As a person looking forward to get involved with the crypto space, or if you're already into the market, one major rule is to secure your crypto coins, your trading account(s), and private keys. Given the direction the market is now heading, losing money as a result of a hack or attack would be devastating. The price decline has already been terrible, and losing money as a result of a hack or theft will only make matters worse. As a result, make sure to take all possible precautions with regard to this effect. It pays off.
Going forward, I'll be listing out these precautionary measures we shouldn't overlook and adopt to ensure the security and survival of your funds.
There are numerous options in place when it concerns storing your coins safely. You can keep your crypto on a regulated exchange, which is practical for beginners traders. Although, in this case, you don't own the keys to the wallet.
Whether you're staking, buying, selling or holding, you should ensure the security of your funds and this starts with ensuring you're using a safe, reliable and verified exchange. That's a first.
To be in charge, use a non-custodial wallet.: A non-custodial wallet where you own the keys provides more security, but the more secure option is to keep it in a wallet that is not connected to the internet. Something like a cold storage device. In both cases, keep your private keys safe in an offline, secure place.
Secure your account: this should be first on the list actually. In whatever you do, make sure you're trading from a safe account. You may ask how… the how is your password. Use strong passwords. Don't be too lazy to form a strong passwords for your trading account and make it stick.
Enable 2FA( 2 Factor Authentication): enabling 2FA is what you should normally do after opening your account. This ensures that if your password is ever compromised, 2FA with whatever you initiated it with, provides a second layer of security.
Verify Links Before Clicking: Looking out for phishing links, emails and websites. Fraudsters are constantly on the move and are looking for new ways to scam newbies in crypto.
If you're constantly interacting with decentralized applications and protocols, you've to be very security conscious, I'll list out two tools that will help you safeguard your crypto and prevent it from hack or theft.
- Walletguard:
Walletguard is a security solution that can truly prevent you from visiting unsafe websites and safeguards your web browser from any harmful activity that might result in wallet hacks.
How does WalletGuard work? The tool is only available as an extension, so you must download and install it from your Chrome extension. To do this, go to https://walletguard.app and click on the download button to be taken to the Chrome extension. Once installed, make sure to pin the tool to your browser. With this security tool you get a warning/notification whenever you visit or click on an unsafe websites.
This application will basically assist users, particularly those who participate in various airdrops and open various websites without first validating and confirming the legitimacy of the website. I therefore urge you to install this tool if you are an Airdrop or DeFi aficionado.
- Etherscan TokenApproval:
This is yet another noteworthy security tool that enables users to revoke any connectivity or transaction approvals. If you've interacted with various dapps or protocols, for example, you can easily revoke all the approvals by going to https://etherscan.io/tokenapprovalchecker and connecting your wallet.
Once your wallet is connected, a list of all the dapps or protocols to which you have granted access or given your approval will be displayed. You can revoke all of the approvals with a single click, but it will cost you a small gas fee. Nevertheless, it is well worth it because it will safeguard your wallet from theft and hacking.
You can easily secure your cryptocurrency with the help of everything I've listed, preventing hackers from getting access and taking your money...