As exciting it is to deal with cryptos, you must do the basic things right so your funds are safe. Many investors are afraid of crypto exchange hacks, it’s better to take steps to safeguard your account from getting hacked. This article deals with really basic things everyone should do to protect their account from getting compromised.
First, always ensure you go to the original exchange site, for that just keep a note of the particular url for the crypto exchange and go only there. For ex, if you want to go to Binance website, type the correct address in the web address bar - www.binance.com . This is the original and correct Binance website so don’t make transactions on any other duplicate and fake crypto exchange and become a victim of phishing attack. The fake websites are created to fish your personal details which the associated stealing entity would use to login to your account and take your funds.
So, be alert and careful when logging in or doing any transaction online using a crypto exchange website.
Therefore bookmark your exchange website now!! , it’s a safe practice.
Next, there are exchanges that store your funds in cold wallets true, even then just take the efforts to store your funds in a crypto wallet, preferably one which is not browser based like metamask/myetherwallet. When your funds are in the exchange wallet, its controlled by a third party so you actually don’t own your crypto funds. So if you want ownership of your funds , a wallet would give you that, where you get a private key which gives you control over the funds. Besides this desktop wallets give you a 12 word mnemonic phrase , or seed phrase that you should keep safe to ensure that only you have access to the wallet.
Desktop wallets are safer than web browser plugin wallets as browser wallets store your private key information on server, desktop wallets don’t, plus when on browser, one is vulnerable to data being captured by hackers, they always have their own ingenious ways.
Paper wallets and hardware wallets are the safest, do your research and find a safe crypto wallet.
Other things you can do is create a strong password for opening your crypto exchange - don’t keep it simple for your convenience. The password should not be familiar. You can use popular and good antivirus password software to manage your password, it should be safe as they are encrypted. Be free to use special characters, numbers along with your alphabits to have strong password.
Experts also recommend to keep change your password frequently and do not keep the same password for your various accounts - email, bank, crypto exchanges, demat accounts etc. Logic is, if you have the same password and its cracked your other accounts can be cracked too!!
If it a good habit to have different email ids for each of your account - bank, crypto exchange, personal etc. If you have the same email id, and someone knows it, it’s almost like your user id to login on the platform is already known. Now, hacker has to work his wits only finding your password!!!
Yup… rest of the precautions you should take is access your crypto exchange only on a private and secure connection, on a public wifi connection your data can be intercepted, so I read.
These are some basic tips, be free to give your own tips as well.