By transferring your cryptocurrency into a cryptocurrency wallet you help protect your cryptocurrencies from being hacked, stolen, or removed.
Now that you’ve chosen your exchange for buying, selling and trading cryptocurrencies , you’ll need to keep your crypto safe. In fact, protecting your cryptocurrencies is the single most important thing you can do. The first step is to transfer your cryptocurrencies into your own cryptocurrency wallet.
As mentioned before, there are two different types of wallets: hot wallets and cold wallets. A hot wallet is a cryptocurrency wallet connected to the internet. They are typically free and are generally considered riskier as hackers can penetrate them more easily.
A cold wallet is a cryptocurrency wallet not connected to the internet, like a piece of paper, a USB, or hard drive. Cold wallets are considered more secure and as a result you’ll find they are a little pricier.
Now, let’s review other easy ways to protect your cryptocurrencies.
First, set a two-factor authentication (or 2FA) in your account within the exchange and within your email address. 2FA means you have two different ways (like a password and verification code) to prove that it’s you trying to access your account. It’s another layer of security.
Protecting your passwords
is also a simple and great way to protect your account with an exchange.
Using a password manager, like
, can help you create a long and complicated password that will make it very hard for hackers to access your account.
Never hand out your private keys to anyone. While it is ok for others to know your public keys, you should never ever share your private keys with someone else. If someone has your private keys, they can move your crypto around.
Do not use a public WiFi
when logging into your account because this can seriously put your cryptocurrencies at risk. In fact, you shouldn’t use a public network for personal matters (like logging into your bank account). If you must check the status of your cryptocurrencies, or check your account, make sure to use a WiFi network that is familiar to you or use your mobile’s data.
These are quick and easy ways to protect your cryptocurrencies. Remember, keep your cryptocurrencies as safe as you would your Canadian Dollars. And always keep your financial information private to yourself.
Looking to
? Netcoins makes it easy for people to buy and sell cryptocurrencies like bitcoin.
If you want to learn more about all things in crypto, read more here.
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The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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