Once you invest in cryptocurrency, it is primarily important to secure your investments.
With rising numbers of cyber-attacks, chances of crypto theft have also soared nowadays. Reports suggest that almost 3.7 million crypto coins have been lost to date.
But thankfully, there are different methods too, to protect the cryptocurrencies you own. You need to keep your assets safe by adopting methods that suit the type of asset you have in possession.
Here are the most effective methods to consider for storing crypto assets.
Storing cryptocurrency in a custodian wallet
For crypto storage, custodian wallets are the most preferred option above all. Your crypto asset is kept safe by third parties via online and offline or both methods.
Generally, when you purchase cryptocurrency through P2P trading platforms or otherwise, the assets you gained are preserved in your wallet under the control of the app, platform, or stockbrokers. And if you wish to store it yourself, you are free to transfer the assets to hot or cold wallets. Not every platform permits such transfers.
Now let us discuss the advantages of using custodian wallets to preserve investments.
The user does not have to put in a lot of effort or