Your primary priority when dealing with digital currencies in Malaysia should always be security. Even the most confident investor should pay extra attention to how they protect their money after hearing about hacked accounts and lost Bitcoin. Practicing the correct habits may make a big difference, whether you’re just starting out or already have some money saved. Here are some important safety precautions for Malaysians who want to keep their crypto safe. Discover more!
Choose your crypto exchange carefully before begin. Luno, Tokenize, and SINEGY are all platforms that are registered and approved by the Securities Commission Malaysia. Always use these. Using websites that aren’t regulated or that you can’t trust, especially those that are headquartered outside of the US, makes you more likely to get scammed, lose money, or even lose access to your savings. Real exchanges not only offer better security, but they also follow the legislation in your area.
Next, turn on two-factor authentication (2FA) for your account. You could think of it as putting another lock on your front door. It might take a little longer to log in, but it really keeps hackers out. For more security, use an authenticator app instead of SMS if you can. Don’t use weak passwords. A mix of upper and lower case letters, numbers, and symbols is the best way to keep hackers out.
Don’t leave a lot of crypto on an exchange for longer than you need to. Exchanges are great for short-term storage or rapid trades, but not for long-term wallets. Put your coins in a personal wallet if you want to keep them for a long time. Ledger and Trezor are examples of hardware wallets that offer the best security because your keys are stored offline, making it almost impossible for online thieves to get to them. You can utilize software wallets on your computer or phone for little sums, but make sure your system is free of viruses and spyware at all times.
No matter how convincing they sound, you should never give anyone your private keys or seed phrases. Scammers will often pretend to be support workers or friends in order to get you to give them access. Write down your recovery phrases and keep them safe and dry, away from those who might want to see them. To protect against mishaps like fires or floods, think about having a backup in a different safe place.
Be extremely careful with chats, texts, and emails that have to do with your crypto accounts. Scammers use phishing schemes a lot. They can make communications that appear just like actual ones from your exchange. Never click on links in emails that look dubious. Instead, always enter in the address of your exchange’s website or use a bookmark that you trust. Every time you end a transaction, make it a point to log out. Public WiFi is great for cafes and malls, but it’s not safe for crypto transactions.
Make sure your software and gadgets are always up to date. Hackers love to go after old wallet apps, antivirus programs, and phone operating systems. Installing updates right away fixes any problems and decreases your risk.
Lastly, don’t call attention to yourself for no reason. Don’t flaunt off how much crypto you have or how much money you have in your wallet on social media. When you share too much, it’s easy for burglars to find you, both online and offline.
In summary, protecting your crypto isn’t about being paranoid; it’s about making smart habits and treating your digital money the same way you would your real money. Your trip to Malaysia will be much easier and less stressful if you put security first. Your relatives would even agree!