how to stay safe in cryptos

For too long, crypto has seemed like the Wild West, with scammers, cheats and evildoers lurking around every corner, ready to pounce on even the smallest mistake. At QUOINE, the security of our customers is our top priority. That’s why we strive to bring you the world’s most secure crypto trading platform. But we urge all of our customers and the wider crypto community to be vigilant at all times. Here are our top tips to stay safe in crypto.

Gone phishing

Crypto traders visit a wide range of websites every day, including the pages of various exchanges, projects, ICOs, wallets and more. There are constant attempts at deception: Links to giveaways and contests that are really just a ruse to steal your private keys; cloned exchange websites that dupe users into logging in and handing over their info; hacked or fake ICO websites that fool people into sending funds to scammers. The list goes on.

There have also been many cases of email lists being stolen and subsequent scam emails masquerading as legitatie contact from various companies. If you participate in a lot of ICOs, you’ll likely be visiting many different websites, registering accounts and doing multiple KYC processes. Each time you do so, there is a risk.

Only click on links from official channels -- and even then, be vigilant
Double check all URLs and look for small typos or unusual characters in web addresses
Don’t use your primary, personal email address to sign up for ICOs
Take part in ICOs on a secure platform, such as the ICO service on our forthcoming LIQUID platform
Never keep your KYC docs in the cloud
Cold wallet storage

It’s alarming that serious hacks of major cryptocurrency exchanges continue to happen, leaving traders in a state of constant uncertainty over whether their funds are safe or not. What’s most concerning is that a large number of exchanges simply aren’t taking the necessary measures to ensure assets are secure. That’s why we use 100% cold wallet storage -- a stance we refuse to budge on. A hot wallet or even a warm wallet increases potential risks on a scale we aren’t comfortable with.

Keeping your funds on any exchange that doesn’t prioritise cold wallet storage is a risk. Other options include hardware wallets like Nano Ledger S or Trezor. MyEtherWallet is also a common choice, but that too presents risks from phising (be sure to use Metamask).

Trust No 1

Telegram has become one of the primary communications platforms used by the crypto community. One of the reasons why many communities moved their public groups away from Slack was because of the large number of scammers there. Sadly, Telegram also has its fair share of scammers -- and they’ve shown no signs of stopping. Cheaters will try and pretend to be community admins or support accounts and contact users in various groups, usually under the guise of offering some kind of service or access to a special offer in return for depositing a small amount of currency.

At QUOINE, we have a Telegram channel for support and we make sure that our community knows that our admins will never contact them directly or ask for funds.

Keep an eye out for red flags.

If someone approaches you in a DM seemingly at random claiming to represent a community, there’s a good chance that person is a fraud.
Never give over personal details to anyone who has approached you first.
Most Telegram groups will have a list of admins. Check the person’s user handle and cross-reference.
See which groups you have in common with the person and look at their previous activity.
If you find them in a group they claim to represent and they’re not a mod, it’s likely a scam.
Never, ever send funds to anyone who approaches you on Telegram offering any kind of service.
Report all such scammers and block them immediately.
If it’s too good to be true, it’s a scam

If you come across a contest or an offer or an airdrop that looks too good to be true, it almost certainly is. Even visiting scam websites can be enough to put yourself at risk, so don’t even click through out of curiosity. We’ve seen an increase in these kind of scams on social media recently. You will not get anything worthwhile in crypto for nothing, so don’t fall victim to the tricksters.

DYOR

There are shills around every corner who will try and get you to invest in this coin, to buy that ICO, to sign up for this new exchange, to take part in that airdrop, all because it’s the best thing since sliced bread.

Never make decisions concerning your money lightly. Many people learned this the hard way with the collapse of a number of high-profile lending platforms. Any time you let yourself be influenced without truly doing your own research, you put your funds at risk and leave yourself open to being taken advantage of.

Use 2FA and super strong passwords

It’s amazing in this day and age that people still don’t take their security seriously, especially for those who are involved in crypto. Use 2FA at every opportunity you can and make sure you backup all your codes (offline). Similarly, make your passwords super strong. Use a service like 1Password and change your passwords regularly. This goes for everything, from exchanges to emails. You can add extra layers by connecting, for example, Google log-ins to your mobile device. You want to make it as difficult as you can for someone to take over any of your accounts.

We know, however, that scammers will not give up, which is why at QUOINE we have implemented our Iron Shield series of security protocols to help keep the accounts of our customers safe.

Don’t overshare

We see it quite often in Telegram groups, especially those of exchanges, that people will willingly share their personal details, including email addresses, or screenshots with account numbers, full names and more. Don’t share these details publicly and be cautious about sharing it at all.

We know for a fact that cheats and scammers lurk in all Telegram groups and you can be sure that they will seize any and every opportunity they can to exploit innocent people. Don’t give them that chance.

Choose an exchange you can trust

We strive to be the Fort Knox of crypto. Our commitment to keeping your funds safe is unparalleled and we are proud that we have never experienced a major security breach on our exchanges.

When you choose an exchange, you should always look for signs that you are trusting your assets with a reputable company. That’s what you get with QUOINE, a company regulated and licensed by the Japanese Financial Service Agency. We are also fully transparent about who and where we are. Crypto is risky enough as it is, so look for an exchange that has your interests at heart.