How to Secure Your Cryptocurrency
Losing coins is permanent thus whether you’re purchasing, investing or storing cryptocurrencies must be kept safe.
When the cryptocurrencies is stored on centralized exchanges, those that are regulatory compliant with KYC and AML checks are the best chance of security
Purchasing A crypto Securely
Cryptocurrencies can be purchased on centralized exchanges, decentralized exchanges (DEX), crypto-ATMs, peer to peer options and more. Mostly using reputable, centralized exchanges provides the best mix of ease-of-ease and security.Centralised exchanges are considered secure because:
- Anti-Money Laundering measures(AML)
- Know Your Customer Checks (KYC)
- Transfers are made in the exchange custodial wallet
However if you decide to use a decentralized exchange check for an audit from a reputable source
How to secure your account
- Use of strong password that is changed regularly
- Enable Two-Factor Authentication (2FA)
- Watch out for phising attacks and scams via email, social media and private messages
How to store your crypto securely
- Keeping your private key and access to it safe is the most important part of your overall security
- Keep your seedphrase offline
Be aware of scams, here are some of the most common scams to look for:
- Phising- receiving an email from an exchange asking you to login or provide personal information which can be a scammer looking to steal your info
- Fake exchanges- Usually mobile apps or websites imitating the look of an exchange
- Blackmail- A scammer sends a malware that hold your funds for ransom and payment must be made with Bitcoin
- Pyramid and Ponzi schemes- These are often deals that are too good to be true. They require one to participate in a new project and purchase its coins or enter a special deal requiring you to make a crypto payment.
- Impersonation- This is when someone pretends to be an official, person of trust and ask you for information that you would not typically give out.