How do I buy and store crypto securely?

Nov 14, 2022

At Invity, we do everything to help our users overcome their fears of cryptocurrencies and get started on the right track. Buying your crypto responsibly and storing it securely are the first must-take steps to become a happy hodler or investor. On the other hand, losing access to your funds due to no fault of your own is everyone's worst nightmare. That's why we've put together a selection of convenient tips and resources to help you orient yourself and make informed decisions when it comes to cryptocurrencies.

The cost of custody

Although the topic of custody is always extremely important to discuss, now is a better time than ever. The question is quite simple: who really has control over your coins? Most big, popular exchanges keep the keys to the crypto you have bought and stored with them. That means if such exchange is gone, so is your access to your funds. While these exchanges are very convenient to use, it is vital to know about the connected risks. There can be many external or internal factors to cause an exchange to deny you withdrawal and the only way to discount them all is to be in control and claim custody. Make sure to read our explainer on the importance of custody and learn about other options to hold your crypto.

Withdrawing from an exchange

It is good practice to withdraw any crypto you don't need for immediate trading out of your exchange account. A hardware wallet like Trezor is generally considered to be the safest place to store crypto and especially if you have accumulated a lot of bitcoin (or altcoins), you might consider investing in one. Once you've read up on hardware wallets just follow our easy guide to immediately withdraw crypto to a hardware wallet!

A safe place to buy crypto

Big exchanges are very attractive—and they have served as a useful gateway into the world of crypto for many. However, shine and size aren't everything. As history's proven time and time again, even some of the biggest players aren't immune to mishaps. This is why when it comes to crypto exchanges, there are three simple rules: verify, verify, verify. And that's where we come into play—Invity does all that for you!

We thoroughly vet, verify, and monitor our exchange providers in order to minimize any risks our users may face when buying, selling, or exchanging cryptocurrencies.

For more general security guidelines and useful tips, make sure to also check out guide on securely buying crypto.

Invity exchange partners

We work only with non-custodial exchanges. That means whatever you buy does not stay on the exchange but has to be transferred to a wallet of your choosing—direct into your custody.

Over the years of providing our crypto comparison tool and transaction services for Trezor hardware wallets, we’ve also developed a comprehensive list of qualities we seek in a crypto service provider. To name just a few:

  • Good reputation in the community
  • Positive customer experiences
  • Full legal compliance
  • Unique or broad coverage of supported fiat currencies and methods of payment

Our partnerships are regularly reviewed, resulting in a continuously curated and maintained list of the most trustworthy crypto exchange providers, and guaranteeing problem-free transactions.

Can I avoid exchanges completely?

Sure thing! Centralized exchanges may be the most common and user-friendly method of purchasing crypto these days but peer-to-peer trading is an integral part of the bitcoin economy as it was intended. While such transactions are completely private and anonymous, be aware of possible scams and only use trustworthy P2P platforms. For maximum security, buy bitcoin peer-to-peer directly into a hardware wallet via our seamless integration in Trezor Suite.

Any final tips?

To get yourself an easy-to-digest knowledge foundation, make sure to read through our blog, as well as the Beginner's guide to crypto. That should give you enough information to become a responsible crypto owner.

An important rule of thumb is to always invest only what you can lose and thoroughly research the coin that you want to invest in. A great place to start is Bitcoin dollar-cost averaging which is regarded as one of the safest methods to invest in crypto, and is also available in Trezor Suite. For more tips regarding your crypto investment portfolio, also check out our detailed article on this topic.

The world of crypto is an exciting and still largerly uncharted frontier. Keep in mind that it evolves by the minute and forces you to constantly educate yourself and chase the recent developments. Just make sure you're in control, claim custody, verify, and most importantly: have fun!

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