When using a non-custodial wallet, you are in charge of your assets. You are your bank, and you have complete control over your funds. As a result, hackers pose a significant risk to your crypto assets when using a non-custodial wallet. If your wallet is compromised, you may lose all of your money and never be able to recover it.
Managing your funds without using a middleman gives you a lot of power, but as the saying goes, "with great power comes great responsibility." Frankly, we've seen an alarming increase in the number of individuals (traders and investors) and corporate wallet accounts losing all of their assets to hackers in recent years. Therefore, it is critical to safeguard your crypto wallet as if your life depends on it.
Using a Crypto Wallet
A cryptocurrency wallet is software or hardware that uses blockchain technology to securely administer, send, and manage cryptocurrencies. A crypto wallet is a core part of cryptocurrency and the blockchain.
Since the growing adoption and the increasing population of users within the crypto space, numerous wallets are on the market. However, users must understand that the blockchain is secure and cannot be directly hacked. Hence, rather than the blockchain, their crypto wallet poses a threat to their digital assets and funds. Therefore it is essential to know the features of the crypto wallet before choosing to store your cryptocurrency with the wallet.
In general, most crypto wallets include various security features to protect users' assets. Still, there are many ways hackers can target your crypto wallet and possibly steal assets in your portfolio due to poor private key management, exposed seed phrases, compromised exchanges, and phishing scams. However, following these top safety tips can keep your crypto wallet secure.
Top Tips To Protect Your Crypto Wallet
Choose a Reputable Crypto Wallet
Putting your funds in cryptocurrency is already high risk due to its volatility. It becomes riskier if you don't use a reputable crypto wallet to securely store your cryptocurrency. Therefore, it is crucial to check if the wallet's features correspond with your requirements and consider the security put in place by the wallet to safeguard your assets.
A good starting point in choosing a credible crypto wallet is to use the Cwallet. Cwallet is an interactive crypto wallet that can be used with your social media platforms. It has numerous features, such as storing your coins, swapping, tipping, airdrops, and earning money on the go while also supporting the crypto-economy via social networking.
Don't Store Your Seed Phrase Online.
A seed phrase is a collection of words with 12, 18, or 24 syllables that are used to generate private keys for each cryptocurrency you own. In essence, it functions as a master key, allowing you to access or recover your wallet from anywhere, at any time. If you lose your seed phrase, you also lose access to your crypto wallet. Therefore, keep this seed phrase offline in a secure location. Preferably, pen it down on a piece of paper that no one can access, as anyone with the seed phrase can quickly wipe out all assets in a crypto wallet.
Change Your Password Regularly
The possibility of your password getting compromised is very high. Unfortunately, people often use the most basic details as a password which is usually a combination of your name, pet name, or birth year, which hackers can quickly guess. Therefore, creating a complex password and keeping it safe, and regularly changing it are the keys to password security and having a secure crypto wallet. Do not set the same password across multiple accounts, as this can create a traceable pattern prone to attack. Additionally, your password should not include your personal information available to the public, and never auto-save your password on your browser.
Use Two-factor Authentication
Two-factor authentication is an important security feature that adds a second layer of security to your password to ensure that only you have legitimate access to your account. As a result, because hackers can't crack your login with a single password, this additional security layer makes it significantly more difficult for hackers to gain access to your funds. When someone attempts to access your crypto wallet, a timely changing code will be sent to you to authorize the transaction, and once you detect it's from an unknown source, you won't grant access. It is important to never share your 2FA code with anyone, as no crypto wallet personnel will ever ask for the code.
Use Multiple Wallet
"Never put all your eggs in one basket," the adage goes. This is not only sound investment advice but also sound security advice. Never keep all of your cryptocurrency assets in a single wallet. Instead, you should separate your portfolio by holding a wallet for investment, trading, and personal research work. As a general rule, you should have a cold storage wallet for your investment portfolio and a hot wallet for your trading portfolio.
Use Secure Internet Connection
Using a secure internet connection is one way to protect your crypto wallet from potential hacks. A secure connection is usually a home network where you can use a VPN to protect your connection and location. Additionally, VPNs can be used on any device to protect your data and prevent monitoring and tracking. Hence, at no point should you use public Wi-Fi to access your wallet, as most public networks are vulnerable and insecure.
Backup Your Crypto Wallet
Backing up your crypto wallet will allow you to access your assets if you lose your device or experience a computer system or software failure. However, it is critical to back up your crypto wallet on an external device and keeps it in an easily accessible location.
Cwallet Provides The Best Wallet Protection
As said earlier, with great power comes great responsibility. For example, suppose you are worried that you cannot safely secure your crypto wallet. In that case, you can use a custodial wallet, which bears the burden of securing your wallet while you explore the fascinating world of cryptocurrency. Then, with an assurance of safeguarded funds, you can begin investing immediately on Cwallet.
With its particular security indicator demonstrating how secure your wallet is, Cwallet offers the highest level of security for your assets. The indicator level gets to the highest when all relevant security protection has been turned on for your wallet.
Cwallet 2-Factor Authentication Feature
The 2FA feature on Cwallet adds an additional layer of protection for your crypto assets. Undoubtedly, two-factor authentication is more secure than traditional authentication methods that rely on a single authentication factor (single-factor authentication). Therefore, we strongly advise you to enable 2FA to increase the security of your account. Even if someone guesses your password, they will be unable to log into your account. However, it is recommended that the 2FA backup key be kept in a secure location in case of recovery.
Enable 2FA On Cwallet
Cwallet allows you to enable two-factor authentication for your account. You can do this by going to the security settings in your Cwallet. Then, in the security section, you'll see Google Two-Factor Authentication. Turn the key on and enter your password. You are then shown a QR code to scan. After scanning, enter the code displayed on your Authenticator App.
Your Cwallet now has 2FA activated. We will always recommend that you use 2FA. This ensures that your account and wallet are as secure as possible, and you avoid becoming a victim of hackers.
Cwallet Auto-lock and Touch ID Feature
Touch ID is a unique feature that allows you to access your wallet using your biometrics. As a result, you do not have to constantly type your login and payment passwords to access the wallet and conduct transactions. This is a one-of-a-kind feature that protects your asset in case your password has been spied on.
You can enable the Touch ID on Cwallet from the security page.
Also, the Auto-Lock feature improves your wallet security by automatically locking the screen of your wallet when you wake up the app. This avoids any information leakage when selecting a background app. You can also specify a locking period. After this period, you must provide a password to access the wallet.
This is a unique feature to protect your assets. You can enable Auto-Lock from the security page and increase the security indicator level of your wallet.
In addition to wallet protection, Cwallet offers:
- the most current and lowest transaction rate,
- real-time information on the current asset value,
- giveaway tool that allows all Cwallet users to create a giveaway with their choice of rules and regulations,
- an exclusive bot that allows users to send/receive tips and airdrops, and set up referral programs on several social networks, including Telegram and Discord, providing the simplest and most convenient way to manage crypto assets across your social platforms.
Cwallet is a multi-functional interactive cryptocurrency wallet. The only wallet you'll ever need for almost all of your crypto needs.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using Cwallet is absolutely FREE!
So, what are you waiting for?
Download the Cwallet NOW.