How to keep your cryptocurrencies safe: Complete guide

Storing your cryptocurrencies safely means protecting them against possible threats such as theft, hackers or accidental loss. Here are some measures you can take to keep your cryptocurrencies safe:

1. Basic security:

  • Strong passwords: Create unique and strong passwords for every cryptocurrency-related account. Use a combination of upper and lower case letters, numbers and symbols.
  • Two-factor authentication (2FA): Enable 2FA on all platforms that offer it. This adds an extra layer of security by requiring an additional code in addition to your password.
  • Software updates: Keep the software on your computer, phone, and any device you use to access your cryptocurrencies up to date.
  • Beware of scammers: Beware of suspicious emails, websites and applications. Never share your private keys with anyone.

2. Safe storage:

Once you buy your cryptocurrencies on a platform such as Profit Rex, you can choose the way you want to save them. One of them is to choose a cryptocurrency wallet to store assets. There are different types of wallets such as software wallets, hardware wallets, and custodial wallets.

1. Software Wallets:

  • Desktop Wallets: They install on your computer and give you full control over your private keys. Some examples are Exodus, Electrum and Bitcoin Core.
  • Mobile wallets: They allow you to access your cryptocurrencies from your smartphone. Some examples are Trust Wallet, Coinbase Wallet and MetaMask.
  • Web wallets: They are accessible from any web browser. They are convenient, but less secure than software wallets. Some examples are Binance Wallet, Blockchain.com and Coinbase.

2. Hardware Wallets:

  • Physical devices that store your cryptocurrencies offline. They are the safest option for storing large amounts of cryptocurrencies. Some examples are Ledger, Trezor and KeepKey.

3. Custodial Wallets:

  • Platforms that allow you to store your cryptocurrencies on their servers. They are convenient for beginners, but less secure than software or hardware wallets. Some examples are Coinbase, Binance and Kraken.

4. Paper wallets:

  • Paper printouts containing your public and private keys. They are a safe option for storing small amounts of cryptocurrency, but can be difficult to use and store securely.

Choosing the right type of storage:

  • Consider the amount of cryptocurrency you want to store.
  • Evaluate your level of technical experience.
  • Prioritize safety or comfort.

Recommendations:

  • Use a hardware wallet to store large amounts of cryptocurrency.
  • Use a software wallet for small amounts of cryptocurrency that you use frequently.
  • Do not use custodial wallets to store large amounts of cryptocurrency.
  • Do your research and choose a trusted wallet.
  • Save a backup copy of your recovery phrase in a safe, offline location. This phrase allows you to recover your wallet in case you lose your device or your password.

3. Additional Cryptocurrency Security Practices:

  • Virtual Private Network (VPN):
  • A Virtual Private Network (VPN) is a technology that allows a secure and encrypted connection to be established between a device and a private network over a public network, such as the Internet. Basically, a VPN creates a secure tunnel through which all communication between the device and the private network is encrypted, providing privacy and security to the data transmitted. This is especially useful when accessing corporate networks from external locations or wanting to protect the privacy and security of web browsing in general. Use a VPN to connect to the internet when using cryptocurrency platforms. This can help protect your privacy and security.
  • Anti-virus and anti-malware: Keep your antivirus and antimalware software updated to protect your device from malware and other threats.
  • Secure browsing: Be careful when clicking on links or downloading files from unknown sources.

4. Research and knowledge:

  • Do your research before you invest: Thoroughly research the cryptocurrencies you want to invest in. Don't invest in anything you don't understand.
  • Stay informed: Stay up to date with the latest news and trends in the world of cryptocurrencies.

Remember: The security of your cryptocurrencies is your responsibility. Choose the right type of storage and follow best practices to protect your assets.