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Where to store your cryptocurrencies: the complete guide to protecting your cryptocurrencies
The safest to store your cryptocurrencies depends on several factors: your level of knowledge, your trading , the amount of your funds, and your risk tolerance. Whether you're looking to store your cryptocurrencies long-term or make transactions , there are solutions suited to every need.
This guide explains how to store your cryptocurrencies the different types of wallets are , the advantages of each option, and above all how to secure your cryptos .
Table of contents
What is a crypto wallet?
A digital wallet allows you to store cryptocurrencies like Bitcoin . Unlike a bank account, a wallet doesn't directly hold your assets. It contains the private keys that grant access to your funds on the blockchain.
How does a wallet work?
Each crypto wallet is linked to a public key for each blockchain (your Bitcoin address , for example), and to a unique private key within that wallet , known only to you. This key is essential for signing transactions and securing your cryptocurrencies . Without it, you cannot spend your funds.
The different types of wallets for storing your cryptocurrencies
There are different types of wallets depending on the level of internet connectivity, the physical medium, and the desired level of security the different types of wallets :
- Hardware wallet (or cold wallet )
- Hot wallet
cold wallet : the most secure solution for storing
A cold wallet is an offline wallet , not connected to the internet . It is the most secure solution for storing digital assets, as it greatly reduces the risk of hacking .
This is often a physical object, called a hardware wallet . The best-known models are the ledger The Nano X and the ledger Nano S Plus . They look like USB drives and allow you to store cryptocurrencies more securely .
- Your cryptocurrencies remain offline
- The private key is never exposed to the internet.
- Can be used via a secure mobile app
- Compatible with most cryptocurrencies , including Bitcoin
Hot wallet : practical but exposed
A hot wallet is an internet-connected wallet , often used for transactions or trading . It's an easy solution but less secure in the long run.
Examples:
- Online wallets such as MetaMask , Trust Wallet or Exodus
- Mobile apps or browser extensions
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Where to store your cryptocurrencies?
So, where should you store your digital assets? Here's a comparison of the main storage solutions based on your needs:
- Active trading → Hot wallet
- Long term → Cold wallet (also called hardware wallet)
When you buy cryptocurrencies on a centralized exchange, you don't actually own your funds. You've entrusted them to the platform that manages your cryptocurrencies for you. This platform can go bankrupt, decide to freeze your funds, or be hacked. Several centralized exchanges, such as FTX and Mt. Gox, have collapsed, and Bybit, for example, was the victim of a $1.5 billion hack.
To reliably store your cryptocurrencies to a cold wallet as soon as possible, especially for large amounts.
What are the best wallets to secure your cryptocurrencies?
Two major brands exist: Ledger and Trezor . Ledger (Nano S Plus, Nano X, Stax, and Flex) stands out thanks to its Secure Element chip, certified for maximum security, and its support for a very wide range of cryptocurrencies via the Ledger staking solutions and easy communication with decentralized applications. Choosing the right Ledger depends on your desired features (Bluetooth, screen, battery life, etc.). For more details on the technical specifications of Ledger , we invite you to read our Ledger model comparison article .
Trezor ( Trezor One, Trezor Model T, Safe 3/5) emphasizes transparency: its open-source code is auditable, and recent models also incorporate a Secure Element chip. Our comparison between Ledger and Trezor shows that Ledger offers more premium options and a more comprehensive interface, while Trezor offers an open-source philosophy and greater ease of use. Both solutions provide high-level security to protect your ltc . For more details, please see our Ledger vs. Trezor comparison .
Can you store your cryptocurrencies on a platform?
Yes, it is possible to leave them on exchanges like Binance, but this presents risks:
- Your private keys do not belong to you
- If the platform goes bankrupt, your funds may be lost
- Constant exposure to hacking attacks
Storing cryptos on a platform may be suitable in the short term, but it is always better to store them in a wallet where you control the private key.
How to secure your cryptocurrencies?
Here are some best practices for securing your cryptocurrencies:
- Use a cold wallet for large funds
- Never store your private key on a device connected to the internet
- Avoid cloud backups
- Keep your recovery words in several physical locations
If you're looking for ways to effectively secure your cryptocurrencies, keep in mind that a good offline wallet is essential. To secure your bitcoins or cryptocurrencies in general, avoid trusting third parties.
The security requirements of your cryptocurrencies
Users should adopt a crypto storage strategy tailored to their habits. Here are the security requirements to follow:
- Two-factor authentication on all platforms
- Physical backup of private keys (on paper or with more sophisticated solutions such as Ledger's Cryptotag)
- Choosing a recognized and audited crypto wallet
- Secure Wi-Fi networks during access
FAQ: Frequently asked questions about cryptocurrency storage
How to easily store your cryptocurrencies?
For beginners, the simplest option is to use a hot wallet or mobile app, but your funds are at greater risk. As soon as you have significant amounts of money, switch to an offline hardware wallet.
What is the safest method for storing funds?
A physical cold wallet such as a ledger Nano X, a ledger Stax, or a trezor Safe 5, for example, offers the best and most secure solution for storing your digital assets today.
Can you store crypto on a bank card?
No. Some cards allow you to pay with your crypto funds and the app holds your crypto for you, but they don't allow you to directly store your cryptocurrencies on the blockchain. You still need to use a wallet.
Why not leave your cryptocurrencies on an exchange?
Because you don't have control over them. In case of bankruptcy, hacking, or legal action, you lose everything. It's best to keep them in a secure personal wallet.
Conclusion
Knowing how to store your cryptocurrencies securely is the first step towards responsible management of your digital assets.
A good wallet, whether it's an online wallet (hot wallet) or an offline wallet (cold wallet), is your best ally.
The safest way to store your cryptocurrencies is always the one you fully control.
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
