7 months ago

Protecting Your Crypto Assets: 10 Key Principles to Know

You've probably heard at least once about news related to cryptocurrency thefts from exchanges worldwide. To cope with and ensure the safety of your assets, let's explore 10 crucial principles with EBI Market to safeguard your wealth in this world full of opportunities and hidden risks.

Step One: What You Should Do

1. Trade on Reputable Exchanges

Trading on reputable exchanges is a pivotal part of safeguarding your assets. Choose exchanges with a solid reputation, who regularly undergo security audits and assessments. Avoid trading on exchanges with unclear origins and no reliable track record.


2. Enable Two-Factor Authentication (2FA)

Two-Factor Authentication (2FA) is a crucial tool to protect your account. It requires you to provide two types of authentication to access your account, making it harder for unauthorized access and enhancing security.


3. Manage Strong Passwords

Passwords are the keys to your accounts. Use strong, unique passwords for each account and avoid sharing them with anyone. Utilize password management applications to securely store them.


4. Exercise Caution with Investment Projects

When deciding to invest in cryptocurrency projects, ensure you have conducted thorough research. Learn about the project, its development team, and its history. Avoid projects with unclear origins or signs of scams.


5. Be Wary of Attack Techniques

Vigilance is a crucial part of asset protection. Always be cautious of phishing attacks, account intrusion techniques involving clicking on unfamiliar links, and learn how to identify and protect your account from them.


Next Steps: Enhancing Security Further

6. Know Your Customer (KYC)

While some exchanges don't require this process, considering KYC can provide comprehensive asset protection. It doesn't take much time and adds an extra layer of security, ensuring better support when needed.


7. Own a Personal Wallet

If you're a trader on centralized exchanges (CEXs), you're familiar with the fact that your assets are under the control of the exchange. To enhance security, consider owning at least one personal wallet. Depending on your goals and personal needs, here are some options:


If you frequently trade, think about owning a non-custodial wallet. This is a cryptocurrency wallet application that allows you to self-store your crypto assets and maintain full control through private keys or passphrases.

Allow us to introduce you to Demon wallet, a cryptocurrency wallet application that grants you full control and management of your assets. When you connect Demon wallet to NemoSwap DEX, you can easily transfer your assets to the exchange for trading or withdraw coins to your wallet whenever and wherever you like. All transaction information is transparently stored on the RENEC blockchain, and you can easily verify all your transactions. Download and use the Demon wallet on the App Store, Google Play, or as a Chrome extension. Details can be found here.

On the other hand, if you plan to store assets for the long term, consider using a cold wallet. A cold wallet functions as a highly secure vault for your digital assets. When you're not actively trading, it's wise to "lock up" your assets in a cold wallet. This ensures that your assets remain hidden and out of reach from online intruders.


8. Diversify Your Investment Portfolio

"Don't put all your eggs in one basket" or in other words, or in other words, avoid going "all in" on a single asset. When one asset declines, another may rise, maintaining portfolio stability, reducing risk, and increasing profit potential.


9. Monitor Your Accounts

Always check and monitor your account activity. If you notice anything unusual or unauthorized transactions, immediately contact the exchange to verify and resolve the issue.


10. Stay Informed and Beware of News

The cryptocurrency landscape is ever-changing, and so are attack techniques. Keep your security knowledge up-to-date and engage with the community to learn from others. Additionally, always be vigilant against misinformation and fraudulent information. Verify information from reliable sources and consult experts before investing.


If, unfortunately, you detect signs of intrusion into your account, stay calm, as panic can lead to unnecessary actions. Then, gather all available evidence and contact the support team for detailed guidance. If you've chosen a trustworthy exchange to conduct your transactions, we believe they will make maximum efforts to recover your assets.

Conclusion and Final Advice

Cryptocurrency can be full of potential, but it also carries risks. Ultimately, your assets are your responsibility. By implementing security measures, you can protect them from online threats. Always stay vigilant, and remember that caution is highly valued in the cryptocurrency space.