture the information you really don’t want to share. Also, be aware of scammers and the possibility of social engineering techniques that get used to gain access to your PC. Be vigilant with any PC you use, especially one used for crypto purposes. If you keep copies of your private keys or mnemonic seed phrase on your PC itself (you really shouldn’t!) and are subject to some form of exploit, then you should consider your wallet address compromised and move your coins to a new address immediately.
2. Remember where your .keys file is and what your password is
When making the Wallet for the first time, you will have to save your .keys and .twm file somewhere. Choose carefully where you are saving them, and make sure you remember or write down your password. You will need them again.
What is important to stress is that your coins do not exist in the computer on which you installed the Wallet. Coins exist on the blockchain, and you can access them by installing the wallet on any computer and entering the .keys file and password, or by restoring the files via private keys or seed phrase. They will all reflect every transaction made on any of them because they all reflect the same blockchain transaction history.
If you keep a copy of your wallet files (data file, .keys file and .twm file) on a USB stick, then you can open your wallet from the USB files at any computer with the TWM wallet installed.
3. Back up and back up the backup
Your mnemonic seed phrase and private keys are the MOST important things to keep backup copies of, as with them, you can always restore your wallet address and gain access to your coins. Copies of your .keys file and password are less important but handy, and always remember that electronic media (USBs, HDDs, CDs, DVDs, etc.) are not foolproof and can corrupt, even while sitting in safe storage. Having a paper copy of your mnemonic seed phrase is an additional step that should be taken. Even better than paper are ‘crypto steels’ - thin strips of metal that can have your mnemonic seed etched into them or written out with an alphabetic punch kit - these are virtually indestructible.
If you decide to use electronic backups, make multiple copies. If storing a backup copy in a third-party location, such as a bank security box, then using some form of encryption is strongly recommended. (Eg. Once out of your possession, you have less control over access - additional risks exist, such as bank robbery or government search warrant.)
4. Always download the wallet from the official page
5. Remove Safex Coins from the exchange if you are not trading
Crypto exchanges are not intended for holding coins. It is always good to withdraw Safex Coins from the crypto exchange if you do not plan to trade further. Use your wallet, keep coins safe, and you can always send from the wallet to the exchange at any time.
We hope these tips have given you some ideas on how you can further secure your investment. It is important to remember that You and only You are responsible for your cryptocurrencies. Do not let your coins get lost.