3 Essential Security Tips That All Bitcoin Traders Should Use
As cryptocurrencies like Bitcoin, Ethereum, and Dogecoin ride the volatile waves of the cryptocurrency market, many continue to invest in an attempt to turn a healthy profit.
If you’re interested in getting started trading bitcoin, or if you’ve already begun to do so, it’s important to consider the security methods you have in place and whether you’re doing enough to protect your investments
Here are three essential security tips that everyone who trades bitcoin should make use of.
Keep Watching Your Account Activity
Having one cryptocurrency trading account is going to make things a lot easier to keep an eye on, but it’s not uncommon for traders to use multiple different exchanges and trading platforms for their cryptocurrency as well as investments across their portfolios.
Of course, there is one major difference between the stock markets and cryptocurrency trading, in that crypto markets don’t have trading hours. Trading continues indefinitely; therefore, it’s important to keep an eye on your account or accounts to ensure that nothing suspicious is happening. Monitor this activity regularly and endeavor to act quickly if you see anything out of the ordinary.
Make Use of Multiple Secure Wallets
Many cryptocurrency traders make one critical mistake when managing their bitcoins, where they keep all of their money and cryptocurrency for trading stored on one exchange.
While many platforms offer decent storage, it’s important to make sure you use a few dedicated wallets, potentially also including a cold wallet, keeping a portion of your crypto offline and safe from digital threats.
It’s also important to choose a trading platform or exchange that offers its own great quality bitcoin wallet service. For example, Paxful is said to have the best bitcoin wallet in 2022, offering a secure and simple method to keep your bitcoins safe and ready for trading. Read More…
