Good practices with wallets

1. Use Hardware Wallets:

Opt for the more known and reputable hardware wallets, such as the brands listed below. These physical devices store private keys offline, minimizing exposure to online threats and unauthorized access. IMPORTANT: As soon as you connect your ‘cold’ storage to any kind of website, you can no longer consider it cold, so just don’t do it! Every connect can be considered as a potential breach of security. Only use your cold storage to send and receive from your own other accounts.

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2. Keep Backup and Recovery Phrases Secure:

Safeguard the backup and recovery phrases provided by the hardware wallet. Store them in a secure, offline location, such as a physical safe or a safety deposit box, to ensure access in case the hardware wallet is lost or damaged. Think about fire and water damage as well, your seed phrase needs to survive this.

3. Regularly Update Firmware:

Stay on top of firmware updates for your hardware wallet. Manufacturers release updates to enhance security and address potential vulnerabilities. Regularly check for and install these updates to ensure the continued security of your cold storage.

4. Maintain Redundant Backups:

Create redundant backups of your wallet’s recovery phrases and keep them in separate secure locations. This redundancy ensures that you can recover your funds even if one backup is compromised or inaccessible.

1. Use Reputable Wallets:

Choose well-established and reputable cryptocurrency wallets for hot storage. Opt for wallets from trusted developers with a history of security and regular updates. These are not recommendations, but are some well-known Hot Storage wallet examples:

2. Enable Two-Factor Authentication (2FA):

Enhance the security of your hot storage by enabling two-factor authentication. 2FA adds an additional layer of protection, requiring a second form of verification (such as a code from a mobile app) along with your password to access the wallet. This reduces the risk of unauthorized access. Don’t blindly trust on 2FA based on phone numbers, there have been cases of sim swapping in which malicious access to 2FA methods have been obtained. Below are the Microsoft and Google Authenticators linked:

3. Regularly Update Software:

Keep your hot storage wallet software up to date by installing the latest updates and security patches. Developers frequently release updates to address vulnerabilities and improve security. Regularly checking for and applying updates helps protect your funds from potential exploits.

4. Implement Strong Passwords:

Create strong, unique passwords for your hot storage wallets. Use a combination of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information and consider using a secure password manager to generate and store complex passwords securely.

Use password managers. This is what a STRONG password should look like in crypto: V7+.J\eI7Wpau?|`PYn& 5AZMC1j23M3y4

1. Use Reputable Exchanges:

Choose well-established and reputable cryptocurrency exchanges. There are over 700 of them and not all of them are with good intentions. Research user reviews, but also security measures implemented by the exchange, and the exchange’s regulatory compliance to ensure a trustworthy platform.

2. Enable Two-Factor Authentication (2FA):

Enhance the security of your exchange account by enabling two-factor authentication. This reduces the risk of unauthorized access. Don’t blindly trust on 2FA based on phone numbers, there have been cases of sim swapping in which malicious access to 2FA methods have been obtained. Below are the Microsoft and Google Authenticators linked:

3. Withdraw to Cold Storage:

Consider withdrawing your cryptocurrencies to a secure cold storage wallet rather than leaving them on the exchange. Cold storage options, such as hardware wallets or paper wallets, offer enhanced security by keeping your private keys offline and away from potential online threats.

4. Regularly Monitor Account Activity:

Keep a close eye on your exchange account activity and set up account notifications if available. Regularly review transactions and login history to quickly identify any suspicious or unauthorized activity. Report any anomalies to the exchange’s support team immediately.