If you’re looking for convenience, a custodial wallet is ideal. Some storage methods might be less ideal for say, a day trader who needs instant access to their funds or an inexperienced user who’s unfamiliar with the concept of holding their own private key. We also recommend that you refer to our comprehensive Academy guide for more information on securing your crypto. Things to look for in a trustworthy exchange include an experienced security team, proof of healthy financial reserves, stringent know-your-customer (KYC) regulations, and a proven track record of safeguarding user funds. If you opt for a hardware wallet, the crypto is fully in your hands and as such, it’s your responsibility to safeguard it.Īs always, do your own research (DYOR). If you’re using a custodial wallet, make sure you do the proper due diligence and verify that your funds are being held by a reputable company. Make sure you choose a method that safeguards your keys and more importantly, minimizes the risk of your funds being stolen. ![]() The basic, most fundamental requirement for storing crypto is security. To help you pick a wallet, we’ve outlined four key factors every user should consider: We encourage you to do the proper research and make your own choice when deciding how to store your crypto. Four Factors to Consider When Choosing a Crypto Wallet Many of our users, for instance, prefer the convenience of a centralized exchange (CEX), while others may want an offline solution immune to cyberattacks - also known as a hardware wallet. Wallets come in all shapes and sizes, each with their own strengths. So which one is the best? We at Binance believe there’s no straight answer. There are hardware, software, and custodial wallets. Here’s everything you need to know to get started with storing your crypto.Įvery crypto user, especially those new to the space, should understand the different storage methods available for their crypto. When picking a suitable wallet, you should consider four key factors: security, convenience, compatibility, and control.ĭo your research, be wary of untrustworthy platforms, and pick a wallet accordingly. There are several types of crypto wallets available, including hardware, software, and custodial.
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