How to keep your cryptocurrency safe

Cryptocurrencies have caused a lot of spike in the last couple of years, and some experts estimate that this will be the future of investment. But, as this technology continues to develop and grow, many hackers see a chance to earn money as well. It has become really challenging to believe someone in a digital world, especially if we are talking about the money. We all remember what happened with the Mt.Gox exchange.

So, if you have already earned you coins, then now it’s the time to keep them safe, and you can only do that if you buy reliable e-wallets. Here are some options for you:

Ledger Nano S

This is a USB sized hardware wallet, which has been specially designed for the cryptocurrency. You need to keep in mind that hardware wallets are expensive, but you get a lot of features in return. This is probably one of the best wallets on the market. It offers you advanced security solutions, such as backing up your private key for the digital currency. You don’t need a computer to use this device. Nano S has a small LCD screen, which allows you to operate your wallet, for example, you can make transactions, exchange cryptocurrency and use the app to transfer money from one account to another. Even if you lose Nano S, you can back up your files and block the theft.

Ledger blue

This is another hardware wallet produced by the same company. Only this one is more advanced. It is bigger in size and supports new options which have never been seen in any digital currency wallet. Considering the features, stylish design and advanced options, Ledger Blue is the most expensive wallet available on the market. With Ledger Blue, you aren’t only getting the wallet to keep your coins, but a professional security device, which has a touchscreen, Bluetooth and USB connectivity. When you look at Leger Blue, it will remind you of a mini iPad, but it’s so much more.

Coinpayments

Coinpayments is a web-based wallet and became very popular when it allowed their users to store more than 75 currencies. The significant advantage of this wallet is that it provides their services for free, you just need to register. Also, this wallet offers visibility; it means it’s accepted by hundreds of online stores. It means you can use your funds to buy things online, not only use it for trading purpose.

Exodus

Traders are thrilled with this e-wallet because it offers the best features out there. Exodus is another online based wallet, which provides advanced features to its users. So, if you are searching for a wallet that excellent graphics, reporting system, unique colors and it’s easy to use, then Exodus is the right choice for you. But, the design is not the only thing this wallet has to offer. Many traders are worried about the safety of their coins, and this e-wallet is a perfect option for you.

Can you trade cryptocurrencies without paying the fee?

A lot of traders are complaining about the outraged fees exchanges are charging. Once you start trading, five dollars here and five dollars there begin to add up after some time. Even though this may seem like a ridiculous amount, but if you spend the entire year trading and making transactions, then you will realize how much money you are visiting on fees. Of course, the exchange you choose plays an essential role in this process because each of them charges the different amount. Considering that some coins have increased in price, the transaction fees can be significant. So, we are going to show you how to avoid costs using the two U.S. most popular exchanges, Coinbase and GDAX.

Avoiding GDAX fees

To start, you will need to open an account and Coinbase and GDAX are linked. So, when you have funds in American dollars, you can transfer money from one platform to the other without paying fees. Next, head over to GDAX website and click the withdraw button and choose the amount you want to withdraw. This should be easy, right? Your next step would be when to buy and which currency you wish to purchase. In this case, you can also use the Market order, the limit order, or a Stop order.

Market order – this will provide you to buy cryptocurrencies at the given value, and this type of transaction will cost you 0.3%, and in this case, you are considered a taker for the order.

Limit order – this type of trading allows you to make the order. It’s a simple procedure; you just put the number of coins you want to buy, as well as the price. When you are using a limit order, you will want to offer the price that is lower than what the current market value is. Also, in this type of order, you are considered a maker and your fee will be zero.

Stop order – stop order is similar to limit order, but in this case, you are selling your cryptocurrencies. So, if you don’t want to risk your money, or you think that market will crash, you just start the stop order which triggers the exchange to sell as many coins as you place, at whatever price you put it at. Again, you are a maker, and you don’t pay fees.

Be aware of scams

Recently, many traders reported losses from fake websites that look like exchanges. So, when you are trading cryptocurrencies, with any exchange, you need to be very careful and make sure you are signing on to the right website. Even if they provide a secure system, you need to know that you aren’t entirely safe. So, when you are looking for an exchange to invest your money, make sure to read the online reviews and compare the experience of other traders. On the other hand, Coinbase is a very reputable exchange in the U.S., but they might not be accepting the traders from all over the world.

Four common cryptocurrency scams

This is probably the highly requested question, considering everyone wants to earn money on cryptocurrencies. But, as with any form of investment, you need to take some risk. The easiest way would be to stay at your home and don’t mess with your hard – earned cash. But, if you have money and you are willing to trade, then we have a couple of advice for you. Here are five common scams, and how to avoid being caught out. Otherwise, it’s going to hit you had, and you may lose all your money.

Suspicious exchanges

As the popularity of digital currencies grows, so as the number of exchanges increases. They all want your attention, and they all want to make you invest money with them. Exchanges directly earn money on fees. However, if you’re going to find a reliable digital currency exchange, then you will have to review them carefully. Even the popular exchanges have known to disappear overnight, taking all your money and coins with them. If you are new to this trading world, you probably haven’t heard about Mt.Gox. This was one of the first cryptocurrency exchanges, and at one point they had over 70% of all bitcoins. In 2014, in February, the suspended all their transactions because 850,000 of bitcoins have been stolen. On this example you can see that trust and reliability in the digital world doesn’t mean too much.

Pyramid and Ponzi scheme

In early 2017, a company based in Mumbai, called OneCoin was giving a sales pitch to some investors. Indian police raided the meeting and jailed 18 OneCoin executives for performing a Ponzi scheme. But, even though, they were arrested they managed to move more than $350 million via payment processor. A lot of investors lost their money in this process. Unfortunately, digital currency is creating new scams every day and using the technology average users never heard about.

Pump and dump

Even the most prominent financial experts have dismissed digital currencies as a scam. Some of them even compare bitcoin with other safe investments, such as gold. On the other hand, others believe this is just a humping and dumping and that exchanges are only earning money. Bitcoin has already established its place in the trading world, so it would be challenging to alter the price. However, smaller altcoins aren’t so resistant to humping and dumpi

g. In this case, the exchanges are increasing the volume of trades, but the price stays the same.

ICOs

This is a so-called initial coin offering, and in this case, the digital currency startups create initial coins to raise a significant amount of money. In addition to this, a lot of them overestimate the price of their startup. But, there are some things you can do to avoid this scam. For example, when you don’t know a lot of facts about the company, they don’t have publicly available information, nor media press releases and they have questionable trading tactics. If you spot any of this, run!