This is an Article and Video about Cryptocurrency Security Tips You Should Consider BEFORE Investing in Crypto!

Cryptocurrency Security Tips Video

Unlike traditional banking practices, cryptocurrencies have virtually no fail safes in place to protect your investments - meaning at anytime, you could lose all of your investments from hackers or from user-error with no recourse at all.

*There are no FDIC insured banks behind these investments to protect you and cryptocurrency exchanges are not regulated like stock exchanges. *

Crypto is not just a different animal, it is an otherworldly beast that requires much research to tame. That’s why it is absolutely crucial to understand what exactly you are getting into when managing cryptocurrencies and learning about how you can to protect yourself.

And as with any high-risk investing practices, NEVER invest more than you can afford to lose.

Tip 1: You may be surprised by this because crypto stuff is pretty high-tech, but the first thing you should do is:

Invest in a Paper Notebook

Yes, I realize some of you youngins have never used such ancient, archaic recording devices like a paper notebook before, but it’s the first step you need to take. Also a pen, but pens are still pretty mainstream.

But, seriously, buy a notebook from Amazon or something. Here’s why:

Tip 2: Use your paper notebook to store all of your passwords, login credentials, and any information regarding your crypto wallets, exchanges, and other accounts.

Never store your passwords or login data online with a password manager, on your phone, or on any device connected to the internet.

Go old fashioned and store your credentials on paper with paper backups in case you lose the notebook or it gets destroyed from something bad like a fire or flood. Consider storing your paper backups in a safety deposit box or something similar.

Remember, there are no pre-built fail safes in this technology right now. It’s up to you to take the necessary step to protect your investments.

Tip 3: Ensure that your computer is secure and free of any malware before you start setting up any crypto wallets or accounts. This is an extremely important and easy step to take.

There are a ton of free tools and services available to scan and secure your computer. If you don’t already, require a strong password to access your computer. Then do a full and complete malware scan.

Malwarebytes is a great resource for scanning your computer and they offer both free and paid anti-malware products to secure your freshly cleansed computer.

In addition to Malwarebytes, Trendmicro offers high-quality cyber security solutions to protect your computer from hackers.

If you have an on-screen keyboard on your computer, you can take security to the max by ONLY typing out your important passwords using the on-screen keyboard.

This prevents hidden keystroke logging malware from recording your passwords to hack into your accounts.

Taking computer security one step further, you can download keystroke encryption tools to use when typing information online. These tools defeat keyloggers by encrypting everything you type in real time.

Keyscrambler by QFX software is a great tool. So, find one you like and use it when typing out important information online.

Tip 4: You will not be accessing crypto-related accounts on your computer alone. Smartphones play a huge role in security and access as well. So you need to take steps to secure your phone.

If you don’t have one already, require a password to unlock your phone. That way if it’s ever lost or stolen, there is a barrier between a potential hacker and your investments.

Also, as difficult as it is to do in our social-media drive world, try to never publish your phone number or cell phone provider publicly online or to people you don’t know or trust.

Cell phone numbers are used to access a myriad of sensitive data, including banking, crypto, and two-factor authentication apps.

And just when you think that's all you need to know, it's not.

There are hackers out there who conduct something called SIM theft. This is where hackers steal your phone’s identity by calling your cell phone provider and requesting a new SIM card. And then they drain your accounts.

To prevent this from happening to you, set up a passphrase with your cell phone provider that must be disclosed before activating a new SIM card.

Tip 5: Passwords. You need to create long, unique passwords for each account that consist of at least 16 characters.

Words and phrases are not ideal. You need a good mixture of numbers, letters, special characters, and capitalization.

And remember, NEVER store these passwords on a computer or device connected to the internet.

Use that handy dandy notebook you procured in step one to store ALL your login credentials.

Tip 6: Create a unique email address with a handle you’ve never used anywhere else before. This includes your name and all usernames you’ve ever used anywhere online or offline.

Think of something completely random and create an email account to exclusively use for crypto only.

DO NOT use an email address you use already or that people know about. Especially ones set up for public services like Amazon. ONLY use your new email address for crypto and don’t tell anyone you don’t know or trust about it.

I recommend setting up your new email account using ProtonMail or another similar provider that prioritizes security and privacy.

Tip 7: Before using your fancy new email address and passwords, do your homework to find the best, most secure wallets and exchanges to use.

There are a lot of different options out there, but some are safer and more secure than others.

Use trustworthy exchanges and wallets with a proven track record. But beware, triple check the URL’s of the sites your are accessing to make sure they are the real deal.

Then bookmark those URL’s and ONLY access them using your bookmarks to avoid mistakenly happening upon a fake.

Scam websites are being created to pose as the real thing, when they are actually fake. If you access the wrong one, they will have all of the account information needed to steal your investments.

Same goes for downloading digital wallets. Quadruple check the links and make sure you aren’t about to transfer your funds into a hacked wallet. Do your research and due diligence. It’s getting crazy out there.

Tip 8: Setup 2 factor authentication, or 2FA, with all of your crypto-related accounts, including your new email account.

So, when you log in to any of your crypto accounts, you will need to use the 2FA app on your phone to type in a number code that changes every 20 seconds or so in order to gain full access.

This is why it’s so important to follow Step 4 and secure your smartphone. It will play a huge role in your journey with crypto.

Authy and Google Authenticator are recommended, however, it’s the same song and dance of Do Your Research.

Recently, Google Authenticator has been recommended over Authy because Authy it’s more vulnerable to phone porting attacks.

Google Authenticator can be linked by your device instead of your phone number, making it a safer option. But you have to remove your phone number as a recovery method in your Google account settings. So again, do your research to make the best decision possible.

Tip 9: Before converting some of your wealth into crypto, do your homework and learn about how exchanges and wallets work.

It’s easy to buy crypto on exchanges, but it’s even easier to lose it from hackers or user-error when making transactions.

Never keep your crypto on an exchange. It is extremely important to learn how to move your money to wallets safely and securely.

There are several types of wallets, some more secure than others, so take the time to invest in understanding the ins and outs.

Cold storage is the safest method and is one of the only ways to ensure top security of your cryptos. Ledger or Trezor cold wallets are both highly recommended cold storage devices.

Different wallets meet different needs. It all comes down to which type of coins you are dealing with, as well as your investment practices.

If you plan on holding cryptocurrency long term, cold storage is the best and safest way. However, if you plan on day trading on an exchange, some form of hot storage makes the transaction process faster and more efficient, but it’s still risky.

Once all your accounts, wallets, and storage devices are set up, ALWAYS use a small amount you are willing to lose to test out transfers and transactions to make sure everything is setup correctly. Never start out with a high-value transfer, because if you lose it, it’s gone forever.

Tip 10: If you are involved with any online crypto trading forums, never ever reveal your real name, phone number, email address, or anything else that could reveal your identity. And NEVER disclose how much you’ve invested in crypto.

Think about it. Most of the time when hackers hack into an account, they didn’t know if they would be able to steal $5 or $5,000.

When you talk about how much you’ve invested in a public forum, you may become a target for hackers because they either 1, want your money, or 2 they want your money and to teach you a lesson.

You never know if you may strike somebody as arrogant when talking about the amount of money you’ve invested, so avoid being targeted by hackers by avoiding the subject altogether.

Tip 11: Let’s face it. Most people who are investing in cryptos right now are probably young, single millennials.

And if something happened to you, there’s probably somebody out there you would want to know about your investments.

If you have started setting up crypto accounts and wallets and such, you know that your mom, grandma, or whoever you’d want to benefit from your investments in the event of your death, would probably have a hard time figuring it all out by themselves.

So, in that handy dandy notebook you bought in step 1:

Write down detailed instructions on how to safely access, transfer, and cash in your funds if they ever needed to.

Keep it simple, yet detailed enough so even your grandma could do it.

It’s also a good idea to create a will, trust, or other document that could be legally executed in the event of your death to carry out your wishes.

So, on that happy note, I hope this video/article saves you time and a lot of money.

There are so many other things you can do to secure your crypto that weren’t covered here. So if you have any other security tips to share, leave them in the comments below.

Thank you for taking the time to watch my video or read the article. And remember to always do your research and keep your wits about you when dealing with crypto. Be safe out there!

Links to Products/Services Mentioned:

MalwareBytes - https://www.malwarebytes.com/
Trend Micro - https://www.trendmicro.com/
KeyScrambler - https://www.qfxsoftware.com/
ProtonMail - https://protonmail.com/
Authy - https://authy.com/
Google Authenticator - https://support.google.com/accounts/answer/1066447
Ledger - https://www.ledgerwallet.com/
Trezor - https://trezor.io/