Keeping your crypto safe – How to do it
It’s one thing to invest in cryptocurrencies, and another altogether to keep those crypto investments safe. In this post, we’ll take you through the top tips to ensure that your crypto doesn’t fall into the wrong hands.
1. Do your crypto trading on a reputed crypto exchange
There are countless crypto exchanges where you can store your crypto. However, not all of them are safe. We recommend choosing a reputed crypto exchange which has proper security measures in place for the safety of your crypto investments. For example, WazirX and Binance are two well-known crypto exchanges that have multiple security features to safeguard investors’ and traders’ funds.
2. Invest in different cryptos from different accounts
Sure, operating one account for all your investments seems like the easiest thing to do. However, if it gets hacked, you’re at risk of losing all your crypto investments at one go. So, the best thing to do is to open different accounts for investing in different cryptos. For example, if you plan to invest in Bitcoin and Ethereum, you can have two separate accounts – one for trading and investing in Bitcoin, and another for Ethereum.
3. Keep your private key safe at all costs
Irrespective of whether you store your crypto on a digital wallet or on an exchange, you’ll be assigned a private key (typically an alphanumeric code). It’s essential that you don’t share this key with anyone. Also, steer clear of saving this key on your phone or your computer in the form of a note or an email.