Money in any form requires optimum security and safeguarding, be it your cash, assets or crypto holdings. There are always a plethora of measures you can take to safeguard your hard-earned money, but being vigilant and smart with that is one hundred percent your responsibility. And, while the new age of cyberspace is yet to gain trust on a mass level, it’s important that we start changing our perception towards it by doing ample research before making any major money decisions.
Besides, in recent years, crypto and cyberspace have most certainly proved their potential on various occasions. Indeed, the need for security is obvious but choosing the right guard is the biggest concern. So, below is a list of measures that will drive you right through the things you should do to keep your digital assets safe!
- Choose your wallet type
Something that works best for most pro-traders is a cold storage, non-custodial wallet. This implies that they control their own funds without relying on a third party to take care of them.
The market whales and people with large holdings in crypto often print their seed phrase and keep it in a safe place to ensure its safety.
But, from the view of a novice trader, it’s always secure, safe and more convenient to store your assets with a third-party service provider. This helps you access your funds immediately as and when you need it, not to mention the risk is minimised owing to the fact that these exchanges store your funds in cold wallets, making it nearly impossible for any notorious geek to hack his way in.
Whereas, as a newbie, if you go for a non-custodial wallet (self-owned wallet), they are highly prone to human errors and mishandling, resulting in the forever loss of your assets. Till now, over 3 million Bitcoins have been lost because of people simply losing their seed phrases or passwords.
- Tick mark your security checks
Even while having your funds stored with a secured exchange, you must always ensure your end of security by enabling two-factor authentication. It’s not always necessary that if you are well aware of phishing and other kinds of cyber scams, you are secured against all sorts of existing risks. One should always ensure maximum protection by enabling all the possible security checks available on the platform.
Make sure that the password you have set for your wallet is not previously used by you. This will protect your account from being compromised even if one of your other internet accounts has been.
- Do not over-protect your account
It is considered a regular practice to screenshot your seed phrase and store it in your phone or other places. Try to avoid doing that as much as possible.
The correct way to store your key is to either memorise it, or in some cases, you can take a printout and keep it in your safe place.
- Have system security installed
When using devices other than Mac, always have some malware protection installed, and make sure that remote access is not allowed from your device. Although the growth in the market has resulted in increased security and tracking system by the cyber cell authorities, you should always be full-proof in your endeavors.
The bottom line
Though this might seem like a lot of information to digest at once, and if you are new to this, then surely it will be a jumbled world for you.
Here are some steps you can follow to ease up the process depending on your level of expertise:-
Option 1 (For Pro):
- Store your in a hardware wallet but a trusted one.
- Generate seed phrase
- Keep the seed phrase safe & secure
- Store securely.
Option 2 ( if you are a beginner):
- Download your most suited crypto exchange app.
- Create an account and add funds to your wallet.
- Trade easy, you can use our do’s and don’ts guide for that.
- Keep your password safe, sit back and relax.
Just like with the traditional storage options, it’ll be a little tedious at first, but, once you get used to it, it’ll be just like any normal day-to-day activity for you.
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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).