Today we will cover important points on security and how to avoid unforeseen losses. Let's begin!
— Storage of Funds on CEX Exchanges.
It is the most common and easiest way to store assets, but also the most dangerous. You do not control the data from your wallet but rely on security measures from the exchange.
There are many cases where exchanges have been hacked. Store funds at your own risk and do not neglect other methods.
Exchanges you can use: Binance, BYBI, Huobi, Kucoin, OKX.
— Storing Funds on Phone/PC Wallets.
This is a less dangerous use case because you are responsible for most of the security here. There are risks of your devices being hacked, which could lead to asset theft.
Always think about what you download and what applications you use. This way you minimize risks and losses. Examples of similar ones: Guarda, Exodus.
— Storing Funds on Browser Wallets.
Also one of the most common storage methods. With this option, you can access assets from anywhere, but there are risks of hacking here too.
This is the main method used by many people. Create several wallets for yourself and never connect one of them anywhere: Metamask, TrustWallet.
— Storing Funds on Hardware Wallets.
It is the safest option for storing your assets but requires investment. They are devices in which you can store your assets offline, only you have access.
The cost is worth it if you store large amounts and are serious about the safety of your funds. Examples: Trezor, Ledger, Safepal.
We have outlined for you all the relevant methods of storing your assets. Don't forget to write down your seed phrase and passkeys on a piece of paper and store them securely.
Also, do not download untrusted applications on your devices, use only trusted sources. Run unknown applications through other devices.
Choose the best asset storage option that suits you. But the safest thing you learned, a hardware wallet will always help you out.
❕ We hope you enjoyed this post. We tried to explain everything in simple language so that everyone can understand and choose the best solution. Get in touch!