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Getting started with cryptocurrency investment always comes with a question, how to buy and where to store cryptocurrency safely? In order not to suffer early setbacks, it is essential to know where how to buy and store cryptocurrency.
Cryptocurrencies need to be stored in a crypto wallet with both secure and accessible storage options. Wallets are the best option which is a program or device to keep crypto assets, private keys, and more in the same place. Mistakes in taking the right step lead to consequences such as losing the entire crypto stash. To store crypto safely, users need an account in the crypto exchange from where they bought the asset to gain access to the wallet provided by the exchange. The steps to store cryptocurrency in 2023 are as follows:
Step 1: Choose an apt crypto exchange
You need to choose an exchange that supports a wide range of cryptos, basically, one that is supported in your country and has a good user experience
Step 2: Open an account in the exchange
Once you choose an exchange, open an account in the exchange which takes less than 5 minutes.
Step. 3: Complete the KYC requirements
Account opening demands to satisfy KYC requirements. Submit personal information like name, email address, and phone number. Users are requested to provide proof of identity for verification. This could be any government-issued ID or similar supporting documents.
Step 4: Deposit the crypto
After setting up the wallet, the crypto can be safely stored in it. To deposit crypto, a wallet address is required on the crypto transaction page. To get the wallet address, search for a string of 40 alphanumeric characters on the screen or initiate a deposit transaction.
In 2023, storing cryptocurrency securely remains a top priority. The common practices include storing in hardware wallets like Ledger or Trezor, Software Wallets like Atomic Wallet or Exodus, Cold storage like paper wallets or offline computers, enabling multi-factor Authentication, and regular updates and backups with the latest security patches.