5 Cyber Security Tips for Crypto Investors and Traders

It would be a good idea to take your cryptocurrency down the trading platform and store it safely into separate wallets. Bitcoins and other cryptocurrencies have no physical existence, but they can be stored electronically using a hot wallet (needs internet) or cold wallet (no internet required). There are also hardware wallets where you can store cryptocurrency out of your PC or desktop. The same is the case for paper wallets too.

Some users would prefer using decentralized or Defi wallets where there is no third party involved. No matter whichever type you choose, there are a few criteria that you should consider.

  1. Multi-factor Authentication: Adding two or three-layer passwords enhance the security level as one has to penetrate deeper to get access. Though this may slow down the transaction speed, it’s worth having it.
  2. Multiple Currency Support: Unlike MyEther which, only stores Ethereum, your wallet should store multiple types of cryptocurrencies so you can store them in one place.
  3. Back-up option: Your wallet should give you the option to back up in other devices if, in any case, it’s lost or damaged.
  4. Reputation: Check if the wallet-providing company hasn’t been involved in scams. Only choose a reputed company with security certificates.
  5. Exchange Options: The wallet’s multiple exchange options allow you to convert between other cryptocurrencies as well as fiat money.

Some of the most secure digital currency wallets with huge fan base are:

  • Exodus
  • Ledger- Ledger Nano X and Ledger Nano S
  • Trezor
  • Keepkey
  • Coinbase

Trade only at well-known and trustworthy exchanges

If you do not want to leave with a sore crypto trading experience, it is required to not fall for attractive offers by lesser-known exchanges and only stick to the ones with a large user base and trustworthiness. Here are some well-known cryptocurrency exchanges you can try out.

Coinbase

It is the largest cryptocurrency exchange with all-around benefits and, it is rated high by most legit sites. With the Coinbase Pro, the security level is even more advanced.

Redot

On Redot crypto exchange, you can safely exchange between multiple types of fiat currency and cryptocurrency in a secure environment with considerably low fees. It supports 38 types of cryptocurrencies other than bitcoins.

Gemini

It is the favorite wallet for beginners with an easy-to-use interface. Gemini is built with features that make it one of the most secure platforms to trade.

Uniswap

The decentralized nature of this app makes it a very secure platform to trade Ethereum tokens from self-custodian wallets without compromising on privacy. Also, it is very user-friendly.

KuCoin

KuCoin offers the lowest transaction fee with high-level security. It enables email verification and 2FA among other desirable features.

Don’t use any remote-access software

You may prefer using remote-access software when you are physically away from your computer but, this software opens up your system to serious threats. If you use a desktop wallet to store your cryptocurrencies, anyone on the other end can not only access it but control it. All your login details, passwords get exposed.

In a corporate space, remote access is almost necessary. It is installed in the server for better surveillance and also to share files between different computers. Though these are highly secure networks, you shouldn’t connect your personal device to the network where you might have stored your cryptocurrencies.

Ransomware attacks deploy RDP (Remote Desktop Protocol) to penetrate even well-protected systems. Hackers do so by stealing identities during RDP sessions via several techniques. Once it gets access, it can turn off the security software or uninstall it and launch an attack.

Bluekeep, Notapetya, Wannacry are some of the well-known ransomwares in the history of cyberattacks that exploited RDP vulnerabilities, making way for crypto miners to creep into the infected systems and generate coins for attackers without the knowledge of the system owner.

So, it is best not to utilize any remote-access software, no matter how secure it claims to be.

Use the latest antivirus and dedicated VPN

You cannot doubt the dependability when it comes to offline wallets. In the current technological scenario, cold wallets are the safest option for storing cryptocurrencies. But they too are vulnerable to malicious software if stored in pc or laptop. You may improve the security of your cryptocurrency by installing a strong antivirus and browsing the internet over a VPN.

Modern antivirus software includes powerful capabilities that protect you not only from viruses but also from cyber threats. They will not let malware penetrate your machine and steal personal data such as passwords, even those for your cryptocurrency wallet.

A good antivirus will save coins from crypto-jacking. McAfee, Norton 360, Kaspersky, Bitdefender, and Avast are among the antivirus software that effectively identifies and blocks crypto threats.

VPN on the other hand creates a deeply encrypted tunnel through which you can send and receive information on the internet. VPN helps you keep your anonymity for everything and from everything, even for them.

All the VPNs have a no-log policy. So, they don’t record or keep track of your move or store your personal data. It works as an advantage when trading on crypto platforms as hackers or scammers don’t know anything about your identity, which they need for the purpose. Expressvpn, NordVPN, and VyprVPN are some of the reliable VPN connections that work effectively for cryptogenic transactions.

Consider using Linux or Mac OS

Windows is the most widely used operating system, yet it has also been the target of most cyber-attacks. Windows RPD structure is weak. It is easy for ransomware perpetrators to attack and convert into a network of infected machines and manipulate them.

Mac OS is ostensibly secure, but in recent years it hasn’t been immune to highly sophisticated hackers who have taken note of its growing market share. Despite this, it is still better than Windows as it has strict security protocols and is constantly improving.

Linux, on the other hand, has fewer bugs and security flaws, making it the least vulnerable Operating System.

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