Ways to Keep Your Cryptocurrency Safe

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Cryptocurrency Fundamentals

Cryptocurrency encompasses a world of digital assets that use encryption techniques to regulate their creation and use. From the end user’s perspective, the most crucial feature of cryptocurrencies is the fact that they are decentralised monetary systems. This means that a central bank or an authority does not govern, regulate, nor insure them.

5 Ways To Safeguard Your Cryptocurrency

#1. Secure Your Digital Wallet

To safeguard your cryptocurrency, you will need a digital wallet. The issue with many online wallets is that they store the funds on a third-party server, and there is no control over them. 

For this reason, some experts recommend that you utilise “cold storage,”  a form of hardware-based wallet which keeps private keys and does not share them with any third parties at all. 

A much more reasonable and liquid option for most parties is to manage your funds through a crypto desk or broker, allowing your funds to be secured and managed by a professional team that places cybersecurity at the forefront of their business.

#2. Beware of Phishing Scams

The most common form of hacking is phishing, which is the malicious manipulation of email addresses to attempt to extract private or privileged information from investors. Scammers send out emails that appear to be sent by legitimate enterprises, but in reality are fraudulent emails crafted to mimic the look and feel of the real thing.  

Always check the email address of the incoming messages you receive from your institutions, and never provide your personal or wallet information to an entity claiming to require it via email. 

Likewise, do not follow links from suspicious emails, even if they claim there is an emergency situation with your account — instead, check your accounts via the application or broker or exchange portal directly, or contact your broker via phone or email.

#3. Enable Two-Factor Authentication

Not only will this add an extra layer of security, but it will also help to prevent theft from unauthorised access to your account. You can even use multi-factor authentication via SMS or voice calls. It’s a great way to add another layer of protection when you’re logging into your account, and make it harder for hackers to spoof your credentials or brute force their way into your account.

#4. Set A Strong Password

When you’re signing up for a cryptocurrency exchange, make sure that you create a strong password, one that is long enough in several letters/numbers. If possible, try to use a few different variations in terms of the letter case as well. The best method for generating and managing passwords is leveraging a password manager.

#5. Work With A Reputable Cryptocurrency Broker

While it is possible to go it alone with your cryptocurrency trading, there are many advantages to working with a professional broker. You get access to their service, knowledge, experience and the possibility of earning money by putting your cryptocurrency to work as productive capital. With direct and tailored integrations with decentralised finance. They can also help narrow down the available coins to invest in, providing information about the best exchanges and other sources to help you make money trading.

A reputable cryptocurrency broker should be able to offer the following services for merchants and investors:

Digital Asset Merchant Payment Gateway

A digital assets merchant payment gateway is just as the name implies – it makes transactions with companies that deal in digital assets. In other words, more of your customers will be able to make purchases on your site because they’ll have cryptocurrency or another form of accepted currency.

Merchant Trade Network

Many cryptocurrency brokers also provide a merchant account for merchants who wish to accept digital currencies as payment for their goods and services. The benefit of this is that your business will have a broader customer base with increased payment options and increased portfolio potential.

OTC Cryptocurrency

Over the counter (OTC) transactions let you buy and sell your digital currency through a cryptocurrency broker. It allows you to trade and cash out on your cryptocurrency without dealing with third parties like exchanges and banks, who charge hefty fees.

Trade Execution Services

A broker should know how to use execution services in all types of trading, including stocks, futures, forex, options and other contracts. Trade execution services can include trade matching and trade routing. 

Digital Asset Prime Brokerage

Digital Asset Prime Brokerage (DAP) is a prime brokerage that lets you deal directly with a broker instead of the bank. This means that they buy and sell digital assets on your behalf and charge you a commission.

Digital Asset Custody

This service is for cryptocurrency exchanges and hedge funds. It allows the merchant to store their purchased tokens on a cold storage wallet, making them safe from external threats and hacks. Digital asset custody platforms enable investors to hold their cryptocurrency for short, medium and long-term periods.

Cryptocurrency Trading

A primary function of any broker is the ability to buy and sell crypto securely. As an investor or a merchant, safely purchasing or trading crypto offers opportunities for investment, protection against currency fluctuation, and portfolio management.

Aus Merchant Keeps Your Crypto Safe

Founded in 2020, Aus Merchant is helping to remodel the traditional financial ecosystem and move it into the world of digital currency. Our services cover banking, trading, and financial services with innovative tools like our wealth management portal. We also offer integrated crypto payment solutions and accounting platforms for merchants. Our approach for investors is tailor-made to their needs. 

Aus Merchant provides access and analysis of multiple crypto exchanges and provides our clients with the right currencies at the right price. As digital currencies continue to be adopted and disrupt traditional financial markets, Aus Merchant is at the forefront of this transformation, supporting both investors and merchants to adapt to the future of money. Reach out to us today and meet your new broker!

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Mitchell Travers

Mitchell Travers