The potential profits offered by cryptocurrency trading have made cryptocurrency a buzzword in recent years. The industry is attracting more people who are hoping to make significant profits. As long as an investor chooses the right crypto, there is a high chance that they will make profits. It is important to choose the right platform and coin to trade in order to be successful in this business.
For example, Bitcoin’s value has more than tripled in less than 5 months from $10,000 to $34,000, which is a record high. An increase of this magnitude only occurs every few years, ushering in a new influx of investors.
Bitcoin is one of the world’s most popular cryptocurrencies due to its market behavior, along with being among the oldest cryptocurrencies. Your desired digital coin can be exchanged there with traditional currencies (dollars, euros, pounds, etc.). The coins must be stored in a Bitcoin wallet.
Decentralized systems, such as Bitcoin and other digital currencies, don’t have a central authority to govern them. This makes the blockchain system quite secure since all stakeholders must verify transactions before they are added to it. A single hacking activity can still wipe out all of your gains despite all these security protocols. What are your options for securing your crypto trading profits? For more information, read on!
Keeping your Bitcoins safe from hackers
- Make sure you check your emails and websites
Make sure you scrutinize the links in emails you receive. Ensure the email you receive is actually from your exchange. You should check the URL address of any links in the email if there are any discrepancies.
The email attachments you download should also be taken into consideration. Bitcoins can be seized in an ongoing transaction by an attachment containing malware.
- Get a Hardware Wallet
Hardware wallets are recommended because crypto exchanges are highly susceptible to hacks. Since hardware wallets are usually offline and therefore highly protected against cyber threats, they are considered the most secure wallets.
A cold wallet offers better security for Bitcoin investors who plan to hold their coins for a long time. Between $50 and $100 is the price range for the best hardware wallets.
- Download a VPN
A VPN protects your online activity from third parties while boosting the privacy of your internet connection. The IP address and cookies on your browser can be used to track you by various entities. Spear phishing can take advantage of this vulnerability.
By downloading a VPN, you will be able to hide your online activity. Blacklisted VPNs also protect your device from Bitcoin-stealing malware by blacklisting harmful websites.
- Activate Two-Factor Authentication
In case your details are stolen, this tip will protect your online exchange wallet. Scalping and making quick spot trades are common occurrences among active traders, and they need an online exchange to do so. online wallets with two-factor authentication require you to enter a second passcode every time you log in.