Survey: 25 percent of crypto users think their cryptos are too secure

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96 percent of the exchange users use some form of two-factor authentication and 87 percent of the hardware wallet users make test transactions.

Cryptocurrency hardware wallet maker Ngrave released the first results of its ongoing crypto security survey on Wednesday

The results provide an insight into the current state of security in the digital asset space and show that a quarter of users consider their current security measures to be more effective than they actually are.

So far, over 1,400 crypto users from 78 countries around the world have taken part in the survey. Despite efforts to promote Crypto Trader in this area, 90 percent of respondents were male. Over 60 percent fell into the 25 to 45 age group.

Of the respondents, 62 percent held at least some of their cryptocurrencies on an exchange. Every third person holds over 40 percent of their assets on a single exchange.

The vast majority (96 percent) of those who hold assets on exchanges use some form of two-factor authentication (2FA). However, one in four does not make a backup copy of their 2FA code.

Also, nearly half of those surveyed back up their exchange login credentials either online or in an inconsistent manner. In addition, 44 percent of exchange users do not have a whitelist for payout addresses.

Two thirds of the respondents use a hardware wallet. Three quarters of these are USB devices, and 87 percent of hardware wallet users conduct test transactions before making major withdrawals.

However, 67 percent of users of hardware wallets keep their backup copies on a paper wallet. More than half confirmed that their private keys would be compromised if someone found the backup copy

In addition to hardware wallets, Ngrave also produces Graphene. This is a method of storing a wallet backup key that is engraved on steel plates. Both plates are needed to restore the key.

The poll is still running. People who want to check out their own cryptocurrency security can take part. The company also offers practical tips for improving the security measures used.