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I like to invest money online. I invest in both cryptocurrencies as well as regular stocks. As my bankroll grows (let's say 20k+ in the near future), I feel like I need to start taking more serious security measures.

My idea is to buy a cheap smartphone (~100$), and use this as a dedicated device. I either directly go to the website of whatever online broker I use. Or I download their app. I create a dedicated gmail address for these accounts, and I only access this gmail account on the dedicated phone. And I set up 2FA, which again, is located on the device. I do not use this device for anything else: no browsing, downloading, etc.

I do not take this phone outside of my house. And I do not connect with it to a Wi-Fi connection which is not under my control. I generally keep the device in airplane mode. And I never use Bluetooth.

For convenience I consider using a popular password manager.

Finally, I split up my bankroll over several online brokers. And I use different (difficult to brute force) passwords, for each account.

Is this safe? Am I overseeing something obvious? What are potential weaknesses/improvements?

Thanks.

Philip Sherpa
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  • Have the password manager pick the passwords, don't use SMS for 2FA, and backup the password manager database outside of this device. If you lose the device (or its data) without backup, you lose access to every account. – ThoriumBR Jun 10 '20 at 22:13
  • Thanks. I appreciated the second set of eyes and feedback. The backups I underappreciated. And I guess in the case of a house fire, I'd even want to have the recovery keys (safe) in a second location somewhere. – Philip Sherpa Jun 10 '20 at 22:26
  • for the cryptocurrencies, either get a hardware wallet or an _offline_ computer (old laptop, phone or Raspi) that keeps the private keys and does the transaction signing. – lab9 Jun 10 '20 at 23:26

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