Ever since Crypto Face became a successful crypto trader, storing his cryptos safely became a high priority. We asked Crypto Face about the best ways to store crypto and here’s what he said.
“Hardware and paper wallets are probably the most overall secure way for you to store your crypto for the long run. A hardware wallet is basically a thumb drive for your cryptos.” Says Crypto Face. “They are not connected to the internet except when performing transactions. The best examples would be a Ledger or Trezor wallet. Paper wallets are cool but require special care and handling.”
2. Crypto Face also made mention of software wallets. “Software also known as desktop wallets or mobile wallets are apps you install on your computer or phone. They give you a good balance of security and ease of use as they are not online but still on your device so it’s easy to move your coins around if you are a trader.”
3. Web wallets are wallets hosted on the cloud that can be accessed from any device with an internet connection. “They are convenient but less secure, says Crypto Face. “They are controlled by third parties. These are your wallets provided by cryptocurrency exchanges like Coinbase, Binance, or Kraken as well as browser plugin wallets like Phantom or MetaMask.”
The type of wallets you choose depends on whether you are actively trading your crypto or just holding onto it for long term. “If you aren’t touching the crypto for long periods of time, a hardware wallet is your best option.” For traders however, Crypto Face recommends diversifying between a couple different software and web wallets to protect yourself against any one wallet platform going down or potential hacks to your information.
