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Alexander L | June 19, 2024

Crypto Stored the Right Way – How to Buy Crypto Online Safely

We at Coinsdrom operate as an authorized exchange for crypto and thus understand that buying and storing cryptocurrencies can be daunting, especially for beginners. With the rise in popularity of digital currencies, it’s crucial to know how to buy crypto online safely and store it securely. Here’s a comprehensive guide to ensure your crypto investments are well-protected.

Buy Crypto Online Safely: Key Steps

In order to buy crypto online safely, the first step is choosing a reputable exchange like ours. Look for exchanges that have robust security measures, such as two-factor authentication (2FA), encryption, and a solid track record of protecting users’ assets.

Once you’ve chosen a trustworthy exchange, here are the steps to follow:

  1. Set Up an Account: Register on the exchange platform, providing the necessary identification documents to comply with Know Your Customer (KYC) regulations.
  2. Enable Security Features: Activate 2FA and any other security features offered by the exchange.
  3. Purchase Cryptocurrency: Use your preferred payment method to buy the desired amount of cryptocurrency.
  4. Transfer to a Secure Wallet: After purchasing, transfer your crypto to a secure wallet rather than leaving it on the exchange.

Storing Crypto: Hot vs. Cold Wallets

Storing your cryptocurrency properly is as important as buying it safely. There are two primary types of wallets: hot wallets and cold wallets.

Hot Wallets

Hot wallets are online wallets connected to the internet. They are convenient for frequent transactions but are more vulnerable to hacks. Examples include:

  • Exchange Wallets: Wallets provided by the exchange where you bought your crypto.
  • Mobile and Desktop Wallets: Apps you install on your smartphone or computer.

While hot wallets offer ease of access, they should only be used for small amounts of crypto that you plan to use regularly.

Cold Wallets

Cold wallets, also known as cold storage, are offline wallets not connected to the internet, making them much safer from online threats. Examples include:

  • Hardware Wallets: Physical devices like USB drives that store your private keys securely. Popular brands include Ledger and Trezor.
  • Paper Wallets: Physical pieces of paper with your private and public keys printed on them.

Cold wallets are ideal for long-term storage of larger amounts of crypto because they provide an extra layer of security against online attacks. More often than not, the solution for storing crypto safely is to use a combination of hot and cold wallets, to ensure you have flexibility alongside security.

Final Thoughts

When you buy crypto online safely, it’s just the beginning. Storing it securely is essential to protect your investment from theft and loss. By using a combination of hot and cold wallets and following best practices for security, you can ensure that your cryptocurrency is safe.

At Coinsdrom, we prioritize your security and provide the necessary tools and information to help you navigate the world of cryptocurrencies confidently. Whether you’re new to crypto or an experienced individual, remember that security is paramount. Follow these guidelines to buy crypto online safely and store it the right way.


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