There was a time the phrase, “secure your crypto part 2 Tapswap video code or answer” was viral due to the need to claim rewards on Tapswap and Blum airdrops. Hopefully, most players of these Telegram airdrop games paid attention to the video guides on how to store their crypto safely. This knowledge is important especially if you plan on trading cryptocurrencies in the long run.
So, do you just buy cryptocurrency from exchanges (such as Binance, Gate.io, and ByBit) that support peer-to-peer transactions, trade the crypto asset, and then sell the profit? These steps are good enough if you’re a scalper who opens and closes trades on the same day. The same applies if you’re a short-term trader who’s only looking to hold positions for a few days. But for a medium-term or long-term trader, knowing the best place to keep crypto is important. Carefully read this guide as I reveal some simple ways to secure your crypto.
What is the Most Secure Crypto Exchange?
There are centralized and decentralized exchanges. Decentralized exchanges have decentralized wallets. As such, these platforms do not store your funds directly. Your funds are tied to an address on the blockchain. Hence, you only need a private key or passphrase to access or move the funds from that address (your wallet). Thus, decentralized platforms are the most secure crypto exchanges to store your funds.
Decentralized wallets or exchanges include Trustwallet, MetaMask, Exodus wallet, and even hardware wallets such as Trezor Nano S & One model. For these platforms, you need to check if the wallet supports the token you want to store, and then send the asset to the wallet. You can then store the private key or passphare of that wallet in a safe place where no one will have access to it.
Best Decentralized Wallets for Crypto Storage
Some of the best decentralized wallets for crypto storage are:
- Trustwallet
- MetaMask
- Trezor Model One
Let’s take a closer look at each of these:
1. Trustwallet:
I use Trustwallet to store my trading profits, which I sell at the end of each month on a Peer-to-peer exchange (you can check out this guide on how to sell your crypto to fiat). Thus, this platform helps me accumulate my crypto earnings and be accountable to myself monthly. To ensure I don’t retrade my profits, I often copy my USDT bep20 address (it’s free to withdraw USDT bep20 on Trustwallet unlike Trc20 where you’ll need Tron (Trx) tokens), and then delete the wallet.
Figures 1 & 2 Show how to access the USDT Bep20 address on Trustwallet. Simply search for USDT but choose the one on the BNB network, select receive, confirm that BEP20 is written at the top, then proceed to copy the corresponding address to receive payments.
I can then send profits to the address and then only install the wallet again when it’s time to withdraw funds. Think of it was a wallet for managing my risk because this way, I don’t retrade my profits since I don’t have easy access to them. You too can do the same. Figure 3 shows some of the recent transactions I made with my Trustwallet app.
Trustwallet supports the Bitcoin, Tron, BNB Beacon Chain, Cosmos, Ethereum, Dogecoin, XRP, Cardano, Solana, and Polkadot (DOT) blockchains. As such, you can securely store over 200 cryptocurrencies on this app.
To begin, simply download Trustwallet from the Google Play store (for Android) or App Store (for iOS). You can also download from the official website: https://trustwallet.com/.
Creating an account on Trustwallet is very easy and fast, as you don’t need to register with your name, email, or phone number.
Once you’ve installed the wallet, follow the prompts to copy your passphrase. Keep in mind that Trustwallet is available as a mobile application for Android and Chrome. Interestingly, there is also the APK version to ensure you can always reinstall without downloading the app again. Further, there is also a Trustwallet browser extension for Chrome.
2. Trezor Model One:
The Trezor model one is a hardware wallet you can store in your pocket or in a cupboard. The idea is to have a feel of your crypto money in your hands just like physical cash. Thus, instead of leaving it in the bank, you can save it in your wallet or bag. However, the selling point of these wallets is that they come with a private key. You can transfer funds from this physical wallet to an online platform, or even access the funds from other exchanges.
How can you get the Trezor wallet? It’s available for purchase on the official Trezor website. You’ll also find other models of the Trezor wallet such as Trezor Safe 3, Trezor Safe 5, Model T, Trezor Keep, Trezor Suite, etc. The Trezor wallet supports a list of cryptocurrencies including Bitcoin, Tether, Cardano, Binance Coin, Shiba Inu, Dai, Uniswap, Chainlink, Monero, etc.
3. MetaMask Wallet:
MetaMask wallet has been available for quite some time and is widely used for its ease of access. You can use it via a browser extension on Chrome, Firefox, and other supported browsers, as well as through the Android and iOS mobile apps.
However, it’s important to note that MetaMask is a decentralized wallet designed primarily for tokens and assets on the Ethereum blockchain. It allows you to manage your Ethereum-based funds securely, and you can import your wallet into other Ethereum-compatible wallets, such as MyEtherWallet, using your private key or recovery phrase.
How to Secure Your Trustwallet Account
You’ve gotten a decentralized wallet, now what? The key to safeguarding it is in your hands. Hence, ensure the following.
Store Passphrase or Private Key Safely
Store your phrase in a private place to ensure you alone can access your funds. Do not lose the passphrase too because,e without it, you won’t be able to access your funds if the wallet is deleted or you get a new phone. This means that how secure your funds at this point is up to you.
In line with that, your private key can be stored offline instead of an email address or another online account that is prone to hack. Either use a notepad that is disconnected from the internet or a paper. If you opt for a paper, ensure it’s a book you can find easily since a paper can get missing. Ideally, copy and paste in an offline notepad since this will ensure you don’t make mistakes while copying the phrase manually.
Best Centralized Wallets to Store Your Crypto
While decentralized wallets are safer, it may take a bit of time to move assets between these wallets to a centralized one where crypto is to be traded. Some decentralized wallets require gas fees which may mount a bit of expense on you. As such, it’s ideal to use them if you’ll be move moving funds infrequently. But what happens if you’ll be moving money every so often? You’d still need to rely on a centralized wallet.
Now, no crypto exchange can guarantee 100% security since they are online and vulnerable to attacks. However, you can pay attention to certain key elements for a potential central exchange you’ll be using. These metrics include:
- Age of the platform
- Previous Attacks
Let’s take a quick look at these:
1. Age of the platform
Bitstamp, Kraken, and Coinbase are some of the oldest cryptocurrency exchanges. These platforms have existed for atleast 10 years and as such, understand the high level of security required to support their customer’s funds. But do you only choose these platforms because of their long-term existence? Not really! Hence, check the next section.
2. Previous Attacks
Binance was launched in 2017, and it’s been seven years since its inception. While this length of time is lesser than the aforementioned platforms, Binance had a security breach in 2018 and 2022 respectively. The platform reinstated the funds of its customers, and trading resumed seamlessly. Now, the ability to reinstate customers within a short time builds some level of trust in this exchange. That being said, do a bit of research on any exchange you settle for and see how well it managed setbacks in the past. The point is, you don’t want promises of a secure exchange, but a platform that can reinstate your funds when things go south.
Where is the Best Place to Keep Crypto?
Based on the tips outlined above, the best place to keep crypto for the long term is in a decentralized wallet. You can start with Trustwallet since it supports over 100 blockchains. On the other hand, the best place to keep crypto for trading is on a reputable centralized exchange such as Binance. These are the two platforms I mostly use for my funds, which is why I’m recommending them. Nonetheless, the final decision lies with you, thus carry out personal research at your end and have the confidence you need before opting for any.
Conclusion
These are the simple ways to secure your crypto this bull season. The decentralized platforms outlined are easy to use and navigate. Since they do not directly hold your funds they are secure for long-term storage. The listed centralized platforms have shown to be reliable either by reinstating user funds or rewarding users for finding vulnerabilities on their platform just to improve security. That being said, check out the hardware wallets as well if you want a more physical means of storage.
