There is no centralized authority responsible for your fund security while the dangers are aplenty:
- Your wallet may be hacked.
- Your PC may be captured by a virus designed to steal coins.
- You may make a mistake in a recipient wallet address and send money in an unknown direction with no chance to reverse a transaction.
- You may forget to back up your hardware wallet, accidentally break it and lose your crypto savings.
Scared already? Fears aside, we are here to get your back covered.
Point 1
Two-factor authentication adds the second layer of security to your account. When enabled, you have to type a one-time 6-digit password that only you have access to. These passwords change every 30 seconds which gives hackers no chance to break into your account by trying random numbers.
If you have not already done this, do it right now:
Install the Google Authenticator App on your mobile from your app store. Another reliable service that you can use is Authy.
Point 2
Keep track of your wallet transactions to spot any suspicious activity. Set up a monitoring tool such as https://t.me/everstake_bot on your wallet public address. This would notify you if any suspicious transaction occurs.
Such a tool is a perfect addition to any long-term investor with a diversified portfolio.
If you have many different coins and tokens that you hold and don’t use for daily transactions, it will be very useful to receive notifications via email, SMS, or Slack about any changes in your wallet. Such a tool will make regular checks on whether your funds are still in place and give you peace of mind without having to log in to your wallet.
Point 3
Distribute your currencies among multiple wallets
We all know the wisdom of old about not putting all your eggs into one basket. Get yourself as many wallets as you can and split your funds among them. Thus, if your money is stolen from one of them, that will not be the end of the world.
Exchange Wallets (Only for what you plan to Trade)
Mobile Wallets + Web Wallets (Only for what you plan to Spend)
MyICON IOS Wallet
MyICON Android Wallet
MyICON Web Wallet
ICONex Chrome Wallet
Trust Wallet
Cold Wallets (For Everything Else)
Point 4
Delete all remote-access software
Programs such as Zoom (Yes! Zoom), TeamViewer or Ammyy Admin have numerous security holes. Don’t Believe me, see some examples yourself.
Having such remote-access software can overwrite all safety precautions taken such as 2FA, since it gives attackers access to your entire computer with just a string of characters.
Point 5
Use the “advanced recovery phrase” to Store Multiple Backups of Seed Phrase
A Keystore file is a JSON text file containing your private key and address. The private key is encrypted with the password that you enter when you create an account or Keystore file.
If you lose your Keystore file and password, there is no way to recover them. You will lose your account and the assets you own.
Always keep your backup file and a private key in a secure location. If you did not back up your wallet, you may not be able to recover it
Point 6
No Ads, No Phishing, No Malware
Most hackers use highly tempting phishing ads to get users to click on them and once the user clicks on it, the ad would install malware on your system. Since it’s difficult to distinguish between safe and malware-infected ads, we recommend installing an ad blocker in your browser.
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More about ICON
Accounts represent identities of participants in the blockchain network, that is, users and contracts. Accounts are used to identify the owner of transactions and specify the destinations of transactions. All accounts can have an ICX balance.
How to create an account and download the Keystore file
ICONex is a Chrome extension app
Is it secure to stake ICX?
As with most of the PoS blockchains, the staked ICX doesn’t leave your wallet and remains there until you undelegated it with a particular node.
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Keeping your crypto funds secure may seem tricky at first glance. Why there are so many dangers all around and no third party to rely on!
But if you are keen on using a new system that stands aside from the highly centralized financial world, you should learn to protect your savings yourself. And although all these precautions may seem to be a bit complicated for less tech-savvy users, you will find that it’s not that hard as soon as you turn them into your daily habits.
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