Finance

Top 3 ways to buy Bitcoin safely

Crypto crime is surging at an alarming rate since the last two years. In 2021, while Bitcoin peaked to its 2nd ATH, crypto crime too touched its ATH. A recent study had reported that while the survey found 60 percent respondents being aware of crypto, only a meager 5 percent actually holds it. People are panicking in the crypto scene and for obvious reasons. However, despite the alarming rise in crypto crime, there are ways to buy btc safely.

It’s no rocket science to buy btc safely- rather there are multiple simple strategies that would enable you to ensure a convenient and safe purchase. However, you would have to follow certain major precautions to stay around risks of attacks in the crypto scene.

A brief on the pro tips to follow to buy btc safely

Choose a reliable exchange

A crypto exchange is your first point of contact when you aspire to buy btc. And, if you are new and unaware, crypto exchanges are often the soft targets of hackers. Thus, you need to be extremely careful when it comes to choosing a crypto exchange platform. There are certain aspects to check beforehand to ensure you are signing up with a safe exchange to buy btc.

Registered exchange

A registered exchange is a recognized exchange by exchange authorities and these platforms have to maintain certain operational standards to ensure a legit operation.

A licensed and registered exchange would generally state about its registered business on its website or whitepaper. So, you should study the exchange website thoroughly to find out about the mention of registration. You can also study independent review sites for related information. If you can’t find any solid facts about registration of the exchange, you might ask the support team. A better option would be to look for another crypto exchange. extremely convenient to buy cryptocurrency today

Security features

This is the most crucial aspect to study when you aim to buy btc safely.

A credible exchange is always extremely careful about the security of users and hence adopts all the latest and necessary security features for a crypto exchange. The first thing to note here is the presence of cold wallets. These are offline wallets and hence BTC stored in these wallets are beyond the reach of hackers.

Now, one thing to  note here- if it’s a decentralized exchange, you are allowed to transfer funds to your preferred wallet. Thus, if you are trading on a decentralized platform, it won’t be much of a problem even if the platform doesn’t offer cold wallets. It’s because, on a DEX, you have the liberty to transfer the funds to a premier cold wallet. But, the centralized exchanges do not allow transfer of crypto holdings. On top of that, crypto exchanges are extremely vulnerable to hacking attacks. Thus, if you are signing up with a CEX, you have to ensure that the platform allows cold wallet storage.

Additionally, the exchange must also follow state-of-the-art 2FA authentication.

Don’t save payment details

Crypto exchanges allow you to choose from a wide range of payment options to buy btc safely.

You will need to enter your financial details to buy btc safely through card or bank transfer, and so on. The exchange will offer you the option to save the details for future reference. But, please do not save your details. It’s better to put the same financial details every single time you proceed to buy btc safely than offer hackers access to your vulnerable data.

Be mindful of internet usage

This is a point that crypto users often overlook, thereby posing security risks to their crypto holdings.

The internet you use to access your crypto exchange account or operations could make or break your crypto deal. Thus, be mindful about the internet while carrying the crypto operations.

Do not ever use Wi-Fi from public hotspots to access the crypto exchange account. Always use a strong password-guarded internet network while executing crypto-related operations.

In fact, one of the best tips here is to use a VPN network to buy btc safely. VON networks are guarded by 256-bit encryption that’s almost impossible to hack.

Final words

If you are just starting out to buy btc safely, start small. You should not allot more than 2% of investment capital initially. Later on, you can proceed to 5% or little more but never more than 15%.

Shaun Paul

I am a professional writer and blogger. I’m researching and writing about innovation, Entertainment, technology, business, and the latest digital marketing trends click here to go website.

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