Security Best Practices

Physical Security

I recommend having some sort of fireproof safe and a fireproof document bag. This is so you can store copies of your seed phrases, private keys, hardware wallets if you use one, as well as instructions for your next of kin in case something happens to you and they have to unwind your positions.

Phone Security

You should have a pin/passwords on your phone. Many of these services are app only so ensuring you have some sort of password on your phone is critical. You are essentially carrying around cash in digital form.

Centralized Exchange Security

I am a big advocate of maximizing your security posture for your exchanges. I typically turn on all security features on every exchange. I use complex passwords that I leverage LastPass to store. I set a PIN or biometric authentication, 2 factor authentication, trade passwords, and whitelisting crypto addresses. I want to make it as difficult as I can for anyone who may get access to my account to move anything. They will likely just move onto another account instead of risking being discovered.

Managing Your Keys for Web 3 Wallets

“Not your keys, not your crypto” is a common refrain amongst the DeFi community which advocates for self-custody. Being your own bank requires better security practices like having a secure password for your web3 wallets as well as a secure way of storing your seed phrase or private key. It can be hard to keep track of it all. As mentioned under physical security, you should store a paper copy in a fireproof safe in a notebook with instructions on how to access. I also use LastPass to store this information with 2 factor authentication turned on and a complex master password.