How To Store Your Crypto Like A Pro & Never Get Hacked

Let’s talk wallets!

They’re a hot topic right now, due in part to the FTX collapse.

Why? Because the right wallet would have prevented millions of people losing access to their crypto.

So today, I’m going to cover some wallet basics and give you my recommendations, enabling you to enjoy a safer crypto journey.

Let’s jump in!

The Basics
A crypto wallet is a place to store your assets – think of it as a digital vault. The main thing to know about wallets is that there are different types:

• Hot Custodial – Exchange wallets. Connected to the internet.
• Hot Non-Custodial – Software wallets. Connected to the internet (on your PC or mobile).
• Cold – Not connected to the internet. A Hardware wallet.

Hot Wallets (Custodial)
These are super convenient and accessible – all you need is an Internet connection and you’re good to go. Most centralised exchanges, such as Coinspot, Binance etc, offer free hot wallets where you can store your crypto. But be warned, you won’t own the private keys to these wallets, so you won’t have custody and full control of your funds.

When an exchange holds the private keys, it means you’re subject to their rules and regulations. And heaven forbid if they get hacked!
That’s why we always recommend moving your crypto out of the exchange and into a wallet you control.

Hot Wallets (Non-Custodial)
We like the Exodus hot wallet because it gives you all the convenience of being connected to the internet, but it generates a private key that only you have access to. The Exodus wallet is great for smaller value investments. Exodus also has a great feature in that you can connect your Trezor to it, enabling you to view and interact with both wallets in the same app.

Safe Link: Exodus Software Wallet

Cold Wallets
At the other end of the spectrum is cold wallets. They offer the greatest form of security and are almost impossible to hack. They’re small, USB-sized devices that hold your crypto offline. When you want to transact, you simply plug the wallet into your computer via cable, transact, then unplug it again.

Our Recommendation
The two most popular and trusted brands for cold wallets are Ledger and Trezor. They’re both reputable and technically do the same thing. With these wallets YOU own the private keys, so YOU are in control. Great for larger and long term investments.

At DWG, we strongly recommend cold wallets because it’s the only way you can 100% guarantee that your crypto is yours. 

Safe Links
Ledger: https://shop.ledger.com/pages/ledger-nano-x
Trezor: https://trezor.io/ (we recommend Trezor Model T)