Making money in the crypto world is difficult, but losing money is particularly easy! Besides market fluctuations, account theft, platform collapse, and private key loss—these "non-market losses"—are the most frustrating. I once lost 2 mainstream coins because I didn't enable two-factor authentication; reporting it to the police was useless. A friend of mine was trading on a small platform when it suddenly collapsed, and his hundreds of thousands in capital went to zero. Today, I must share these crucial details with you; don't wait until you lose money to regret it!
The first detail: choose a platform that is compliant. The platform is your asset's "safe box"; choosing the wrong one is like throwing your money into a fire. Make sure to select platforms that have clear licenses, such as those regulated by Hong Kong, the United States, and other regions, and avoid unlicensed small platforms that attract users with high commissions. You can also check third-party data platforms to see the platform's 24-hour trading volume and liquidity; platforms with insufficient liquidity are prone to situations where you want to sell but can't, and may even have their prices manipulated.
The second detail: Keep your private key and recovery phrase 'offline'. If you use a decentralized wallet, the private key and recovery phrase represent your ownership of the assets. Once leaked, the assets can be transferred away in an instant. Never store them in your phone's photo album or computer documents, and don't share screenshots with anyone. I currently write them down on paper, store them in a safe, and have a backup at my parents' house for double protection. Always double-check the receiving address when withdrawing; if you enter it incorrectly, the assets can never be retrieved.
The third detail: Enable all security features. After registering on the platform, immediately enable two-factor authentication, such as Google Authenticator, and don't just log in with a password. Also, set up a withdrawal address whitelist, so only the addresses on the whitelist can withdraw funds. Even if your account password is leaked, others won't be able to steal your money. Additionally, do not log into trading platforms or wallets on public computers or internet cafes, as these places are easy targets for malware that can steal your account information.
The premise of surviving in the crypto world is to 'preserve your principal'. If you can't ensure the safety of your assets, even the best trading skills are useless. Follow me @链上标哥 so you don't get lost! We need to learn not only how to make money but also how to protect the money we earn. In the next issue, I'll share more tips on avoiding pitfalls for security—don't miss it!
