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8 Best Tips to Secure Your Crypto Wallet

By December 16, 20224 minute read

We know the Crypto market is highly volatile, and the rise in popularity and prices of Crypto means that hackers will have a keen eye on these virtual currencies and want to benefit from these valuable assets. According to industry experts, as digital currencies increase in value and become more common in our daily lives, hackers will keep coming up with new ways to hack them.

In this blog, we have worked on bringing out the 8 best tips using which you can secure your Crypto wallet from cyber attacks.

#1 Choose your Crypto wallet wisely

Online wallets, also called hot wallets, are becoming increasingly popular and drawing hackers’ attention. Therefore, keeping your Crypto assets in offline or cold wallets would be best. Nevertheless, you can have a small sum of digital money in your online wallet. Additionally, the cold wallet must be kept in a safe location, like a safe or safety deposit box. And, to keep your wallets safe, you should have separate private and public keys and secure them with strong passwords.

#2 Always have 2-Factor Authentication (2FA) active

Getting a Crypto wallet with two-factor authentication (2FA) is crucial. This adds an additional layer of security for your funds by mandating authentication before indulging in account activities like signing in, withdrawing, or sending funds. It will always request your 2FA code, so you can immediately detect if someone is attempting to access your wallet.

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#3 Keep changing your passwords regularly or use a password manager

Looking at today’s environment, You can expect that your credentials will eventually be compromised. Therefore, creating a complex password and keeping it safe while changing it frequently are the ways to keep your password secured.

Avoid using any passwords you already have when selecting a password for your Crypto wallet. Your password shouldn’t contain any personal information, too. It is safer to store passwords in a password manager than on your browser. Last but not least, switch your password every six months or so.

#4 Have a regular backup of your wallet

You can back up your wallet’s data with some wallet providers. By creating a backup of your wallet, you can access your information in case of hardware or software failure. You can also quickly recover your money and data if it is stolen or lost. Use multiple backup devices for easy account recovery.

#5 Safely keep your seed phrase in place

A wallet provider like MetaMask will generate a set of 12 to 24 random phrases as a “seed phrase.” You need to input this seed phrase in the same order you received when you signed up.

Unfortunately, there isn’t a legit “forgot your password” option. Therefore, with no exception, if you misplace your seed phrase, unfortunately, you also lose access to your wallet. Keep this seed phrase offline in a secure place. You can simply put it in the same spot where you keep your belongings by writing it on a piece of paper.

#6 Make use of the multi-signature feature

Getting a multisig wallet is one of the significant ways to keep your money secure if you have a lot of virtual currency. This feature, which prevents unauthorized users from accessing the wallet without their digital signatures, is supported by some Crypto wallet companies.

Hackers won’t be able to access your wallet and risk your Crypto holdings illegally without the consent of these people. Verify that your wallet has this feature enabled if you haven’t already.

#7 Private key should be kept private

Consider your private key to be similar to your bank PIN. You had to better keep this safe because it holds the key to your hard-earned earnings.

Keeping your private keys offline is one technique to safeguard your wallet and Crypto funds. You can either use cold storage devices that you can easily access offline or write them down on paper and store them safely to prevent damage.

#8 Never click on suspicious links

Cybercriminals frequently use deceptive links to set their traps. They will make every attempt to catch the target’s attention and persuade them to click on odd links that take them to suspicious websites where they could be used to steal sensitive information and harm electronic devices.

Avoid clicking on links that are unfamiliar to you because doing so could jeopardize your Crypto wallet.

Final thoughts

While maintaining the security of your Crypto may seem like a lot of work, doing so is necessary to safeguard your funds from hackers. If you can easily log in and access your Crypto wallet, remember that it is easier for an attacker too. Since any online transaction can be susceptible, implementing the tips mentioned above will help you secure your Crypto wallet and safeguard your regular online interactions.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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