Trading Cryptocurrencies on Your Smartphone? Want to Know How to Stay Safe?
From shopping, banking, reading news, and all the way to trading cryptocurrencies, our mobile phones have become a central hub for a myriad of online activities. In fact, mobile traffic has surpassed the 50% mark when it comes to online traffic in general. But before you jump into crypto trading, don’t assume you’re safe just because everyone else is doing it. That being said, you can increase your chances of staying safe if you adhere to the following core principles.
7 Safe Ways to Trade Crypto on Your Smartphone
1. Use a VPN
A VPN enables you to establish an encrypted tunnel and connect to the internet in a way that is safe without messing up your user experience or slowing down the connection (Get it on play.google). By using it, no one will be able to track your online activities and intercept your sensitive data as it’s exchanged along the way. Moreover, it allows you to bypass the geo-blocking limitations some countries enforce to censor the internet. Still, you should be aware that not all VPNs are made equal. The free ones, in particular, may do more harm than good, since some of the developers resort to shady practices to monetize what is being presented as free.
2. Make backups on a regular basis
If you’re not using an online wallet, the cryptocurrencies are resting on your hard drive. Just as your regular data can be wiped out or stolen by a cleverly-crafted malware, so can your precious coins. If you’re uncomfortable with storing your backups in the cloud, consider making backups to a USB key. Either way, placing an extra layer of encryption on top of that wouldn’t do any harm either. Also, consider the possibility that your backups can fail you too, so make at least 2 of them. See our Knowledge Base for guides on how to create backups.
Speaking of encryption...
3. Encrypt your data
Encrypting your backups is only one part of the equation, but you should make sure to encrypt the main files, too. What if a hacker finds a way into your system and compromises it, stealing your sensitive data along the way? Don’t be naive and think it can never happen to you. As long as you store something valuable on your smartphone’s hard drive, you’re a potential target. Remember that the chain is only as strong as the weakest link, so make sure to use a strong encryption algorithm.
4. Know when to keep a secret
Cryptocurrencies were designed to protect your privacy, but if you’re naive enough to willingly disclose your holdings, you’re drawing the wrong kind of attention to yourself. In other words, you’re making yourself a potential target. Even if you’re only talking to a friend or a family member, you never know who’s listening. Why take the unnecessary risk if it can be avoided? In the end, the decision is yours to make. What will you choose – safety or ego-boosting?
5. Realize that two-factor authentication is your friend
Two-factor authentication (2FA) is a good way to stay safe even when the worse comes to worst. Even if hackers get their way on your login credentials, this acts as an additional layer of security that stops them in their tracks. No matter which cryptocurrency exchange platform you’re using, you should have it enabled, even if it requires sacrificing a bit of convenience. The security of your investment and your personal data makes it worth the extra effort.
6. Scan your smartphone for malware
And do it as often as your time allows you. If the antivirus software allows for periodic scans of your system, even better. Just as when choosing a VPN, make sure to be extra careful if you decide to take the free route when it comes to your antivirus software. After all, the developers need to cash in on their efforts one way or another, so make sure you’re not paying for it with your safety or privacy.
7.Keep in mind that your wallet choices matter
Similarly to the concepts discussed before, choosing the right wallet is often a matter of weighing convenience against security. There are no right or wrong answers here but do make sure that you’ve taken the time necessary to research the provider you’re planning on going with. If you’re not sure, read a couple of reviews to expand your knowledge. But no matter what you do, never base your choice on the developers’ promises alone.
Treat your investment with the amount of care it deserves if you’re serious about trading cryptocurrencies on your smartphone. Understand that, although there is always a chance of hackers finding their way through your defences, you’re much less likely to become a target if you take the all necessary precautions.
Disclaimer: The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.
Last updated: 25/05/2019