How can you protect your cryptos and NFTs in today’s market?

Choose a reputable exchange

Most problems start with the exchange you are using, as it is the exchange that provides you with the crypto in exchange for your fiat money. Choose a fraudulent exchange or on the verge of the bankruptcy and you will not receive any more token in your wallet. Therefore, you should carefully choose the best exchange for you.

Start by checking if it is regulated by the authorities as it is a guarantee of approval, then search online for customer reviews. Regulation was initially frowned upon by crypto enthusiasts, but unfortunately there is a trend towards regulation of the industry due to the many incidents of 2022.

Reputation is not everything, consider other factors such as supported fiat currencies, transaction fees, etc.

Store your cryptos in a secure wallet

At an exchange you get an online wallet as soon as you buy cryptocurrency, but then these so-called wallets hot purses are not completely safe. Exchanges are constantly targeted by hackers trying to steal cryptos. Nevertheless, the top cryptocurrency exchanges keep most of their clients’ assets in offline wallets (cold wallets). But we are never 100% sure.

Binance reveals the value of all its wallets!

If you have large amounts of cryptos, you will need your own secure wallet, in the form of a mobile application or a cold wallet. Mobile apps are more suitable for beginners as they are easy to use and you can recover your password if you forget it, but offline wallet devices like Ledger Nano X is the safest because they are offline most of the time.

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Only access trusted DeFi services

The world of cryptocurrencies is vast and diverse, with projects ranging from DeFi to NFTs, trading bots, DApps and more. Many of them claim to offer huge returns on minimal investment and some can be very convincing and seductive.

However, keep in mind that most of the victims are tricked into cryptocurrency scams this way. The platforms of yield agriculture reliable offer moderate returns, around 5 to 7% per annum. There is no way to get rich in a few months with a small investment!

So, whenever you want to use a crypto service, make sure you do your due diligence thoroughly to make sure it is trustworthy.

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