You just bought your first bitcoin in Malaysia. You see that your exchange account finally has a balance, and you’re both excited and frightened. But now it’s time to talk about the most crucial thing: what should you do with your money? Where should you keep it? You can’t just put crypto in a cookie tin and call it a day like you can with duit raya tradu.com/my/buy-crypto.
Begin with the exchange, but don’t stay there for long.
The easiest thing to do is to leave your coins on the exchange where you bought them. If you’re new and only have to deal with a little bit, this is good for now. Exchanges in Malaysia, such Luno, Tokenize, and SINEGY, offer good security systems. But hackers can still get into exchanges, and they might also freeze accounts for a number of reasons. It’s safer to shift your crypto somewhere else if you expect to keep it for a long time.
Use a wallet that you own and control
Choosing the correct wallet is the next step when you’re ready to move your crypto off the exchange. Here are your main choices:
Wallets for Software
These are apps for phones and computers, such Trust Wallet or Exodus. They’re straightforward to use, convenient, and work well for tiny to medium volumes. Make sure your laptop or phone has anti-virus software and is up to date, though. These wallets are like e-wallets for daily spending, not long-term storage.
Wallets for Hardware
A hardware wallet like Ledger or Trezor is the ideal solution if you’ve put a lot of money into crypto or plan to keep it for a long period. Hackers and malware can’t get to your private keys when they’re stored on these devices. A lot of Malaysians use these as a personal safe deposit box for their digital valuables.
Wallets made of paper
This old-fashioned way of doing things is to write down your recovery phrase or print out your private keys. It works, but you have to be very careful. Don’t let water, fire, or pets that are curious get near it. It’s smart to have more than one copy in a safe place.
Always make a copy of your recovery phrase.
Your wallet will give you a recovery phrase that is 12 or 24 words long. Put it down on paper. Don’t take a picture of it or put it in a notes app. Keep it somewhere safe, and maybe give a copy to someone you trust. You can’t reset your password for crypto if you lose this phrase.
Make sure security is always your top priority.
Enable two-factor authentication (2FA) for all of your accounts and wallets. Make sure your software is always up to date. And don’t post a screenshot of your portfolio online; scammers love to see that kind of thing in public groups.
First, do a test transfer.
Send a tiny quantity of crypto first to test it out before you move a lot. This makes sure that you typed in the appropriate address. In crypto, there is no “undo” option. Once you send it, it’s gone.
It’s not only sensible to take the time to protect your digital assets; it’s necessary. If you put in a little work today, you won’t have to deal with problems later. And one day, you’ll be the one giving the next curious newbie pointers on how to store crypto safely over a cup of teh tarik.