General
- We have previously advised you here on how to improve your trading on DEXTools with the best tools, charts, real-time information, and DeFi audits.
- We have also discussed here all about phishing & other threats and scams, and how to avoid them.
- Now, in this new article, we explain the 8 Key Tips to enhance the security and safekeeping of your crypto assets.
How to protect your crypto assets: 8 essential security tips
1-Use two-factor authentication (2FA)
- Two-factor authentication adds an extra layer of security to your accounts. Even if someone obtains your password, they will need a second code, usually sent to your phone, to gain access.
- This measure is especially important for any account related to cryptocurrencies as it protects your funds from unauthorized access.
2-Use cold wallets or hot wallets: “not yor keys, not your coins”.
- When you keep your crypto assets on an exchange, you don’t have full control over your own coins, which can also limit your potential returns. This is why hot wallets and cold wallets offer greater security.
Cold wallets are storage devices that are not connected to the internet, making them less vulnerable to hacks. They are very useful when you plan to buy and hold cryptocurrencies for a long period of time. The best known and most used are Trezor and Ledger.
Hot wallets are digital wallets for storing crypto assets, accessible via private keys or a seed phrase, and always connected to the internet. They are commonly used for short to medium-term investments. Trust Wallet and Metamask are the most well-known hot wallets.
3-Protect your Private Keys
3-Protect your Private Keys- Your private key is essentially the key to your store of crypto assets. You should never share it with anyone or store it in easily accessible places, like unprotected documents on your computer.
- It is recommended to write down your recovery phrase on paper and keep it in a secure location. You can also use fireproof and waterproof metal plates for storage.
4-Keep your software updated
- Software updates not only bring new functionalities but also important security improvements. This applies to both your operating system and any crypto-related application you use.
- Ensure you download updates only from official sources to avoid malicious software.
5-Avoid using public Wi-Fi
- Public Wi-Fi networks are a fertile ground for hackers. Avoid making crypto transactions when connected to a public network.
- If you need to do so, use a VPN (Virtual Private Network) to encrypt your connection and protect your data.
6-Diversify your assets
- Do not put all your assets in one wallet or exchange. By diversifying, you reduce the risk of losing everything if one of your accounts is compromised.
- Use different wallets and distribute your funds among them for additional security.
7-Be skeptical and beware of phishing
- Phishing is a common technique used by scammers to obtain your personal data.
- Always verify the authenticity of emails, messages, and links before clicking on them.
- Remember that no legitimate company will ask for your recovery phrase or private keys.
Score and Audits in DEXTools DEXTboard
8- Integrate DEXTools into your security strategy
Conclusion: research, diversify and protect your funds wisely
- The security of your crypto assets relies on good practices and using the right tools.
- Remember to always Do Your Own Research (DYOR)
- By following these tips and leveraging DEXTools, you can reduce the risk of losing your cryptocurrencies to hacks or fraud.
- For more information and resources, visit the DEXTools Academy and stay updated on the latest trends in crypto and DeFi.
Thank you and trade safely!
