The crypto community frequently says, “not your keys, not your coins,” because the cryptocurrency sector is relatively new. This means a lot of users aren’t yet familiar with the security measures that seasoned investors have come to adopt. It’s crucial to establish a routine that includes multiple safety strategies to safeguard your crypto investments from potential scammers. Here are some tips for a better smartphone cryptocurrency wallet security.
Avoid Using Rooted Devices
Rooting a phone for experimentation might be enjoyable, but it’s important to understand that doing so may compromise or diminish the security measures you believed were intact upon purchase. Storing financial assets on a device that has undergone significant modifications by tampering with its fundamental settings is risky. If you decide to modify your phone, ensure it’s an extra one devoid of cryptocurrency wallets.
Keep Your Cryptocurrency in Various Cold Storage Wallets
Trading cryptocurrencies, rather than merely holding them, might make storing the majority on an exchange appear attractive. However, from a cybersecurity viewpoint, this approach is far from advisable. Despite the existence of secure exchanges, security breaches are a reality, and it’s not uncommon for platforms to freeze withdrawals without notice, particularly in market downturns.