Trading in Saudi Arabia or other countries involves great risks, and any small mistake can make you lose all your money, whether when trading currencies or when storing them, because using cryptocurrency wallets incorrectly can lead to large financial losses, so users must be careful. Here are 5 common mistakes when using cryptocurrency wallets in Saudi Arabia and how to avoid them:
Mistake 1: Losing access to wallet
#البيتكوين wallets rely on private keys to access cryptocurrencies. If a user loses the private key or password, they may permanently lose access to their funds, as there is no central authority that can restore the wallet, so backups should always be made and stored in a secure, offline location.
Mistake 2: Security breaches
Online wallets (hot wallets) are vulnerable to cyber attacks and hacking. If the wallet is not properly secured, hackers may be able to access and steal coins.
Mistake 3: Exposure to malware
Hackers may target wallets with malware such as viruses and spyware. These programs steal private keys and transfer assets to unknown addresses.
Mistake 4: Losing the device
If the wallet is stored on a specific device, such as a phone or computer, losing or damaging the device could result in losing access to the funds, especially if the wallet data is not backed up.
Mistake 5: Dealing with unreliable wallets:
Some users may fall victim to an unreliable wallet, which leads to them being exposed to fraud. Some scammers may create fake wallets that claim to provide secure services, but their real goal is to steal coins. To ensure safety, users should rely on reliable and well-known wallets, and it is preferable to read reviews and make sure of their security certificates before using them.
Tips for using cryptocurrency wallets
1. Choose the type of wallet that suits your needs. If you trade regularly, you can use a hot wallet for easy access, but it is preferable to use a cold wallet for long-term storage. Here we advise you to use the Binance wallet because it is the safest. Learn about it through this link: https://www.binance.com/en/web3wallet
2. Don't share your wallet information with others, avoid sharing your wallet details or private keys with anyone. If someone asks you for your private keys, they are most likely trying to scam you.
3. Use a multi-signature wallet. If the wallet supports multiple signatures, you can use this option for more security, as the wallet requires the approval of more than one person before executing transactions.
4. Avoid using public Wi-Fi networks. When accessing cryptocurrency wallets, try to use a private and secure Internet network, as hackers can easily hack devices connected to public Wi-Fi networks.
5. Enable two-factor authentication (2FA). Adding an extra layer of security via two-factor authentication makes it harder for hackers to access your wallet even if they manage to figure out your password.
To reduce these risks, it is best to use a cold (offline) wallet for long-term storage, use strong passwords, enable two-factor authentication where possible, and keep backup copies of your private keys in a safe place.
