safest way to store crypto
We try to share useful information with our delegators and think our wallet security audit is a great resource. This comprehensive list will transform even the most vulnerable crypto newbie into a confident investor who sleeps soundly through the night.
We will include all the details here, but owning the infographic may be simpler. Click the image below to download it or click here. Ready to gain a little wisdom and be a smarter crypto investor? LFG!
TAke these steps to secure your crypto
Scammers and thieves are getting craftier, so it’s more important than ever to be smart while online. Follow our wallet security guide below to properly arm yourself with the knowledge to keep your crypto safe.
#1 STRONG PASSWORDS
Your first line of defense is to use unique and robust passwords. Generate strong passwords, ideally using a password manager like LastPass. Ensure each account has a unique password to minimize the risk of successful brute force attacks.
1. Create a unique, complex password of at least 16 characters.
2. Use a mix of uppercase and lowercase letters, numbers, and symbols.
3. Avoid personal information or common phrases.
4. Utilize a reputable password manager, like LastPass to generate and store passwords securely.
5. Use authenticator apps like Google Authenticator or Authy for an additional layer of security when possible.
#2 USE 2FA OR PASSKEYS
Adding an extra layer of security is crucial for protecting your crypto. 2FA adds an extra step for authentication, significantly reducing the risk of unauthorized access. Activate 2FA on all crypto-related accounts and consider using biometric passkeys.
1. Use dedicated authenticator apps like Google Authenticator or Authy instead of receiving a text message with a security code.
2. Your 2FA key will only be shown once, when you enable it on any account. Print out that QR code/2FA key and store it in a fireproof safe.
3. Consider using hardware security keys like YubiKey, or Google Titan.
4. Consider enabling biometric authentication where possible. However, having your thumbprint digitized also means your thumbprint can be used against you.
#3 USE HARDWARE WALLETS
Invest in a reputable hardware wallet, like a Ledger or Trezor. Hardware wallets provide an additional layer of security by keeping your private keys offline, making them less susceptible to hacking attempts.
1. Purchase a top-tier hardware wallet (Ledger or Trezor connect to most platforms).
2. Set up the device using the manufacturer’s official website only.
3. Store the device in a fireproof safe when not in use, separate from its PIN and recovery phrase.
4. Never share your device’s PIN or recovery phrase with anyone you don’t trust with your life.
5. Regularly update your wallet’s firmware to patch security vulnerabilities.
6. Store 90% or more of your crypto keys offline in cold storage. Maintain separate wallets for trading and long-term holdings.
7. Store in multiple secure, geographically diverse locations.
8. Occasionally check your cold storage to ensure it hasn’t been compromised.
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#4 STORE RECOVERY PHRASES SECURELY
Your recovery phrase is the key to your crypto kingdom. Protect it fiercely. When setting up your wallet, write down the seed phrase on paper or stamp it into metal. Store copies in separate locations.
1. Remember the #1 Rule in crypto: Never share your recovery phrase with anyone you don’t trust with your life.
2. Write down your recovery phrase on paper; never store it digitally or take screenshots or photos of it.
3. If you must store your wallet recovery phrase digitally, it must be encrypted and broken into parts (multi-location strategy).
4. Test your backup phrase to ensure it works. It’s possible to misspell a word.
5. Store multiple copies in secure, fireproof and waterproof locations.
6. Consider engraving/stamping your recovery phrase on two titanium plates for durability against physical damage. Store the plates in separate secure locations.
7. Consider storing half the recovery phrase in a bank safe deposit box and the other half in a fireproof home safe.
8. Document the recovery process for heirs.
#5 USE MULTIPLE WALLETS
This is inconvenient, but if you get hacked then you will surely be glad all your eggs weren’t in one basket. Spread out the risk. Create hierarchies based on liquidity needs and distribute holdings across multiple wallets (Think checking, savings, vault).
1. Implement strategic asset allocation.
2. Use one hardware wallet that acts like your vault. This wallet holds the keys to tokens you don’t plan to sell. Your vault wallet never connects to any websites, it never signs any smart contracts, and you never give out that address.
3. Your second hardware wallet is for your staked tokens and acts like a savings account.
4. Your third hardware wallet with the smallest balance is good for DeFi, claiming airdrops and signing smart contracts. Consider this wallet your checking account.
#6 REGULARLY UPDATE YOUR SOFTWARE
Keep all software related to your crypto activities up to date. Updates often include patches for security vulnerabilities that could be exploited by hackers.
1. Keep your wallet software, operating system, and antivirus software up-to-date.
2. Enable automatic updates so it’s done for you.
3. Always verify the authenticity of updates before installing manually.
4. Only download updates from official sources to avoid malware.
5. Never install an update from a third party. Always update from within the software you are already using.
6. Regularly update your cryptocurrency exchange apps.
#7 USE A DEDICATED DEVICE
Using a dedicated device exclusively for crypto-related activities will minimize the risk of malware and phishing attacks. Keep this device offline when not in use.
1. Conduct transactions only on private, secured networks.
2. Never use this device on public Wi-Fi networks. Use the hotspot from your phone instead, but connect your mobile to a VPN.
3. Be cautious of clipboard hijacking malware.
4. Enable firewall and anti-malware protection.
5. Enable anti-phishing features in your browser.
6. Enable full-disk encryption on this device, if possible.
7. Install only essential system software.
8. Install only crypto-related applications. Avoid downloading anything else.
9. Regularly scan the device, being sure to clear browser history, cookies, cache and your clipboard.
10. Regularly update all software and firmware.
11. Avoid browsing the web or checking emails on this device.
12. Lock all crypto wallets when not in use so websites cannot read your addresses.
13. Use separate email addresses for crypto accounts.
#8 SECURE YOUR NETWORK
Secure your internet connection to protect your data and crypto assets from bad actors.
1. Never use public Wi-Fi networks for cryptocurrency-related activities.
2. Enable your router’s firewall and use WPA3 encryption for your home network.
3. Consider using a dedicated hardware firewall for additional protection.
4. Ensure your home network is secured with a strong password.
5. Use a Virtual Private Network (VPN) whenever online, especially when accessing your crypto accounts.
6. Use encrypted messaging platforms, like Whatsapp to chat with others about crypto.
7. Clean browser history, cookies and cache every time you close your browser.
#9 MONITOR YOUR ACCOUNTS
Frequently check your wallets and exchange accounts for any unauthorized transactions or changes. Early detection of suspicious activity can prevent significant losses.
1. Don’t keep long-term holdings on exchanges or centralized providers.
2. Set up transaction alerts where possible. This is a fairly standard feature with centralized exchanges. Telegram bots can be used to monitor on-chain activity.
3. Use whitelisting features when available to prevent unauthorized transfers.
4. Implement a time delay for adding new addresses to prevent hasty changes. Many exchanges do this automatically.
5. Use crypto tax reporting and portfolio tracking tools, like Koinly to regularly verify wallet balances and track activity.
6. Maintain meticulous transaction records.
#10 PRACTICE GOOD DIGITAL HYGIENE
Go the extra mile to protect your identity, device, and network. Scammers are crafty and are continually inventing new ways to steal your crypto. Here are the best ways to shield your savings.
1. Only use exchanges with a solid reputation, strong security measures, and a history of customer support. If the exchange is insured that’s an extra bonus. Coinbase is a good choice for Americans.
2. Be wary of unsolicited communications.
3. Crypto customer service will NEVER direct message you on social platforms, or ask for your seed phrase in any form.
4. Remember the #1 Rule in Crypto at all times: Never share your wallet seed phrase with anyone you don’t trust with your life.
5. Always type wallet URLs directly; never click on links in emails or messages. Phishing attacks are designed to steal your login credentials by mimicking legitimate services.
6. Double-check URLs for accuracy.
7. Bookmark official websites.
8. Look for HTTPS and the padlock icon in your browser.
9. Lock all crypto wallets when not in use so websites cannot read your addresses.
10. Never install a crypto or financial related app by searching for it in the appstore. ALWAYS navigate to their official website and click on the download button from there.
11. Keep your identity details private; avoid sharing them online.
12. When interacting with crypto communities, consider using pseudonyms to protect your real identity.
13. Use a dark web monitoring service, so you know if any of your accounts have been compromised.
14. Train your family members on social engineering tactics. Your parents and your kids are targets.
15. Implement strict need-to-know information policies.
16. Use whitelisted addresses for frequent transactions.
17. Always double-check transaction information and confirm transaction details on your hardware wallet’s screen.
18. Confirm the recipient’s address character by character.
19. Always send test transactions first when you’re not sure. It’s better to lose a couple bucks and not thousands of dollars.
20. Use the blockchain explorer to validate the transaction details.
Now that you’ve fortified your crypto wallet’s defenses, it’s time to maximize the potential of your digital assets.
As a trusted validator in the Cosmos, Radix, Polkadot, Ethereum and Polygon ecosystems, we provide:
Enterprise-grade security infrastructure
Proven track record of zero security breaches
Competitive rewards to maximize your crypto earnings
Expert management and dedicated support by a team of blockchain professionals
Stake with Confidence.
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Crypto staking guides
Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Atlas Staking expressly recommends that you seek advice from a professional. Neither Atlas Staking nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.