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Protecting your crypto investment

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by COINS NEWS 153 Views

I’ve been in crypto for a while, but I still worry about protecting my funds. I see some getting scammed, and I nearly fell for a phishing scam just this evening.

The following are some tips I’ve picked up here and there. Please suggest any corrections or additions in the comments.

  1. Never click on links, always type the URL (or use bookmarks) to access sites. (This one saved my tonight from a phishing email claiming Stellar Staking was starting).
  2. Be careful entering addresses. Copy-paste hacks exist! Triple-check recipient address and network to be sure your transfers are going where you expect.
  3. Send a small test transaction before transferring large amounts. Make sure the funds arrive as expected before committing larger sums.
  4. Divide your crypto between multiple wallets (with distinct recovery phrases). Getting one wallet hacked won’t compromise all your crypto.
  5. Keep a small amount in an online accessible, “hot” wallet for trading/quick access/Metamask.
  6. Store the majority of your funds separately in an offline, cold wallet. I like hardware wallets, but paper wallets are also safe.
  7. Keep your backup wallet/recovery key in a secure off-site location. It’s your insurance policy

Edit to add suggested tips

  1. Never share your seed phrase. Never enter your seed phrase online.

  2. Keep a separate browser for crypto transactions/Metmask. Don't use it for general browsing/other sites.

  3. Double check the *network* used for transmission. Sending to the wrong network can lose your funds.

submitted by /u/Sf648
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