Being in crypto grants you access to be your own bank, but with the benefits it brings also the risks of getting hacked and losing your valuable investments. This is also one of the biggest reasons why a lot of people are shying away from investing and trading in crypto.
While some recent security measures have definitely helped in restoring a sense of security, famous crypto trader and investor, Xaman Crypto shares tips to boost your security and help your virtual assets stay safe from hacking. Let’s have a look at them:
1) Don’t use SMS 2FA
Xaman argues that using SMS 2nd Factor Authentication is very easy to compromise, in most countries is very easy to port a mobile phone, therefore a third party could get access to the most important security measure you have in place. Instead use 2FA on Authy or Google Authenticator.
2) Get a Hardware wallet
Crypto world has a quite common saying, “If you don’t own your private keys, you don’t own your crypto.” It’s crucial to have your private keys in your possession and always use hardware wallets to store them.
The other great thing about having a hardware wallet is that it can be used as a 2FA device (U2F), which is the safest form of 2nd Factor Authentication.
3) Don’t flash your crypto wealth
Try to be anonymous and if not possible then do not be flashy about your gains on social media. Mostly it acts as an invitation to hackers and thieves. To understand what Xaman means just type on Google, -crypto influencer robbed-, to see what he means.
4) Use different email IDs for different accounts
Using a single email account for different accounts is dangerous because you may end up losing everything if your email account gets compromised. “Compartmentalizing the emails you use according to the level of importance could help mitigate your exposure to hackers.”
5) Bookmark websites
The easiest way to lose crypto by far is through phishing website. Picture you just acquired a new laptop, your mobile rings because you have John Mcafee mobile notifications on, you quickly open your browser to login to Binance to do a quick fomo trade. You go to Google, type Binance, an inadvertently click on the first phishing Binance search result, you type in your email and password, (let’s think you are lazy enough to no have yet enabled 2FA).
Boom, you just lost all of your funds in Binance, and possibly all your funds in every other crypto exchange. It’s cheap to create identical websites to the real deal, pay Google Ads to have them on the top, and also very profitable.
Xaman Crypto has been in crypto for 5 years, he is the #1 Crypto influencer in Panama and Central America, he’s is an industrial engineer expert on infosec, and makes his living trading and investing in crypto.
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