There are many different crypto platforms for trading. Each of them offers various conditions for trading and options to store investments. It is advisable to pick exchanges that hold most assets offline, protecting them from hacker attacks. For example, WhiteBIT. This platform provides quality services for trading and investing, a convenient and fast crypto convert calculator, low fees, and over 400 pairs for trading. Lets talk about how to save money on a crypto exchange.
Types of Crypto Storage
All cryptocurrency holders know that when buying cryptocurrencies, it is important to choose the right place to store them. It is important to keep your assets in a secure place.
Here are the types of wallets for digital assets:
A cold wallet is a standalone gadget, such as a USB or ledger, that is linked to the network when needed and removed when the job is done. For example, suppose you have coins in a ledger, and you would like to sell some of them. To do this, you link the ledger to a PC, and proceed with the trade. When it is completed, the ledger is disconnected. Cold storage is suitable for long-term investments and helps to save money from hacker attacks.
A hot cryptocurrency wallet is permanently linked to the network. It works well for intensive trading, such as day trading and scalping. These trading strategies involve placing orders to buy and sell cryptocurrencies several times a day. Some trades last 15 minutes and are repeated several times a day. Other trades last much longer and are closed at the end of the day. In any case, traders must be aware of all market movements and react quickly. For this, a hot cryptocurrency wallet is the best option.
What Wallet to Choose for Often Trading?
All major exchanges offer their in-built wallets. For example, the WhiteBIT platform has a convenient cryptocurrency wallet that can be used on PC or mobile phone. Wallet allows you to make quick and convenient transactions directly from your smartphone or laptop.
Reputable cryptocurrency exchanges are fully aware of the security of their users’ funds. For example, the WhiteBIT platform holds 96% of customer funds offline (cold wallet) to ensure that funds are well protected.
It is recommended to keep most assets in cold wallets and some in hot wallets. Just divide your crypto holdings into two groups – one for long-term investments (use a cold wallet) and another – for daily trading (hot wallet built in the exchange).
Visit the WhiteBIT blog to learn how to download the wallet and use a crypto calculator.