How You Can Effectively Protect Your Crypto

Crypto went through a dip in 2022, so following that, prices are currently back on the rise, meaning a lot of investors are keen on buying into the market once again. Whilst this is a good opportunity, there are cybercriminals out there who attempt to steal cryptocurrency and, as such, it is important that if you are going to purchase crypto, you are safe in doing so. There are several different ways that you can effectively protect your crypto and stay on top of the different online threats out there. These are all going to be discussed in more detail below.

Look into Proof of Reserves

There are websites, such as OKX, which hold a 1:1 reserve of all of their customer assets on their platform. This is excellent when it comes to investing in crypto, as it means that you have a full view of your reserves and your funds. These proof of reserves are important and should be used, as they ensure that your funds are constantly safe and secure. They have on-chain wallet holdings that are public, so it’s easy to verify different funds.

Consider Two-Factor Authentication

Two-factor authentication is something you have likely already seen on your laptop or phone, but it can be helpful in the world of crypto too. The way this process works is that you will need to put in a code from your phone whenever you make any kind of crypto withdrawal. This can be quite frustrating at times. For instance, if your phone has run out of battery or you need to get it from another room, but the fact is that, if you set up two-factor authentication, then you can stop hackers and cybercriminals from gaining unwanted access to your account. If you don’t have two-factor authentication, then it means that you will be relying solely on the security of your email address, which can be quite easy for hackers and bad actors to gain access to.

Withdraw Your Crypto

When you think about different crypto exchanges, there is a lot of money in the form of crypto stored on them, and the total amount can often come to millions. As such, it’s hardly a surprise that so many of these exchanges make lucrative targets for hackers. To keep your crypto safe from such hackers, one of the best options is to withdraw your tokens from the exchange. To do this, there are a few steps you need to follow, the first of which is setting up a wallet and installing it on your PC. Having a secure wallet is vital if you are to withdraw your crypto. You can get them as software and hardware, but hardware tends to be the safest option. Once you have your wallet, your next step should be to instruct your exchange to send all of your funds over to your wallet. In doing this, an attacker will no longer be able to steal your crypto from the exchange.