If you’re an avid crypto trader, you may want to consider a lot of things when looking for the best trading platforms. There are many trading sites and apps that look legit, but they might actually be scams. Follow the advice in this article to help ensure your security and stay safe when using cryptocurrency trading sites or apps.
Cryptocurrency exchanges can be tricky to navigate, so we’ve put together a security guide full of tips and tricks on how to avoid coming across as an easy target.
How to choose a cryptocurrency trading platform?
When you first look for cryptocurrency trading platforms, you may be overwhelmed by how many kinds of them are out there. It can seem like every new site popping up in the search results is promising you the world, but that’s probably because most of them really are doing this!
There are two main things to keep in mind when researching cryptocurrency platforms:
The location of a platform may affect your purchase, while security is crucial if you want to avoid becoming a victim of a hack.
How to stay safe on cryptocurrency trading platforms?
Following these rules, you will enjoy your world of investments:
- Be aware of phishing sites. Study the URL of the site you’re on before entering personal details. If the URL is different, close the site immediately and don’t try to type it in again by mistake as you may be directed to a similar-looking one which could easily lead you to enter your information and lose your coins.
- Use the platform’s official URL. Even if the URL is almost identical to the one you’ve found on Google, there might be a few minor variations in it which can cause problems.
- Be wary of fake windows popping up while you’re trading on a crypto platform. If this happens, hit Ctrl+Alt+Del and notify the site’s administrator immediately.
- Always keep your antivirus software up to date and never skip a system update when it comes out, no matter how time-consuming it is. Regular updates are essential for keeping your computer protected and maintaining the security of your info on the platform and your money in general.
- Be careful of social engineering scams. You know that you should always check the legitimacy of pages on the internet, but don’t just rely on these tips and tricks.
- Never use the same password for more than one account. It’s imperative that your passwords are secure and don’t contain any personal information, such as your name, email address, or even a birthday. For example, don’t set a password to “Kyle1234567”. As a rule of thumb, make sure that your passwords are at least 12 characters long and use upper-case letters, lower-case letters, numbers, and symbols.
- Don’t upload a lot of personal information to the trading platform. You might think that it’s necessary because the trading platform needs to verify your identity, but there are other ways of doing that, and you don’t necessarily have to expose everything about yourself at once. The good idea is to create multiple accounts with different usernames and passwords so that you only have to fill in very basic personal information once. This way, if one account is compromised, the other ones will be safe.
- Enable two-factor authentication (2FA) on all online accounts that offer this security feature.
- Make sure that you don’t reveal your private keys and passwords to anyone, not even the site administrator, as they can be stolen and used by hackers to steal your funds.
- Don’t sell your cryptocurrency right away because it can be stolen or lost in a hacker’s operation. Wait until you get into a trading position that has a lot of potentials, then put up the order and let it sit for about half an hour before committing to it. This will give you time to review the market and find out what it needs before placing the actual order.
Extra tips for using cryptocurrency trading platforms:
- Always make sure that the system is up to date and that all security patches have been installed since these tweaks can prevent phishing scams and other vulnerabilities. For example, Google Chrome has a built-in update checker in its settings which will show you if any new updates are available.
- Consider using a VPN (Virtual Private Network) while trading on third-party sites or apps. This can be a legitimate source of security, so consider using a VPN if you’re having any doubts about whether the platform is safe to trade on.
- It’s always a smart idea to do your research before placing a new order when you’re trading cryptocurrencies. Don’t make any trades without finding out what market conditions are like, as they can be very different from one day to the next. Don’t trade with a broker that’s different from the ones you’re currently using.
- Always make sure that the platform to trade cryptocurrencies offers features like margin trading, stop-loss orders, and limit orders so that you can control your trade and prevent losses.
- Make sure that you are accessing the authentic web page when trading cryptocurrencies and trading with credit cards. A lot of copycat sites run by fraudsters are proliferating, which can result in the loss of your precious digital assets.
- As with all other investments you make in your life, be sure to do some research before investing in cryptocurrencies so that you know what you’re doing and can avoid making irrational decisions.
- Before buying anything, always check the code and know the company’s mission and vision. If there are any red flags in their code, such as seeming spam or even malicious links, then those coins should be avoided with extreme caution.
Following the above tips while trading cryptocurrencies will help you stay secure while also allowing you to make the most out of your investment.
There are also a lot of known bugs that can lead to the loss of funds on crypto platforms, which is why it’s important to check for them before clicking any links or buttons.
Founder Dinis Guarda
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