The cryptocurrency market is growing, especially in Vietnam when Crypto exploded, the access is extremely large and based on statistics in 2023, Vietnam has up to 21.2% of the population owning cryptocurrency. And Crypto is also the investment portfolio with the best profit voted in Vietnam. But the more it develops, the more risks there will be. Especially the risk in securing digital assets. Many people are quite indifferent when storing digital assets with e-wallets. In this article, Trading Insight will point out the top 5 common mistakes that put e-wallets at risk leading to loss of assets. To avoid these errors and protect your investment, let's find out with Trading Insight through the article below.
1. No wallet backup or recovery phrase
One of the most common and dangerous mistakes is not backing up your wallet recovery phrase or private keys. Our wallets contain the private keys that allow us to access our wallets, and not backing them up or losing them means losing access to your funds forever.
Solution :
Write down your recovery phrases offline and store them securely in multiple places that only you can know.
Avoid taking screenshots or saving backups on cloud services that can be hacked.
Alternatively, backing up via storage devices such as USB drives or dedicated physical wallets are also popular options. Online backups should be encrypted and stored on trusted platforms to avoid risks.
2. Share your private key or recovery phrase
Sharing your private keys or recovery phrases with anyone, even trusted people, puts your cryptocurrency at significant risk. Scammers often trick users into revealing these keys through phishing attacks. Or through various other means to get your private keys or access your private wallet. The end result is an inevitable hack and loss of all your assets if we share
Solution :
Never share your private key or recovery phrase with anyone.
Do not allow login or give wallet to anyone except yourself
Do not log in to devices other than the trusted devices you are using.
Double-check URLs and emails claiming to be from cryptocurrency services and use official platforms like Binance Web3 Wallet for safe transactions
3. Accessing the wallet via public Wi-Fi
Public Wi-Fi networks are often insecure, making them a popular target for hackers looking to intercept transactions or access your wallet. It's risky to connect to free wifi.
Solution :
Avoid using public Wi-Fi for wallet transactions. Use a secure, private connection or VPN.
Always make sure you access your wallet via the official app or website.
Do not access strange links while accessing the trading application
4. Visit strange link and connect wallet unofficial page
During the transaction, you may be asked to connect to unofficial or unreliable websites to transact through acquaintances or referrals. Be careful with unverified information or transaction pages. Strange links are also sent via gmail or via messages to you. It is very risky if you do not know where it comes from.
Solution :
Avoid dealing with unofficial sites or links that are not the same as the website
Always make sure to only deal with verified official channels- websites
Do not access strange links even once, or log out of your wallet before making a transaction.
Check the link, full url, beware of possible scams.
5. Bypassing the security features of e-wallets
Many users in the process of using and trading but accidentally forget the extremely important features of the e-wallet. Not turning on security features such as two-factor authentication (2FA) or strong passwords or pin codes to increase security, making their accounts vulnerable to attack.
Solution :
Enable 2FA on your wallet and exchange.
Set up pin codes or face-id according to the security policy required by the product or wallet
Regularly update and use strong, unique passwords for all accounts.
Trusted platforms like Binance offer advanced security options to protect wallets.
Keep your crypto safe with trusted wallets like Binance Web3 Wallet
For added security, consider using a wallet like Binance Web3 Wallet , which offers:
Control of private keys: You retain full ownership of your private keys.
Multi-layered security: Features like hardware wallet integration and 2FA.
User-friendly Interface: Easy-to-navigate design makes trading seamless.
Link to your translation account conveniently and securely
Integrate with DeFi platforms: Access decentralized financial services securely.
