Your crypto wallet, in which you keep your digital funds, must be secured, just like a real wallet with fiat money. DBX allows you to transfer your funds with no restrictions to the amount and location of the recipient anywhere, while you have the complete control over your funds in your hands. But, these almost unlimited possibilities must be accompanied by strict security actions. To do this, you just need to use DBX in a right way. Here no one will be able to cancel a mistaken transaction or somehow manage your money in any other way, so, do not forget that the security of your cryptocurrency is fully under your responsibility.
Securing Your Wallet
Don’t store your crypto on third-party services.
Various crypto exchanges and online exchangers are primarily targeted by cybercriminals, therefore they are hacked more often than others. Users who have permanently stored their cryptocurrency on wallets of such services have already lost hundreds of millions of dollars over the past few years because of exchange hacks and cryptocurrency theft. Even the largest and most well-known exchange sites have suffered from the exploitation of their vulnerabilities in the past, and not all companies are able to cover the losses of users, given the fact that often such losses cannot be insured. That is why you should not keep your digital assets there for a long time, relying on the fact that they will lie there as in a bank. You should choose your exchange platforms very carefully. Of course, when you use the services of a crypto exchange, you still store your DBX on their wallets for some time, but you should not leave your coins in them when you are not trading and participating in the exchange. Use other types of DBX wallets, while using two-factor authentication (2FA).
Don't put all your eggs in one basket by keeping large amounts of pocket money in one place.
You should treat your DBX wallet just the way you do with a regular wallet where you keep money. For security reasons, generally most people do not a carry around thousands or tens of thousands of cash. The same should be done with cryptocurrency. Do not store such amounts in one wallet either. It's okay to store some of your DBX on your smartphone, PS, or online server for little amount of pocket money, and store the bulk of your digital funds in safer places like cold wallets and hardware wallets.
Encrypt Your Wallet.
Encrypting your wallet or the device on which it is installed allows you to use a password against uninvited guests. Anyone who wants to transfer funds from your wallet to another one will have to enter a password, which will be an impossible task for attackers if you set a sufficiently strong password. However, if fraudsters use ways to get hold of someone else's information, for example, a phishing attack or use of keyloggers, this will become possible. That is why, always be careful when entering your password.
Save your wallet.
You should create an actual copy of your wallet and keep it in a secure place. This will protect you from various human errors, as well as from any computer or network failures. It will also make it possible to recover your wallet if anything happens to your smartphone or computer, and your wallet has to be encrypted. It is worth backing up all the elements of your crypto wallet that may contain several secret keys, without which you cannot then restore access to most of your digital money from the backup.
Backups must be encrypted.
Any backup is highly vulnerable to hackers and other intruders if it is stored on the network. Every computer connected to a network is vulnerable to viruses. If your backups are stored on any shared network share you should encrypt everything.
Save an updated copy of your wallet in different places.
It is not a good idea to create just one backup of your wallet, as it is still not very secure. Storing backups in different reliable places not only online, but offline as well, such as a variety of storage media, is the right idea to help avoid problems with restoring your wallet.
Back up your wallet regularly.
While using DBX you will create new addresses or change something in old ones, therefore, in order to have all the latest changes in your backup copy, you should regularly back up your wallet. Many cryptocurrency wallet applications require backups once, after which they will be regularly updated.
Strong password is a must.
Remember that a password consisting of ordinary words or names is much easier to crack than a password consisting of many characters (preferably at least 16) and containing low case and upper case letters, numbers, punctuation marks. You can use one of the complex password generation programs to ensure that the most secure password is generated. Of course, you will have to work hard to memorize it, but isn't your hard earned money worth it?
You should not lose your wallet password.
In case you have lost your wallet password or forgotten, your digital funds will be irretrievably lost forever. DBX is not a bank that controls your money, so there is very little chance of recovering a forgotten password. So, even if you do not use your password for years, you still have to remember it. That is why it is worth saving your wallet password on an offline medium, for example, on plain paper, and then stores it in a safe place.
Offline crypto wallet is the best option for long-term storage.
Crypto wallet, if offline, represents a secure place with no connection to the Internet. This is also called a cold storage. This method of storing cryptocurrency raises the security of your savings to the top level. Anything that cannot be connected via the Internet cannot be hacked, which means it is protected from the encroachments of hackers. To keep it safe from other hazards, keep your wallet in a safe place. Done right, this wallet option will provide excellent protection against computer vulnerabilities. Using offline storage combined with wallet encryption and backing up is one of the best ways to keep your digital assets safe.
Confirm the crypto transfer from an offline device.
This approach implies the use of two devices for sending transactions, which partially host the same wallet, while each of them separately cannot allow transactions to be carried out without the second. In such a pair of computers, the first one must be without connection to any network, and the second one must be connected to the Internet at the time of a transfer, however, it cannot make authorized transactions. To do this, you just need to make a transaction on a device connected to the Internet, then save its USB key, authorize the transaction on a device with no connection, after which you can send your transaction to the network. Having no internet connection, the first computer cannot sign the transaction and therefore cannot be used to withdraw your money if hacked.
Use hardware wallets.
DBX storage devices provide a good balance between usability and cryptocurrency theft protection. Small, specially designed devices, which often resemble a USB flash drive, can only perform one function, that of a cryptocurrency wallet. You cannot install any other software on such devices, which means they have a very high degree of protection against theft, cryptocurrency flourishing on the network, and information fraud. In the future, you can always back up and restore your funds, even after losing your smartphone or computer.
Stay up to date and install available updates all the time.
The latest DBX software updates should always be installed to ensure getting all the latest features and functionality, and it is very important to have the latest security fixes. The updates will help prevent various issues and keep your wallet secure always.