Security tips that bitcoin traders must know!

Investing and trading in cryptocurrencies like bitcoin has become quite popular. Some people have earned double or even triple the amount of money that they have put in. Not only investing and trading are the ways to earn, but there are many other opportunities to make money through the cryptocurrency market. At the same time, it is important to be cautious while storing and using cryptocurrencies like bitcoin because these are used over the internet and are more vulnerable to cyber-attacks. You can trade in bitcoin and earn fast profits by visiting oil profit

Keep track of your account activity.

Being a trader, your responsibility is to audit all cryptocurrency logins, accounts, and wallets containing information regarding cryptocurrency assets—traders who never made an audit or maintained their accounts are putting their accounts at risk. You can start by checking the email inbox to depict the crypto platforms you have signed up for. You can either make a file on a computer or write on paper or any other way to keep the account activity secure.

If you keep yourself updated about the account activity, you can secure your accounts and can act upon anything suspicious that happens. It is a quite simple yet effective way to secure your bitcoins or other cryptocurrencies.

Learn about ICO and check if it’s real or fake

ICO is the Initial Coin Offerings and when a trader trade, ICOs usually crosses the trader territory. The reason behind this is that marketing is only directed at traders who have less crypto experience. Traders have a magnetic appeal towards investing in an ICO because it promises a high Rate of Interest and great technology. But you need to be careful because many traders and investors get scammed at this time. You must know to identify the fake ICOs. We will mention some tips that will help you to identify fake ICOs:

  • Check out the website and learn about the staff and other team members. Learn about the founders of the website and investigate their social media accounts and their activities. If likes and followers of websites don’t match, then it is a fake ICO.

  • Make sure to read the ICO’s whitepaper and learn about its roadmap for implementation, financial model, and reliable resources.

Never fall for phishing emails.

Hackers have now become creative and smart when we talk about phishing for information. Traders and investors must be vigilant when they receive emails that have external links. Make sure to check the domain name before visiting any external link. Hackers are smart, and they sometimes use a domain name similar to the name of the company. Never share your personal information if any email asks for it. Learn about the organization first and directly contact them.

Also, be careful while checking or opening any attachments in the main as there might be malware. Scammers most use attachments to get into your computer system and hack your data.

Use 2-Factor Authentication

One of the best security measures is 2-Factor authentication, as it adds a layer of security to one’s wallet or account. It is suggested to never opt for SMS 2FA as there are higher chances of getting intercepted. Some crypto enthusiasts often advise for Authenticator apps that can be used in your device in offline mode as they involve less risk and offer more security.

It is better to avoid using third-party software, but if you are using you must place restrictions on your account’s API keys so the third party will only use specific IP addresses. No one will be given the authority to check your account if you’ll properly manage your secret keys.

Never store all your funds in cryptocurrency exchange.

Since bitcoin and cryptocurrencies’ birth, a large number of crypto exchanges have become the victim of hacker attacks and security issues. The result of crypto exchanges being hacked is that accounts of users got frozen and compromised their funds. Even in crypto exchange platforms, no one guarantees that your crypto tokens are safe. Users must always store their crypto tokens in a private wallet.

There are four bitcoin wallets: cold wallets, hot wallets, paper wallets, and mobile wallets.