Trading cryptocurrency is one of the most exciting ways to take part in the global markets. Not only is the entire field relatively new, but you can pick and choose specific coins based on your tolerance for volatility. But one key question that arises for anyone new to cryptocurrencies is safety. What are the best ways to store your assets, make mobile trades in a safe way, deal with data encryption, get the most out of 2-factor authentication, and do the right amount of research? It’s a lot to think about, for sure, but the excitement and potential profits in the markets are a big attraction for millions of people all over the world. Here are the five best tips for staying as safe and secure as possible while buying, selling, and storing cryptocurrency.
Do Your Research
Research and due diligence are essential for any investment decision, but it’s especially vital in the virtual currency markets. One reason is that volatility tends to be higher and there are a lot more unknowns than in the traditional securities field. People have traded stocks and bonds for more than a century, but cryptocurrency is still relatively new. Study the coins that interest you, see how they compare with the competition, and look closely as recent price moves.
Use Mobile Apps Wisely
Many traders are active, on-the-go folks who do a bit of buying and selling whenever they get a spare minute during an otherwise busy work day. There’s no danger in that, but you still have to know how to stay safe while doing so. For instance, mobile apps for trading crypto like easyMarkets are excellent ways to stay on top of the markets wherever you are. But remember that just because you can trade almost anywhere, that doesn’t mean you should. Stick to the same trading strategy that you would when trading from your computer. This will lower your risk of losing money on impulse trades.
Make sure you use encryption for all sensitive data on any device you use. For those who prefer to use their smart phones, tablets, or laptops, this is an easy task but one that is often forgotten in the rush to place orders, follow charts, and check on account balances. The words you should burn into your brain are to encrypt everything.
Authenticate the 2-Factor Way
Always opt for two-step authentication when setting up accounts, mailboxes, digital wallets, and any other storage area where your sensitive data or assets are stored. The protocol takes a little more time whenever you want to logon to your platform and get into your account, but it’s well worth the added layer of security.
Use Offline Asset Storage for Your Crypto-Coins
It’s possible to store your coins in digital wallets, but for the utmost in safety, consider using offline storage whenever possible. The convenience is an added benefit because you can simply store your blockchain codes on a thumb drive and place it in a safe or bank deposit box.