Getting hacked and losing crypto assets are situations that absolutely NO ONE dreams of. But sadly, it can happen in reality. If you trade cryptos on an exchange, it’s your responsibility to ensure that your funds are safe and your online activities remain secure.
With the advent of apps, it’s even easier to do so. You don’t even need to learn how to code. Just take the steps below and you’re all set for a secured crypto trading experience!
Secure Your Exchange Account
A crypto exchange is where you trade your cryptocurrencies. It’s also where hackers would attempt to hack their way in and steal your assets. So ideally, you shouldn’t be keeping all your crypto funds there. However, it can be inconvenient for active traders to keep withdrawing funds from an exchange.
While the exchange developer would usually put up the necessary cybersecurity measures, it wouldn’t hurt for you to take extra precaution to protect your funds.
The key is to use a secure password.
In our previous article, we’ve talked about how you can use a password manager like HackenAI. It helps keep all of your passwords securely and produces one main strong password for you to remember.
This ensures that you do not use the same password on multiple accounts and that the strong password minimizes the risk of brute force hacking.
Besides your password, you should be receiving an authentication code each time you log on to an exchange site. This two-factor (2-FA) authentication method gives double-layer security and makes it even harder for your account to be compromised.
Keep Funds in the HackenAI Digital Wallet
Another feature of HackenAI besides the password manager is the Digital Wallet. It’s a type of hot wallet that allows you to store digital assets and various cryptocurrencies on your device.
Most exchanges do have a hot wallet for you to keep your funds. However, as we’ve mentioned, it’s not the safest thing to do.
But is storing funds on HackenAI Digital Wallet safe?
While any hot wallet may not be 100% bulletproof, it’s still better than keeping funds on an exchange that is prone to hacking.
HackenAI Digital Wallet secures your crypto assets on a mobile app with advanced encryption technology. So you’ll be sure that your assets are safe. Besides the Digital Wallet, HackenAI also educates users on more detailed cybersecurity measures as well as how to manage your cryptocurrencies.
HackenAI is an all-in-one cybersecurity app that’s free to download and use right now!
And remember, if you’re not keen on depending your assets entirely on a hot wallet, you can always store some of them on an offline or cold wallet.
Tips for Keeping Private Keys Safe
A private key is needed to access your crypto assets. For a crypto trader, it’s as important as owning bitcoins or altcoins. If you lose it or if it goes in the hands of hackers, you’ll lose all of your funds.
Your private key is different than a password and more difficult to track. The reason? It’s composed of a random and unintelligible series of alphanumerical characters that are unique to only you.
So how do you keep your private key safe?
You keep it in a digital and/or hardware wallet.
A digital wallet like HackenAI Digital Wallet stores your private key safely and uses it when you make a transaction. With its encryption technology, rest assured that your private key will remain safe in the HackenAI app.
For backup, you could also keep your private key in a cold wallet. If you’re writing it down on paper, be sure to laminate it and store it in a vault.
Take Cybersecurity Measures Seriously
The cost of setting up cybersecurity measures is next to nothing compared to the cost of getting hacked and losing your precious assets.
Once you decide to trade cryptocurrencies on an exchange, you should also put cybersecurity as your top priority.
With HackenAI, you can manage your crypto assets and online security all in one simple app. When you download the app, you can also access their CyberBootCamp education series where you can learn more about maintaining cybersecurity on your online activities.
16 Crypto Security Tips by CoinGecko’s Co-founder So You Can Invest & HODL in Peace
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Diyana helps you to make sense of the complicated stuff. Follow the author on Twitter @diyana_eco