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January 12, 2021

Privacy Tip of the Week: Tips for Trading Cryptocurrencies Safely

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Cryptocurrency has been around for a few years now. For the uninitiated, cryptocurrency is a type of virtual money. Each unit of money is called a “coin,” or sometimes a “token.” Some of the most popular digital coins include Bitcoin, Ethereum, and Litecoin. This form of currency was developed mostly as a way to amass wealth without government oversight, as these monies are managed entirely online, without the involvement of central banks. When trading cryptocurrencies safely, you have to be extremely careful. Unlike managing money in banks, digital coins and the information associated with them have no protections from theft. Without the right security, you can quickly lose all that you have accumulated, without any recourse. As such, you want to be as safe as possible when trading cryptocurrencies, which is where a VPN comes in.

  • What are the dangers of trading cryptocurrencies?
  • Tips for trading cryptocurrencies safely

What are the Dangers of Trading Crypto?

Despite being around for years, the digital protections for trading crypto are not all they could be (even though they are improving). As a result, although traders may be protected from government oversight, they’re largely unprotected against other users, who may pose significant threats to amassed coins and privacy. These are just a few of the threats you may face:

  • Coin Theft: In order to store your crypto coins, you need a digital wallet. These wallets come in both online and offline versions. Unfortunately, both forms can be hacked if you use a wallet lacking in security. This means all the coins you have amassed in a wallet can be stolen from you, leaving you with nothing.
  • Fraudulent Exchanges and Coin Offerings: New coins periodically hit the market. Unfortunately, not all of them are legit; rather than providing you with real digital currency in exchange for your physical money, they simply steal your money and provide nothing in return. Some coin trading/exchanging platforms also steal your coins or skim off the top. Before trading, make sure the platforms you deal with are safe and reputable.
  • Anonymity Breaches: Although cryptocurrencies are allegedly completely anonymous, savvy users may link your coins and trading history to your identity nonetheless. This commonly happens through an unsecured IP address, or through user error.
  • Cryptojacking: An increasingly popular type of malware takes the form of cryptojacking. In this instance, malware infects your computer and draws CPU processing power to mine coins on behalf of the person behind the malware. This may noticeably slow your computer.

Tips for Trading Cryptocurrencies Safely

Ultimately, when trading cryptocurrencies, you assume a certain level of risk that comes with almost all digital activities. However, you can reduce the risk with these tips:

  • Use a VPN: When accessing your wallets and trading coins, always make sure your internet connection is protected by a reputable virtual private network. This tool encrypts your activity so snoops can’t see it (meaning they can’t steal your wallet login credentials), and routes your IP address through a different server so your activity can’t be traced back to you (making you anonymous online).
  • Research New Coins and Exchanges: If a new coin or exchange comes to the market, thoroughly research it before you take the plunge and start trading. This can help you sniff out scams before you fall for them.
  • Use an Ad-Blocker: Malware often infects computers through digital ads. You can reduce your chances of downloading malware by mistake by blocking ads from appearing on the websites you visit.
  • Choose Strong Credentials: When you create a digital wallet, you want to protect it as much as possible. Protections start with the login credentials you assign to the wallet. Use a long, random password with a combination of letters, numbers, and symbols.

Conclusion

One can never be too safe when handling cryptocurrency, especially when trading. As such, the more layers you have when working with such a sought-after currency, the lower the risk of running into a security problem that will leave you cryptocurrency-less. If you have not been using a VPN for every transaction, stop trading now until you protect yourself! Remember, hackers and attackers are continually upping their game. As a result, they make a fortune out of their unfortunate suspects. Staying on top of your security game will ensure your safety at all times.

If you’re on the lookout for a reputable, easy-to-use VPN, consider HotBot VPN. You can use our service on up to six devices at a time for a price as low as $3 USD a month. You can download it now from the Play Store, App Store, or for your Windows devices.

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