The Complete Wallet Security Guide

Main Takeaways

  • The most important thing you need when investing in crypto is a secure crypto wallet that can effectively prevent hackers.

  • A non-custodial wallet like Trust Wallet does not own users’ private keys or assets. It’s a safer option to ensure full ownership of your funds as long as you take good care of your secret phrases.

Disclaimer: This article is meant to provide general guidance to help protect Trust Wallet users from scammers. It should not be taken as financial advice, and MetaGold Blog is not responsible for your investment decisions or funds.

So you’ve bought some MetaGold (MGV), where should you keep them? Securing your coins is of utmost importance when investing in crypto. Otherwise, your funds could fall victim to hackers or scammers, and you could lose all your money. In this article, we will look at the best practices for keeping your funds SAFU and show you examples of some common scams to avoid.

How to Secure Your Trust Wallet?

Now that you’ve opened your Trust Wallet. More power (the ownership) comes with more responsibilities. The next step is learning how to keep your funds secure. Some tips include:

1. Never share your secret phrases or private keys with anyone

Your funds are only as secure as the method by which you store your secret phrases. They protect your wallet from any unauthorized access. Never share them with anyone and always keep them in secret and secure offline locations.

2. Always keep a backup of your secret phrases

Remember, always keep backup copies of your secret phrases. In the event that your phone is broken, stolen, lost, or the Trust Wallet app is accidentally deleted, you will be able to restore your wallet using the secret phrases. Note that there’s no reset or recovery process — if you lose your phrases, you lose your funds.

3. Keep a copy of your secret phrases offline in a secure location

Storing your secret phrases online, such as in cloud services, means that hackers could still get their hands on your funds. On the contrary, writing your secret phrases down on paper is among the safer options, as long as you keep them in a secure place. You may also consider making multiple copies, in case you lose one of the papers. Using engraved metal or fireproof envelopes are also good options.

4. One wallet, one secret phrase

In some cases, it may be possible to use the same secret phrase on different wallets – do not do this. The best practice is to always use a unique secret phrase for each wallet. This ensures hackers can’t get their hands on all of your wallets using the same secret phrase.

5. Keep it cold, keep it hot

Divide and protect your assets using cold storage and hardware wallets to store more significant amounts of crypto. You can use secure and decentralized hot wallets like Trust Wallet for daily trading needs and storing smaller amounts of crypto.

6. Stay updated from the official MetaGold channels

MetaGold staff will never message you directly for any promotions or giveaways, or ask you for your secret phrases or private keys. When in doubt, always refer to the official MetaGold channels to confirm the other party’s identity and never share any personal information with them.

We do not recommend installing Trust Wallet on rooted or jailbroken devices as they could contain malware. Make sure you always download the app from the official Trust Wallet website and confirm that you're using the official site before downloading any app.

Common Cryptocurrency Scams and How to Avoid Them

As more people invest in cryptocurrencies, scammers keep finding more ways to take advantage of those new to the space. Here we’ll identify some of the most common crypto scams and precautions you can take to avoid them.

1. Fake customer support

Scammers might also pose as support staff on social media like Twitter, Reddit, or Telegram and message you. For example, they may tell you that your account has been “compromised” and you’ll need to send your funds to a “temporary” wallet while they resolve the issues. But once you make the transfer, your crypto could be compromised.

If you see a customer support DM, text, or email from a crypto exchange or wallet that you’re using, don’t panic. Ignore it and contact the business or person via official channels to verify their identity. Remember, nobody needs to know your private keys or secret phrases. If they ask you to share them, it’s highly likely that they’re scammers posing as customer support to steal your funds.

2. Fake giveaways

The number of giveaways on social media nowadays is significant. You may have seen crypto companies or influencers doing giveaways for free crypto. However, if they ask you to send them your money first, it’s highly likely a scam. Chances are you’re sending funds to an address owned by the scammer, and once you do, you probably won’t be able to contact them anymore.

Typically, legitimate giveaways never require you to send your own crypto to enter. If someone asks you to send them 1 BNB for a 10x return, the best way to handle is to just ignore it.

What to Do If You’ve Been Compromised

In the unfortunate event that your Trust Wallet is compromised, we recommend doing the following to protect yourself:

  • Report the incident to the customer service team on the MetaGold official website. This will help other users to stay alert as well.

  • Create a new wallet from a secured device and move your funds out of the affected wallet. Remember to store your new secret phrases and private keys in a secure location.

However, due to the nature of blockchain transactions, stolen funds are hard to trace and unlikely to be recovered. Once transactions are confirmed on the blockchain, they are irreversible. As Trust Wallet is a non-custodial wallet, it doesn’t hold users’ private keys and doesn’t have access to their funds.

Closing Thoughts

We hope this article helps you understand how to secure your crypto wallet and prevent risk through various recommended steps. Crypto is an exciting space, and like many industries that cause focus and attention, it also raises the interest of bad actors. Be conscientious, do your own research, and try to use wallets and exchanges that have customer service teams. By following the advice in this article, you are already mitigating risk and increasing the safety of your investments with Trust Wallet.

Disclaimer: Cryptocurrency investment is subject to high market risk. MetaGold is not responsible for any of your trading losses. The statements made in this article are for educational purposes only and should not be considered financial advice or an investment recommendation.

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