Introduction

The crypto ecosystem is one full of innovation, investment opportunities and novel ways to apply decentralization and blockchain technologies to our daily lives. Given its early stage compared to centuries-old bonds, commodities, and the other financial markets as a whole, it also comes with security mechanisms that we must be very mindful of.

This article discusses how to secure your crypto account - from the wallets to choose from, to password structure and further ways to secure your digital assets.

What is Crypto Security?

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Crypto security is an essential array of safety mechanisms to ensure that your digital assets are as safe as they can possibly be. Despite its novel technology and disruptive nature, cryptocurrencies are investments and should therefore be treated with great care and precaution. In order to ensure your crypto assets are secure, make sure to go through the following steps in crypto security.

Choose the best crypto wallet

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MetaMask logo. Source: MerchanirX

If you want to remove your assets from the exchange and are looking for the best decentralized crypto wallet, there is no way around it; MetaMask is the one for you. Founded in 2016, it is still the most reliable crypto wallet available in the market, entirely free and with desktop, browser and phone app versions. Not only that, but it has support for any blockchain network you’re using - Bitcoin, Ethereum, Solana, Fantom, Cardano, you name it.

We recommend installing the MetaMask wallet on your browser and also using it through the mobile app version, which is quite convenient for day-to-day transfers. Speaking of transfers, don’t forget to initially test the addresses by transferring just a tiny bit of your funds first before sending the full amount; that’s crypto safety 101 for you.

Of course, a new day-to-day application would not be complete before an extremely safe password.

Get a very strong password

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The time it takes to invade an account through algorithmic hacking. Source: Hive Systems

This one is a no-brainer; the simpler your password, the easier it is to be hacked by schemers who use advanced computational algorithms to randomly test for access to your account. Use the above table as an example and keep your crypto password in the green one, with something that you can easily write down and remember.

While some would recommend using randomly-generated passwords, the chances of failing them upon login are quite large since you’ll be writing them down and not storing the information on your computer. That’s right, you’ll need the good old pen and paper duo for the next section.

Write your seed phrase and passwords down, don’t store them on your computer

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An example of MetaMask’s seed phrase storage section. Source: GitHub

A seed phrase is what you use to recover your account, in case you lose your computer/cell phone or other misadventures. Usually composed of 12 random words, it must be stored outside of any digital device along with your password. Make sure to write them down properly in order of input, as it is necessary for the phrase recovery to work. Does sound a bit tribal to use pen and paper, but it’s the best way to ensure your information won’t be accessed. Get a couple small notepads, write the information on both and store them in different locations. Don’t forget to write down your password as well; it might be something easy for you to remember but, who knows, sometimes we forget so it is best to remain cautious.

Enable two-factor authentication

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Gate.io’s 2FA upon login.

Two-factor authentication, or 2FA, is a method to verify your identity upon login, mostly based on your cell phone number, email, facial recognition or 2FA apps such as Google Authenticator. It is now popularly used across a range of different services on the internet, financial or not. Although some uses of 2FA may seem unnecessary - an online gaming portal, for instance - they are absolutely essential for investments in this day and age.

Avoid the most popular scams

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Even when you secure your crypto account to the best of your abilities, it can still be liable to scams based on human error - meaning, the scam comes from your active behavior as an investor. With that in mind, here are the top crypto scams to have in mind and avoid.

• Fake websites: This is the most common of all; a website very similar to the original’s where it requests your wallet information and steals such content from you. Always make sure that the URL is legit and matches the service you’re using!

• Phishing on social media: A strategy where scammers pretend to be from a legitimate organization and ask for your private information, such as seed phrase and password.

• Fake mobile crypto apps: Much like fake users and websites, scammers also target investors by creating fake crypto apps that are similar to the original website.

• Rug pull: This is the most heard of and painful of all, where a crypto project started with the sole purpose of stealing from investors. Fortunately they seldom happen within the ecosystem, but one must always be wary about the project’s goals and security mechanisms before investing.

Conclusion

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When paying attention to the factors rolled out in this article, your crypto security frameworks will most likely be safe and sound against hackers and scammers. Downloading a reliable crypto wallet with strong password and offline seed phrase are the basics, but paying attention to the projects in general is something investors must take with them for life. If something looks odd with a particular offer, website or application, double check and see if it matches our warnings. Patience never hurts, only benefits!

To learn more about crypto security frameworks and plenty of other topics, visit our Blog section of Gate.io and search for your desired keyword.

Author: Gate.io Observer: Victor Bastos

Disclaimer:

* This article represents only the views of the observers and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.