9 Crypto Security Practices You Must Follow To Secure Your Assets 

Scammers and hackers have become so much more creative these days that it is difficult to keep up with the varied tactics. But the good news is that by following these basic practices you can protect your crypto funds with ease. You must protect your cryptocurrencies and other digital assets just as you would secure your valuables in a physical vault. When someone illegally accesses one of your accounts to engage in fraudulent activities, this is known as an “account takeover” or “ATO.

In this article we will discuss 9 basic tips that will help you secure your cryptocurrencies. We promise this is the only crypto security guide you will ever need. 

9 Best Practices You Must Follow To Secure Your Crypto Assets 

1) Always Use Your Own Secure Internet Connection 

When managing your crypto assets, always use a private, secure internet connection. Public Wi-Fi networks, such as those in cafes, airports, or hotels, are vulnerable to attacks like man-in-the-middle (MITM) exploits, where hackers intercept your data. To stay safe:

• Use a trusted home Wi-Fi network with WPA3 encryption or a strong password.
• If you must use public Wi-Fi, employ a reputable virtual private network (VPN) to encrypt your traffic.
• For maximum security, consider using a dedicated device or a mobile hotspot with a secure data plan for crypto transactions.

2) Avoid Using Password Managers & Devices For Storing Crypto Keys 

Your seed phrase is the master key to your crypto wallet. Storing it digitally, whether in a text file, email, or cloud storage exposes it to hackers, malware, or accidental leaks. Follow these guidelines:

• Write your seed phrase on paper or engrave it on a durable material like metal for longevity.
• Store physical copies in multiple secure locations, such as a safe deposit box or a fireproof safe.
• Never take screenshots or photos of your seed phrase, as these can be accessed if your device is compromised.
• Memorize your seed phrase if possible, but ensure you have a physical backup.

3) Go For Regulatory Compliant Crypto Service Providers

Using a reputable, regulatory-compliant crypto exchange or wallet provider reduces the risk of mismanagement. Regulatory compliance often ensures adherence to security standards and user protections. 

To make informed choices make sure you look up for the following 

• Research exchanges and wallets that comply with regulations in your jurisdiction, such as those registered with FinCEN (US), FCA (UK), or other relevant authorities. Avoid lesser-known platforms with poor track records or unclear regulatory status.
• Verify the platform’s security features, such as two-factor authentication (2FA), cold storage for funds, regular audits – transparency report and proof of reserves. 

 4) Never Leave Your Devices Unattended

Physical access to your devices can lead to unauthorized access to your crypto assets. A moment of carelessness could allow someone to install malware or steal sensitive information. Protect your devices by:

• Locking your device with a strong password, PIN, or biometric authentication when not in use.
• Avoiding shared or public computers for crypto-related activities.
• Using anti-theft measures, such as remote wipe capabilities, in case your device is lost or stolen.

5) Always Verify Crypto Wallet Transactions Before Signing

Crypto transactions are irreversible, making it critical to double-check details before signing. Malicious apps or phishing sites can trick you into approving fraudulent transactions. To stay safe:

• Verify the recipient’s wallet address carefully, ensuring it matches the intended destination.
• Check the transaction amount, gas fees, and any smart contract details.
• Be cautious of unsolicited transaction requests or prompts from unknown sources.
• Use hardware wallets, which require physical confirmation, to add an extra layer of security.

6) Monitor and Adjust Spending Caps

Many decentralized applications (dApps) and smart contracts require you to set spending caps, which dictate how much of your funds can be accessed. Improperly configured caps can expose your assets to risks. To manage spending caps:

• Set the minimum necessary spending limit for each dApp or transaction.
• Regularly review and revoke unnecessary permissions using tools like Etherscan or wallet-specific dashboards.
• Be wary of dApps requesting unlimited spending caps, as this could allow them to drain your wallet.

7) Avoid Disclosing Your Crypto Holdings

Publicly or privately sharing details about your crypto holdings can make you a target for scams, phishing attacks, or physical theft. To maintain privacy:

• Never discuss your crypto portfolio on social media, forums, or in person with untrusted individuals.
• Use pseudonymous wallet addresses to avoid linking your identity to your holdings.
• Be cautious of unsolicited messages or “investment opportunities” that may be scams targeting crypto holders.

8) Never Grant Remote Access to Your Device

Remote access tools like AnyDesk or TeamViewer can be exploited by scammers posing as tech support or customer service representatives. Granting remote access could allow attackers to steal your seed phrase, private keys, or funds. To protect yourself:

• Never install remote access software at the request of an unsolicited contact.
• If technical support is needed, contact the official support channels of your wallet or exchange directly.
• Regularly scan your device for malware or unauthorized software.

9) Disable Cameras and Webcams During Crypto Transactions

Hackers can exploit compromised cameras or webcams to spy on your activities, potentially capturing sensitive information like seed phrases or passwords displayed on your screen. To minimize this risk:

• Cover or disable your device’s camera and webcam when managing crypto assets.
• Use devices without cameras for critical tasks, such as hardware wallets or dedicated crypto laptops.
• Regularly update your device’s operating system and security software to patch vulnerabilities that could enable camera access.

Wrapping Up 

Securing your cryptocurrency assets requires vigilance and adherence to best practices that safeguard against scams and hacks. By using secure internet connections, avoiding digital storage of seed phrases, choosing regulatory-compliant providers, and maintaining strict control over your devices and transactions, you can significantly reduce the risk of account takeovers and theft. 

Additionally, keeping your holdings private, denying unauthorized remote access, and protecting against webcam exploits further fortify your defenses.