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New in crypto? 10 things to do to protect yourself
- Only send cryptocurrency to entities you trust. Cryptocurrency transactions are irreversible. If you send cryptocurrency to a third party, you cannot reverse it.
- Use two-factor authentication and an authenticator app for your exchange. If a scammer accesses your online account, they can transfer all your crypto to a wallet they control. Make sure you turn on two-factor authentication and use an authenticator app.
- Withdraw your crypto, in significant amounts when relevant, from exchanges if you can. Exchanges are targets for scammers, notably phishing scams. To avoid those scams, you can send your crypto to a new wallet.
- Use a Strong Password to protect your crypto.
- Websites, emails, and web apps, including their reviews, can be faked. Always check the URL to make sure you are using the official website and only use Dapps you trust.
- Double-check the contract address before signing a transaction. Check it is the same one as the one mentioned in the developer’s documents.
- Do not enter your seed words on a website. Browser-extension wallets, such as Metamask, Coinbase wallet, or Brave wallet, will ask for your seed words only the first time you set it up. If you are being asked for your seed words on a window that looks like a browser-extension wallet, it is likely it is a phishing malicious website.
- Avoid public WiFI when doing crypto transactions. When you use open public Wi-Fi, other people nearby can easily intercept your internet traffic. They could detect if you are visiting crypto sites. They may even be able to view your transactions. That will not necessarily allow them to steal your crypto, but a scammer may decide to pay a lot more attention to you if they see you making high-value crypto transactions or simply browsing crypto sites. That is probably not the kind of attention you want.
- Never give your private keys or seed phrases—the recovery phrase the wallet provider will ask you if you forget your password—to anyone for any reason.
- Do not save your passwords and seed words randomly on your computer. Scammers could steal them and use them to make transactions on your behalf.