How To Stay Safe When Transferring Cryptocurrency Online

Reading Time: 3 minutes

Cryptocurrencies have quite quickly become a lot more mainstream than before, but it’s still a very novel thing and that means learning good habits and how to keep yourself safe from scratch just like we all needed to learn to do so with physical cash and cards before. While it can seem scary and hard to stay safe it can be broken down into simpler parts which is what we’ll do today. We hope that after reading this text you’ll have a better understanding of how to keep your crypto out of malicious hands and perhaps even have fun learning about all the different systems and methods you can use. We also suggest staying on top of news on sites like Crypto News and other publishers who have insiders and follow the latest crypto buzz. Let’s get into the details.

Two factor authentication is a life saver

This goes for pretty much all of your accounts but is of course most important for your cryptocurrency as it’s related to money. Two-factor authentication makes it so that someone needs to get a hold of your email/phone and your account at the same time in order to actually access anything. This way if only one is compromised you are still safe and don’t need to worry about losing your funds.

Set up a strong password and also get two-factor authentication as it really can save you. You may think that there’s no way someone is getting access to your account anyway so you don’t need it but it’s better to be safe than to take risks like that. It’s incredibly convenient to use anyway as modern 2FA apps have begun making it faster and easier to log in than ever before. Don’t risk it, get 2FA.

Get a physical wallet

While the fastest and simplest solution to getting a wallet is an online one, there are quite a few risks that go along with them that should be considered. If you leave your crypto in the hands of an exchange then you risk losing it all if that exchange becomes compromised in some way. Other online wallets can also be compromised in different ways as they have fewer security features than physical ones.

Having a hardware wallet allows you to ensure you have the best possible protection for your cryptocurrency. Not only because of the safety features of the wallet you’re using but also because of the fact that you can disconnect it physically from the web after transferring your funds which means that someone would need to steal the wallet itself from your home (or wherever you keep it) and then also get your credentials in order to gain access to all of your funds.

Physical wallets are a bigger investment than online ones as you have to spend some cash to buy one, but the price of safety is worth it in most cases and it certainly is in this one. If you’re serious about crypto and are intending to have a decent chunk of it then physical wallets are the way to go for sure as at that point having an online one or leaving your funds with an exchange would simply be a needless risk.

Doing transfers with physical wallets is also becoming more and more simple over time as the people making them have been listening to feedback and criticism involving transfers and similar things so improvements have been made and they’ve become more streamlined.

Quick fire tips

This last segment will cover a bunch of tips that are very important but too short for their own segments. Let’s get into them:

  • If it sounds too good to be true then it probably is
  • Fear of missing out can make you lose money, don’t give in to it
  • Don’t blindly trust advice from other traders
  • NEVER give away your passwords and private keys
  • Be careful when clicking on links in emails as they may be phishing links

Staying safe online when buying, trading, and storing crypto isn’t that difficult or scary, you just need to keep these tips in mind and be mindful of who and what you’re dealing with as there are a lot of malicious third parties online .

Conclusion

We hope that reading through this text has informed you better on how to stay safe when handling cryptocurrencies and what you can do to not lose them to bad people online.