Investing in cryptocurrency is a very lucrative venture, no doubt. However, with crypto scams on the rise, many investors are feeling sceptical about the industry. Today, crypto scams are a top threat to many investors. But in most cases of crypto scams, with the right crypto recovery services, you can recover stolen crypto or hijacked wallets.
Nevertheless, it is still important you secure your wallet, so you can invest safely. Having a backup plan if all things go south can help protect your investments. So, in this article, as an investor, you will learn different ways you can secure your wallet from crypto scams.
How to protect your wallet from scams?
You have a role to play in protecting your wallet, due to the numerous ways you can lose access to it, especially if you lose access to your seed phrase. Here are five tips you can use to protect your wallet from scams:
Use a strong password
It is a no-brainer that having a strong password will help protect your account from hackers. When choosing a password for your wallet, do not make use of anything closely related to you. For example, your pet’s name, your name, date of birth, or anything of that sort are easy to guess and the first things hackers will try.
A strong password should contain a mix of uppercase and lowercase alphabets, numbers, and special characters. Also, do not use the same password across different accounts. Using different unique passwords limits your exposure. Activating a two-factor authenticator will also add an extra layer of security to your crypto wallet.
Work with reputable wallets, exchanges, and brokerages
Before you register on any platform, it is important to perform due diligence. Carefully researching each platform’s security will help you know whether it is safe or not. If you do not, you will eventually require crypto recovery services as your data is not well protected.
If the platform does not have a good security system, hackers will use that to steal your crypto. For this reason, it is important to always make use of reputable platforms, be it as a wallet, exchange, brokerage, and so on. A reputable platform will always provide you with the best of everything because they have a reputation to protect.
Protect yourself from phishing
With an increased number of reported cases of phishing, phishing has grown to become one of the most common strategies hackers use to steal investors’ crypto. Most hackers phish by attacking investors through social media, emails, or third-party messaging platforms. Beyond this, hackers can also phish by using malicious software to log keystrokes or watch the investor’s on-screen activities.
As one of the best crypto recovery services, we encourage investors to be cautious of the type of links they open on their devices if they want to protect themselves from phishing. Investors should also be careful of places where you fill in their personal information. Installing an antivirus on your device can also help protect you from this malicious software.
Do not share your secret key
The secret key or private key of your crypto wallet should be kept private. This is because anyone with it can help you encrypt and decrypt the data on your wallet. Hence, anyone in possession of your wallet secret key has absolute control over your wallet. This means they can transfer funds in the wallet, trade assets, and use the account as they will.
Apart from this, you shouldn’t share your secret key because the nature of cryptography is such that you cannot change your secret key. Hence, as an experienced crypto recovery service, if you ever feel your secret key is compromised, the safest way to protect your cryptocurrency is to create a new wallet and transfer the funds.
Avoid using wallets hosted by providers
There are different ways you can store your cryptocurrencies as an investor. But the worst choice of wallet you can make is choosing to use a wallet hosted by a third party like exchange as your main crypto wallet. What makes using wallets hosted by providers is that the private key of your wallet is stored on their server. Hence, if they ever have a server leak, you could lose the crypto.
Most people use this type of wallet because of the convenience and less technical, but it is not a secure way to store your crypto. Even if you must make use of this type of wallet, do not make it your primary wallet. Many investors that used these providers as their primary wallets often end up requiring crypto recovery services.