Understanding the aspects of the Cryptocurrency market can be a little daunting if you are a newbie. Cryptocurrency investment requires you to be familiar with the usage of new tools and adopt new concepts.
But don’t worry, we have got you covered! Read this article till the end to learn the primary concepts of Cryptocurrency.
Trading in Cryptocurrency requires you to choose an exchange that deals in your choice of digital assets. There are over 1300 different types of tokens and coins like Bitcoin, Litecoin or Ethereum, etc.
Different exchanges have various policies and offerings, and it is essential to choose the right Exchange. Scrolling down is a list of specific things you can consider while selecting an Exchange:
- Deposit methods, policies, and the cost
- Withdrawal methods and their cost
- Which type of currencies they deal in
- Transaction Cost
- Location of the Exchange
Besides, keep in mind that you have to go through a lengthy, detailed process as the Exchanges would require you to provide many details about yourself. Initially, the Exchanges typically allow you to make small investments that can then be increased gradually.
Storing Your Cryptocurrency
When it comes to storing your Cryptocurrencies, you can choose to keep them where you feel they are the safest.
- Storing at the Exchange
When you buy coins from an Exchange, you have the option to store them there themselves. However, since blockchain transactions are irreversible, there are stories of Exchanges being hacked and stealing coins.
Exchanges usually offer accounts protected with Passwords. Moreover, many Exchanges also provide the two-factor authentication system to try their best to increase security.
If you hold a small number of Crypto assets, you can store them on the Exchange itself.
- Digital Wallets
However, if you deal with a considerable amount of digital assets, it is advisable to use digital Wallets to store your coins.
There are generally two types of wallets.:
- Hot Wallet
- Cold Wallet
Hot Wallets are Online Wallets where you can store your coins on your Computer. However, there is still a risk of hacking.
While when it comes to Cold Wallet, it allows you to store your coins offline. Hence, there is no chance of hacking as your password will never be on the Internet.
Cold Wallets, also known as Hardware Wallets, provide you with the highest level of security.
Different companies sell Hardware Wallets like Trezor or Ledger.
Monedero Ledger wallet provides you with the facility to store different types of Crypto assets on one wallet. Moreover, the Ledger Wallets are easy to use.
Ledger provides you with two different Hardware Wallets, namely Ledger Nano S wallet (محفظة ليدجر نانو اكس) and Ledger Nano X wallet.
Both of these wallets provide a high-security level and are compatible with the AplicaciÛn Ledger live to regulate your transactions.
Besides, if you ever lose your Monedero Ledger wallet, the 24-word recovery phrase allows you to re-access your digital assets.
Final Words
All in all, if you hold a considerable amount of digital assets, then you should always prefer storing them in Hardware Wallets. This helps you to keep your Cryptocurrencies safe. Thank you for reading!
