Crypto security tips

Keep your special coins safe! This isn’t like having money in a piggy bank, or even a real bank. These crypto security tips should help you keep your coins safe in the crypto world.

Choosing a password

This is not the time to re-use your Netflix password, or to use p@ssw0rd. If (when?!) crypto takes off, your account could end up being worth hundreds, or thousands (yay!!) of dollars. That’s the goal, right?!

Your password is the first line of defence in terms of keeping your account on an exchange safe. Choose a password that has:

• a reasonable length – 8 characters minimum. For this one you might want an even longer password
• capital letters
• lowercase letters
• numbers
• symbols

2-Factor Authentication

Huh? What does that even mean?

2-Factor authentication just means that there’s a 2nd piece of information (usually a 1-time code) that you have to enter before you can access your account.

Most exchanges seem to support Google authenticator. Some exchanges also have their own apps for that. You can get these apps from the App Store, or Google Play store.

With Google Authenticator, when you download the app, there is an option to either scan a QR code, or enter a setup key. You’ll find both of these on your exchange’s website.

Once your authenticator app is set up with your exchange, you can use it each time you log in. You’ll have to enter your login details as usual. You’ll then have to go to the authenticator app, and grab the code from there as well. Codes tend to re-generate every minute or so – if it’s about to expire, it usually turns red, so you might want to wait a sec for a new code to be generated.

Cold storage / hard wallets

When you buy crypto on an exchange, you have an electronic wallet on the exchange for each of your currencies.

Hard wallets allow you to transfer your crypto from the exchange, to the address of your hard wallet. As far as I know, hard wallets can’t be hacked (though you do have to keep it safe, because it could still be lost etc.).

There will be a dedicated article for hard wallets coming soon, but in essence:

• It’s a physical device you can use to store crypto.
• You protect your device with your seed phrase (keys). This is a set of 12 words that you will need to be able to access your crypto. When you set up your device, you’ll get these 12 words. You MUST keep these safe. Losing them could mean losing your coins.
• There are a number of hard wallets available on the market. Ledger and Trezor are 2 of the most popular.
• If you’re really worried about security, when you order your hard wallet, consider getting your hard wallet sent to a PO Box rather than your home.

There are also software wallets available. These are apps where you can store your coins, so they aren’t on an exchange any more.

Investopedia has a great comparison article for crypto wallet options.

Don’t get caught in a phishing scam

Oh my goodness! Nefarious individuals would love to get hold of your coins. Phishing scams are emails that pretend to be from a company you deal with, but they’re actually fraudsters. Usually at some point they’ll ask for some account information, but other times it might be as simple as installing a virus if you click on a link.

Be careful of clicking any links in emails that look dodgy. Sometimes it can be hard to decipher if it’s real or not. If you have any doubt at all, don’t click! If you think it might be something you need to know, call the company, or go directly to their website to try to find the information.

NEVER give anyone your passwords or seed phrases.

You might even want to consider having a separate email address just for crypto.

More safety tips?

CoinSpot has a great article on security recommendations.

Be Safe. Be Bold.

It’s really exciting to be able to invest in crypto. Be security conscious, so you can feel more comfortable exploring the crypto-verse.