Cryptocurrency Investing is a fun and exciting space. Now with the popularity of Bitcoin and Ethereum soaring to All time High (ATH) , cryptocurrency has become a rewarding target for malicious hackers who are just clicks away in taking control of your digital portfolio.
The Cryptocurrency landscape has seen a significant surge in recent years. The cryptocurrency market capitalization in fact stands at Two Trillion US Dollars which makes this asset class as valuable as companies like Saudi Aramco, Apple and Google Alphabet!
Thus, it has become ever so important to learn how you should keep your investments safe from unsuspecting attacks of hackers. While investing in cryptocurrency is one skill, storing your cryptocurrency safely is a whole different ball-game.
Here are few tips on keeping your cryptos safe.
Use a blockchain Wallet
Your blockchain wallet can offer you several features to keep your cryptocurrency safe. Blockchain Wallets like XcelPay Wallet provides you with Mnemonics (also known as back-up phrase) , which is a 12–14 word phrase — the most crucial security feature of your blockchain wallet. Keep your back-up phrase in a safe offline locker. In case, you lose your device, or forget the password to your blockchain wallet- you can use this phrase to gain access to your fund and to restore your wallet. Never forget to jot down this phaser and always keep an offline back-up. But, be careful to not let anyone gain access to this information. Or else, they will also be able to gain access to your funds.
Always set-up Two Factor Authentication
Always secure your accounts using two factor authentication. Whenever possible use an extra password to authorize transfer of funds from your account to another’s. XcelPay Wallet allows you to set up a private pin. Always use software or hardware 2FA or if not an SMS to secure your cryptocurrency account.
Be aware of Phishing Sites!
Scammers use different sophisticated means to gain access to your login information and to steal your funds. When interacting with exchanges and wallets to exchange funds, make sure your are logging in to a genuine platform and not some bogus UI created by expert attackers. If you are reaching out to blockchain wallet service providers make sure that you are messaging them on their official social media media account.
At XcelPay Wallet we are cautious of your fund security. That’s why we use biometrics like finger-print and face-scanner to only enable the rightful owner to log-in to their account. XcelPay Waller is a multi-coin wallet with many more cool features to store your cryptos like Bitcoin and Ethereum. Download today on your mobile devices.