How do you stay safe while trading cryptocurrencies?
Because of their intangible digital nature, digital currencies are a target for many trolls, hackers, and deceivers on the Internet, and to protect yourself and the coins that you worked hard to collect, you have to follow some simple instructions that will greatly increase the level of security during trading, so here are the most important of these instructions.
1. Choose a reliable trading platform
The greatest danger that may threaten your currencies lies in the platform that you deal with, as it is the party to which you will deliver your money and entrust it with it, and most of the stories of losing digital currencies were the hero of the trading platforms that many hackers target to steal currencies from traders through them, or even the platform itself is a fraudulent party that herself by stealing you.
So start by choosing a platform that is safe, reliable, and has the necessary licenses to operate, and also stay away from emerging or new platforms that no one has yet tested, and you should also avoid platforms that have been hacked or stolen in the past and charged traders with the cost of these hacks.
2. Secure your account on the platform
Choosing a secure platform alone is not enough, as the platform you are dealing with may be very secure, but your account on it is not secure at all, remember that anyone can access your account on the platform and transfer the money on it to any wallet he wants without trouble, and at that time the platform will not help you Because the error occurred on your part. Secure your account in the following ways:
Choose a secure password for your account, and save it somewhere that only you can access or remember.
In the current era, the password alone is not enough, so you should create a two-factor authentication code (2FA) as an additional layer of protection. Most of the trading platforms that respect their customers impose the use of two-factor authentication on all users, so make sure to activate this feature and save the authentication code in a safe place.
Your email is also part of the equation, as it allows you to retrieve your lost password, and perhaps also the two-factor authentication code, so its protection is closely linked to the protection of your funds. It is preferred that you only use the email address of your trading account and for no other purposes.
Activate the maximum possible security options. Some platforms may allow additional security features such as not transferring funds from your account to other wallets except after sending a confirmation message to your registered email, and also after entering the two-factor authentication code.
Investing in cryptocurrencies does not require large amounts of money, as some might think, as a platform such as Immediate Edge allows you to trade starting from only $ 250. The platform accepts customers from all over the world, and provides technical support 24 hours a day, 7 days a week.
3. Secure your connection
Although it is an insignificant risk at the present time, securing your connection is securing another link in the chain of your dealings with the trading platform. At the present time, the use of the encrypted Internet Protocol (https) has become almost mandatory, so you will not need to make sure of this matter, but you have to secure Your call itself.
Never connect to the trading platform over an unsecured internet, such as public Wi-Fi networks (in cafes, restaurants, airports, public places), and if you must do so you should use a trusted VPN to add an extra layer of encryption to your connection.
4. Secure your device
Securing your device is also very important, as the risk of being stolen through it is great. You have to take the usual procedures recommended to secure your computer, such as:
An original copy of the operating system, because non-original copies may leak your private data to parties that you do not want to see.
Install only original software from its official websites or through the application store on your device, never install any pirated software because it often includes unwanted software.
Make sure your device is password protected or secured with a biometric (such as a fingerprint if available) so that someone who isn’t authorized to access it can use it.
Never open suspicious links that come to you via e-mail or social media platforms, or that are located on suspicious sites. These links can cause major security breaches, or at least leak important information about your device that can be used later to track you.
5. Personal faults
Among the things that often cause the irreversible loss of digital funds are personal errors, such as transferring funds to a wrong or incorrect wallet address, entering wrong prices during the execution of deals, or losing the encryption keys of the wallet. Which ultimately causes you to lose the money you trade with.
Do not underestimate this danger, because many committed follies like this that they still regret today, without having any way to undo what happened.
With some simple practices such as choosing a secure trading platform, securing the connection, and securing the device, you can greatly increase the level of security when trading cryptocurrencies. So make sure you implement all the above tips to ensure maximum security.