How to Enhance the Security While Trading Bitcoins?

Written By Alla Levin
January 27, 2021
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Enhance the Security While Trading Bitcoins

When it comes to digital currencies, the biggest concern is security. Bitcoin is the most popular digital currency, and people love to trade it to make money using its highly volatile price. You are always exposed to different cyber threats while trading bitcoins, and you need to know about some tips to stay away from them. Some of the most effective ways to increase your bitcoin’s security while trading them are as follows.

Keep an eye on the account activity

If you want to avoid all sorts of risks and fraud while trading bitcoins, you must keep an eye on the activities going on in your account. You must audit all your login details, bitcoin wallets, and passwords as it is crucial to maintain your assets’ security. You must keep a regular check on your emails to know which bitcoin trading platforms you are using. For better security, you can write them down so that you have all the details noted.

It will help you keep a record of each and everything and make it easier to monitor your bitcoin wallets and other activities. It will notify your straightaway whenever any suspicious activity will be seen in your account. It is a simple tip but is quite effective and can increase your bitcoins’ security to a great extent.

Enhance the security trading bitcoins: activate two-factor authenticationactivate two-factor authentication

When it comes to security while bitcoin trading through BitQT, there are several features offered by bitcoin wallets that you can use, and one of them is two-factor authentication. It is a feature that will ask for a verification code whenever anyone would try to sign in to your bitcoin wallet. It will increase the security as no one would gain access to your wallet, and your bitcoin will be protected from risks such as hacking and phishing. The best option is to use the Google authenticator app as it is quite easy to use.

If you are using any third-party apps for trading bitcoins, you must restrict the API keys so that your personal data and information related to the bitcoin wallet is safe. It will ensure that no one can gain access to your wallet without your approval. You must follow these tips as bitcoin wallets are at significant risk while trading online.

Stay away from suspicious emails

There are several ways hackers try to steal information related to your bitcoin wallet, and one of them is phishing. Phishing is usually done through emails as users are sent malware emails, and when they click on it, all the information on the system is transferred to the hackers. So, you must avoid clicking on any unknown link or suspicious email.

Most phishing emails look authentic, making it difficult to differentiate between legitimate mail and a fake one. One of the best ways to check the legitimacy is by seeing the domain name used in the emails. Companies use their own domain name, and hackers try to use identical domain names to fool users.

Moreover, if there is an attachment with the mail, you must be careful as it can be malware and downloading it on your system and leak all valuable information or harm your system. Lastly, never send bitcoins through email as legal bitcoin exchanges never use such methods for transferring bitcoins.

Don’t store a large number of bitcoinslarge number of bitcoins

Most of the bitcoin trading platforms allow you to deposit some bitcoin there so that you can access them easily while trading, but it is quite risky. Bitcoin trading websites are easy targets for hackers, and if you store bitcoins there, you may lose them. Bitcoin trading platforms offer no guarantee for your bitcoins, so you should not store them there. There are different types of wallets that you can use to store bitcoins safely.

There are mainly four types of wallets; hot wallets, mobile wallets, paper wallets, and cold wallets. Cold wallets are most secure as they are offline and protect your crypto assets from cyberattacks such as hacking, phishing, etc. You can consider them all and pick one that offers you the best safety features.

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