6 tips to safely buy and sell crypto on your phone

Messages regularly appear from hackers who are taking off with crypto wallets and such news facts can scare crypto investors. In this article you can read our tips with which you can trade crypto on your smartphone more securely.

Crypto and Security

60.7 billion euros. That is the equivalent of Bitcoin lost according to data analysts at Chainalysis, The Verge reports. And then it only concerns the one crypto coin Bitcoin and not all so-called altcoins or alternative cryptocurrencies.

There are many possible causes for crypto investors to lose their digital coins. For example, they can use their so-called private key lose a code that already serves as a password for their wallet. On the other hand, they can also fall victim to fraudsters. We give tips that help you to handle crypto apps safely.

1. Look up information about the platform

Before you buy your first crypto coins, do some research about the app you are going to use. Is it a well-known service such as Binance, Blox or Coinbase? What are users saying about it? Look for various independent sources that write about the platform, so don’t just read what the developers themselves are claiming.

Also make the choice whether you take your own wallet or become a member of an exchange. In the case of your own wallet, you have your own digital wallet and you are the owner of your own crypto coins. A wallet requires more responsibility because you keep the key to the safe yourself. On the other hand, an exchange is usually more user-friendly. Only in the case of an exchange you do not own your crypto coins yourself and you are therefore more dependent on the platform.

Do not hesitate to contact the platform yourself and ask questions about conditions and security. Then you immediately know whether or not the crypto app has a reliable helpdesk that can assist you in case of technical problems. You can read more about exchanges and wallets in the article below:

2. Turn on two-step verification

If you decide to get started with an exchange instead of a wallet, look for ways to secure your account in the app. Many apps come in their settings with the option to enable two-step verification (2FA).

This means that in addition to a password, you need another form of authentication to log in, which means that your account is significantly better protected against hackers. 2FA can work via confirmation codes that you receive via SMS on your phone, but 2FA apps such as Google Authenticator and Microsoft Authenticator are even more secure. Once you open those, they generate a code that stays active for a while, just long enough to log into your cypto app.

Although 2FA makes using crypto apps much safer, there is one important ‘but’. If you ever switch phones, you’ll need to manually transfer your account in Google Authenticator or Microsoft’s tool to your new device. If you forget that and have set your old device to factory settings, you will in principle also lose access to the crypto app. You must then contact the support service of the platform where you will have to identify yourself.

3. Watch out for emails

Phishing and other forms of cheating are common in your mailbox. There is also a chance that hackers will create a counterfeit around crypto. This could be, for example, a fake crypto platform that you subscribe to that can get away with your personal data. On the other hand, malicious parties can also lure users with high starting amounts in crypto apps. The old well-known rule: If something sounds too good to be true, it usually is. In any case, be skeptical with emails about crypto.

4. Use a hardware wallet

If you decide to get a wallet instead of signing up for an exchange, consider opting for a hardware wallet. This is a physical device that shows your private key with which you can access your wallet. A hardware wallet such as Trezor or Ledger is always more secure than a classic wallet where you store the key online. You can read more about it in the article below:

5. Choose strong passwords

Exchange users should choose a strong password in addition to 2FA. It is important that it is a unique password. For example, if you take a password that you already use for one or more other accounts, you run the risk of losing your crypto coins if one of these accounts is hacked. It is also recommended to use a password manager such as LastPass, Bitwarden or Google’s tool built into Android and Chrome. You can read more tips about safe handling of passwords below:

6. Watch your internet connection

Finally, you should also consciously think about your internet connection, because you also run some risk of becoming a victim of hackers because of that link. Make sure your home network is protected with a secure password and make sure you don’t use a public Wi-Fi network to trade crypto. If you want to optimize the security of your network, it is best to use a VPN network.

Do you have tips or ideas for the crypto week?

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