Cryptocurrency is not the kind of investment that’s typically beginner-friendly. There’s a lot you need to know before you mine or trade for your first ever coin. 

The main concern that needs to be on your mind? Staying safe. You need to make sure you’ve got security in mind at all times – as crypto traders and market platforms will rarely have it in mind for you.

But seeing as it can be quite the intimidating world, what do you really need to know? Here’s a quick breakdown of the common security concerns you’re probably going to face.

It’s Best to Check Your Accounts Daily

You’re likely to use more than one platform to trade crypto. As such, you’re going to have multiple accounts open and running, all of which feed back into your crypto wallet. 

And yes, you do need to get yourself a wallet to make sure you have a safe place to keep your access keys. 

But with these different accounts handling different trades, amounts of money, and even being made on both centralized and decentralized markets, you need to check in on a daily basis. 

Check current logins and login attempts

Does anyone else have access to your accounts? You can’t be sure unless you check. 

Always have an eye on current logins (a.k.a., what devices are logged into your accounts), as well as if there’s been any login attempts. 

If you don’t recognize any, it’s time to buff up your account security.

Double check transaction history

Again, you can’t be sure someone hasn’t broken in, moved some coins around, or withdrawn anything without double checking. 

Scroll through your recent translations from the past 24 to 48 hours and make sure you recognize them all. 

At the very least, you need to know if someone isn’t just able to poke around in your accounts. If they can also make trades in your name, you need to lock them out and shut things down. 

You Won’t Be Getting a Refund

This is an important thing to follow up with. Even if you do find a weird transaction you don’t remember making, reporting it will only take you so far. 

You’re unlikely to actually get your investment back, or any refund on your investment, as you’re trading in an unregulated market. 

There’s no financial protection on offer to ensure any and all monies going back and forth are kept safe. 

The platform itself isn’t going to reimburse you, and if you took the money from a bank account and transferred it to an online platform, you can’t head back to them either.

That’s why you need to be sure about an investment before you make it. If the money gets taken, or the trade falls through, you’re never going to see it again. 

Avoid Buying into the Hype

New coins come out all the time. Very few of them are going to make more than a splash in the pan. 

You could make a very short term gain by buying up slices of this new type of cake, but it’s no way to reliably try and build your wealth via crypto. 

That’s why you should always try and avoid the hype as it’s going around. 

New currencies and different chains will go in and out of fashion for as long as the crypto markets stay up. It’s up to you when and where you should take part. 

Don’t let yourself be rushed

No matter what someone says, promises, or swears by, you can’t let them push you into crypto decisions. When you’re rushed, you don’t have time to stop and think, or do any research into the currency itself.

It’s Possible to Research a Chain

Crypto users have a lot of control over where their money goes. If you buy currency, you don’t just have to keep it in one place. 

You can move it across different blockchains, whether you’re looking for best value elsewhere or you simply want access to a decentralized server to sell it on. 

Both of these moves can be beneficial for your portfolio, and it’s usually a bit more secure to know you’ve got a hard line on your crypto wallet like this. 

However, before you move anything anywhere, you’re going to need to put your research time in. You need to know as much as you can about a chain before you move to it, no matter your level of experience with buying up crypto. 

And thankfully, it’s easier to dig into the world of blockchain than it might seem. You can easily launch custom a block explorer with the right program, and then use it time and time again to double check the standing of any chain you’re interested in. 

Always Remember Your Online Security Habits

When you’re trading in the online world, you need to play by the best of the safety rules:

Use a multi step login

2 factor login is standard in the online world. It should also be applied to your crypto accounts and wallet, just in case. 

This ensures no one can get in without having both parts of your login credentials, and that’s very unlikely. 

Change your passwords regularly

Strong passwords are long, random, and kept private. However, you also need to change your password on a regular basis too. 

You don’t have to switch it out each month, but around twice a year should be good. 

Stay Secure in the Crypto World

It’s not the easiest of places to both feel or actually be secure, and that’s why you need to be hypervigilant. 

Know what you’re doing, understand the platforms you’re using, create a wallet to store your keys somewhere safe, and never forget to research your crypto investments before you make them. 

Don’t walk into trading blind. Even traditional investments require a healthy level of insight into where you’re willing to leave your money. And in the digital world, you need to have a laser level of focus.