6 Ethereum Security and Scam Prevention Tips All Beginners Should Know
The cryptocurrency market is vast and has tons of different cryptocurrencies in it each with their own features and market value that can plummet or rise in value any moment. As volatile as the cryptocurrencies might be, the market itself is one of the most highly valued markets in today’s global economy.
There have been several investors throughout the years who believed in the cryptocurrency market and invested early in it. It is strongly recommended that you too invest in one cryptocurrency or the other as their value is only going to increase in the future according to one of the world’s leading crypto platforms, which is tecnoticias.net/2021/04/bitcoin-circuit-opiniones-confiable-o-es-una-estafa-2021.
Many people prefer investing in Ethereum because of how useful its network is for creating new cryptocurrencies and DeFi technologies. Whatever your reason for investing in Ethereum may be, it is crucial that you follow all security procedures to ensure that you don’t get scammed out of your money.
Many beginner investors aren’t aware of these security tips and factors and stand to lose a considerable amount of their investments if their account ever gets hacked. If you too are a beginner who has invested in Ethereum and are looking for security tips to safeguard your wallet, then don’t worry because you are at the right place. In this article we will be going over several security and scam prevention tips that all beginner investors should know about.
1. Utilize strong and unique passwords.
Most of the time, hackers don’t even need to try hard to guess the password to your crypto accounts on popular exchanges. Many people are guilty of keeping the same generic password to their accounts that can be easily guessed if the hacker knows the personal details of the individual’s life.
Using common words and combining them to form a password is also an ill-advised tactic because hackers can easily do a dictionary attack on your account to guess what your password is. A truly secure password is one that you create randomly on the spot and has a series of special letters, numbers and capital letters as well as small letters.
2. Use 2FA.
2FA, or 2-factor-authentication, is a popular modern security measure that you can use to enhance the security on your account. You should always enable this option on all popular exchanges as it can provide immense security benefits to and your crypto assets. 2FA can be used with a variety of different security methods such as email and fingerprints.
However, the best and most secure way of enabling 2FA on your account is through an authenticator app like Google Authenticator. Everytime you login into your account, the exchange will ask you for a 6 digit code that is generated only by the authenticator app on your device within a specific time limit. This can prove to be extremely helpful when someone finds out about your login credentials and is trying to hack into your account.
3. Uninstall malware and harmful browser extensions.
To obtain access to your crypto account, hackers often use malware and trojan viruses that can infect your computer and track your internet activity. This can cause your account to get compromised and easily get hacked by nefarious parties. To avoid this happening it is necessary that you install competent and reliable antivirus software that is designed to combat malware and remove it from your digital devices.
There are also several browser extensions that you should keep an eye out for because many hackers also utilize them to track a user’s online activity and use it to their advantage. Since many of us install browser extensions and give them all the requested permissions without any second thought, these extensions have all the permissions needed to keep a record of your credentials you use to login into your favourite exchange.
4. Opt for a hardware wallet.
Always opt for a hardware wallet whenever possible. Ethereum is a highly valuable cryptocurrency and as such it is necessary that you keep it in the safest storage you have. Hot wallets simply won’t cut the mark here as they are extremely vulnerable to online attacks because of their completely digital nature.
Instead, we recommend that you go for a cold or hardware wallet instead. A hardware wallet is any storage device that stores your cryptocurrency in a physical drive. They are specially manufactured by a select few companies to guarantee you get the maximum security for your cryptocurrency assets. Hacking into these wallets is nearly impossible as they only go online when you connect them to your system and can’t be used if you don’t have the private key.
5. Cross-check transactions before sending.
Just like many other popular cryptocurrencies where transactions are irreversible, Ethereum too shares the same feature and doesn’t offer you any guarantee of getting your crypto back once a transaction is done. This means that at the chance you send your ETH at the wrong address, it is nearly impossible to get it all back unless you personally know the address owner.
That’s why it is essential that you cross-check each and every Ethereum transaction before completing it to ensure that you send your ETH to the right address. Scammers often use similar addresses to trick users into sending their cryptocurrency at the wrong address. It is your responsibility to stay vigilant about such instances at all times.
6. Use stop limits to minimize wallet usage.
The less you use your wallet and log into your account, the lesser the chances of your online activity getting tracked and hackers getting access to your account. However, we fully understand that you may need to invest and withdraw your crypto assets from time to time to generate maximum profit.
One simple way of ensuring that your account keeps trading even when you are not using it is setting up stop limits for buying and selling on a crypto of your choice. For example, you can set a stop limit for buying ETH when it’s at 3k and then another stop limit for selling when it hits 4k giving you a guaranteed way of getting profits without even needing to manually invest in the exchange.
There are several security and scam prevention tips that you as a beginner should know to protect your Ethereum in the best way possible. We hope this article was insightful for you and if it was, please consider following our website for regular updates as it will help us out immensely.