Cryptocurrency investment prices have been steadily rising ever since the release of Bitcoin all the way back in 2009. More and more people are deciding to invest in a decentralized digital asset after hearing and seeing many success stories online. Cryptocurrency is definitely a smart investment opportunity for those looking to make long-term gains while only investing small amounts of money.
However, there are many that are sceptical of the cryptocurrency investment industry, mainly due to security concerns arising due to the low levels of regulation around the world. Despite that, it mostly is safe to invest in online currencies, especially if you take the necessary security measures and steps.
This article will provide you with a few cryptocurrency investment tips in order to keep your digital wallet secure from hackers and scammers. By following these tips you will have a successful investment strategy.
Use Exchanges that Implement Two-Factor Authentication
The first step that any potential crypto investor needs to take when deciding to buy a certain coin, is to find a reputable and safe crypto exchange platform. In general, it is best to look for an exchange service that makes use of two-factor authentication security measures when investing and withdrawing from a crypto wallet.
Some of the most popular exchange platforms like Bitfinex and Kraken all make use of two-factor authentication and are generally viewed as completely safe for buying, selling, and trading in cryptocurrency.
Always Withdraw Your Crypto
Crypto exchange platforms, especially the more popular ones mentioned above, have millions of dollars worth of crypto stored within them. This makes these platforms good targets for scammers and hackers. So, what’s the best way to ensure that your crypto is safe? Well, simply put, your money can’t be stolen if it’s not being stored on site.
Instead, if you withdraw your money from the exchange platform and move it to a centralized finance institution, like a traditional bank, you will not be at risk of being scammed. Once this has been done hackers and scammers will not find anything if they happen to access your account and digital wallet on the crypto exchange.
Use Different Passwords for your Crypto Account and Wallet
When signing up to an exchange platform you’ll need to set up a strong password, containing many different characters and numbers to protect your investments. You may be tempted to use the same password for your crypto wallet in fear of forgetting one of two long and complicated passwords.
Experts who also create crypto guides suggest that it is best, despite the chance of forgetting passwords, to use two different passwords for your account and for your wallet. This way, should any scammer manage to access your account, they’ll need to decipher yet another long and complicated password before actually getting into your digital wallet. This practice simply doubles the security and makes your profile a less attractive target for hacking.
