A very common question that pops up again and again in the crypto community – What is the safest place to buy and trade Bitcoin? There are many large exchanges that do a lot of high volume trading across the crypto spectrum, some are very cheap and easy to use, others are notoriously risky.
If you are new to the Bitcoin world, make sure that you are starting out on the right foot and are aware of all the pitfalls that can easily be avoided when trading сryptoсurrency.
Moving on from that, we are going to look at crypto safety and the best exchange we have come across when buying Bitcoin and other cryptocurrencies.
Always Take Precautions
One of the key frustrations you come across when talking to traders is that some of them treat cryptocurrency as a secondary currency or devalue it in terms of their perception of crypto compared to the real-world currency. This is through no fault of their own, as they ultimately tend to be using cryptocurrency as a means to make a big profit and then convert it back to the US dollars or their currency of choice.
The key consideration is that even when money is taking the form of virtual currency it still intrinsically has a value. You can’t be negligent with how you look after it; still, we have seen many instances where buyers have neglected to protect their currency and then have lost it. Ultimately this also means they have lost the real-world money that they used to invest in it.
Cryptocurrency is not a second-class currency, it is as valuable as real-world money, and you should always protect it as much as you would the money in your back pocket.
Precautions to Take with Cryptocurrency
Here is a list of 5 simple crypto precautions you should always take when buying, trading and holding cryptocurrency.
Keep it in a Secure Wallet
A hardware wallet is worth its weight in gold. They cost a bit of money upfront, but they are much more secure than software wallets simply because they eliminate access via an internet connection. Being able to remove the vulnerability that an internet connection causes will mean that the route hackers use to exploit people is nullified.
If You’re Using A Software Wallet…
If you can’t face the outlay of buying a hardware wallet, look around the software wallet market before picking the one that is right for you. Opt for software wallets that have seed functionality to restore your wallet balance in the event of a hack. Sometimes software wallets will cost a small amount of money. It is worth looking at the security features and then evaluating whether it is justified skipping on the cost and risking your crypto.
Never Keep Cryptocurrency in Exchanges
Time and time again, cryptocurrency goes missing from exchanges, and time and time again, people leave their purchases in the exchange wallets. Big exchanges have long been targeted by hackers for vulnerabilities. Once an exchange has been exploited, hackers will continue to come back for more until the exchange manages to close the door. So, always remove your cryptocurrency from the exchanges and secure it in your personal wallet.
Never Share Your Private Keys
Private keys are for your eyes only. This is secure information and should never be given to anyone under any circumstances. If you give out your private key information, you are as good as handing over money at that point. There is never a legitimate reason for anyone to have your private key information, so do not give it out.
Write Down Your Information and Store it at Home
Make no mistake, hackers are criminals, but they operate under a veil of anonymity that the internet affords them. Someone that hacks is not the same person that burglarizes houses. Writing down passwords and information and then storing them at home will always keep such information safe. And even if you are the unfortunate victim of a burglary, the burglar is going to target high-value items that they can fence easily, such as a TV. They are not going to root through your paperwork trying to find your crypto information.
Also Read: Investing in Bitcoins: Pros and Cons
The Most Secure and Trusted Exchange: CEX.IO
Now onto the important part! You have protected yourself where necessary and you want the safest place to buy your Bitcoin. According to the official website found at https://www.cex.io/, CEX.IO is the exchange that has traded millions of dollars’ worth of cryptocurrency and not yet lost a single penny. This fact puts it head and shoulders above other crypto exchanges because the security measures that are in place from the CEX.IO development team are clearly very robust.
Having personally used many exchanges over the years, you might find that CEX.IO is not only extremely secure but also incredibly accessible. It has low fees on trades (0-0.25%) and has a very straightforward interface. Pricing of the cryptocurrencies always corresponds to the average market rate, and this is assessed regularly by the CEX.IO team to ensure that they are providing fair prices to their user base.
As mentioned, the security and verification process is thus far perfect and even money that has been forgotten or accidentally left in the exchange has remained there. However, this isn’t an endorsement to lazily leave cryptocurrency in the exchange wallet. The more precautions you take to secure your coins, the higher the chance that your investment won’t disappear overnight in the wake of a hack. It’s always better to be safe than sorry, isn’t it?