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How to protect your cryptocurrency wallet from hacking

Cryptocurrency, which is now becoming more popular every day, needs a reliable storage. A cryptocurrency wallet is that reliable storage for all types of cryptocurrency.

E-money can be stored on an exchange or in a cryptocurrency wallet. However, most traders are inclined to the option that storing cryptocurrency in an electronic wallet is more reliable and safe, because if the exchange closes down, the money will be lost.

Types of cryptocurrency wallets

Cryptocurrency can be stored in different types of cryptocurrency wallets. Some people have several, for each type of crypto.

  • A paper wallet. It is considered one of the most reliable ways of storage. This type of storage is created on an offline service, which deals with the registration of keys for cryptocurrencies without the Internet. This document should preferably be stored in a safe so that no one else has access to it. If the paper with the key turns out to be in the possession of unauthorized persons, they can use it and take the money for themselves. To be safe, it is strongly not recommended to take a photo of the document and store it in your smartphone.
  • A hardware wallet. Also a vault with a high degree of security. This method involves the use of a special small device, protected from physical impact. This is a great way to store crypto for a long time, without using smartphones and computers. The price of such device in a quality version can be higher than $100. Also, the hardware wallet is equipped with additional protection against hacking, although manufacturers do not give a 100% security guarantee. If the device is stolen or lost, you can say goodbye to the cryptocurrency in it.
  • Desktop or mobile e-wallets. The most common and convenient way to store cryptocurrency, but also the most insecure. However, due to the possibility of quick financial transactions, its popularity does not fall. Connecting any device to the Internet creates the risk of possible hacker attacks.

The best cryptocurrency wallet

Which is the most reliable cryptocurrency wallet should be decided based on your preferences and goals. For example, if you want to buy cryptocurrency and deposit it without performing any actions, a paper cryptocurrency wallet will be the best option.

If you want to play on the cryptocurrency exchange, buy and sell crypto, making a profit, you can think about a hardware wallet.

For those traders who are often on the road, the best option would be to open a mobile electronic wallet and think about its security.

Some tips for securing e-wallets

A few tips can help keep cryptocurrency safe:

  • Paper wallet should be stored in a dark place, preferably in a safe, the code of which will know only you;
  • The key and sid-phrase are best kept in a safe place that only you know;
  • Do not invest all of your money in cryptocurrency, hoping to get rich quick, because it can turn out to be exactly the opposite;
  • Passwords to e-wallets are difficult to come up with and change frequently;
  • Do not make it public that you have acquired electronic money;
  • do not use the same password on multiple services.

How to open an electronic wallet

Clients of WestStein financial service can open a multi-cryptocurrency wallet after a simple registration. Within 2-3 minutes the wallet can already be filled with electronic money. To do this, your WestStein online wallet should have the necessary amount of money for which you can buy cryptocurrency at a favorable rate.

You can use an online WestStein account to fund your WestStein e-wallet. By installing WestStein mobile app, which has a very convenient and useful interface, you can track real-time financial reports on all transactions made with cryptocurrency and traditional money. You will also have the ability to monitor the rate of cryptocurrency. Since crypto is characterized by constant volatility this is a very necessary feature.

When investing in cryptocurrency, keep in mind that you can both win on it and lose as well. Investors advise investing in cryptocurrency from 5 to 7% of your investment portfolio. In other words, invest in crypto as much as it will have a painless effect on your budget if you lose.

The WestStein app allows you to sell, buy and withdraw cryptocurrencies while maintaining your anonymity. And it is easy and safe to do this, all the information on the service is reliably protected from hacking. If you have any questions about the service, you can contact customer support.

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