Store Cryptocurrency Safely
by LCX Team · February 4, 2022
After achieving a peak in price in late 2017, eventually, cryptocurrency has witnessed a fluctuation in its price and other substantial surges through 2019 and 2020, exceeding their former all-time high. As cryptocurrency has gained popularity, the publicized hacking situations have also increased. Many investors are unaware of the fact that they need to store their cryptocurrency safely, and hackers are finding new ways of stealing the funds.
Several of the most outrageous thefts have occurred in plain sight; several hackers have even shamelessly diverted tokens from one wallet to another. Victims only watch their funds getting stolen and can’t do anything about it.
Just like we keep our money in a wallet to keep it safe, similarly, there are digital wallets for cryptocurrency. These digital wallets can be web-supported or hardware-supported, and they can be resided on a computer desktop, smartphone or be kept safe by printing the private keys. But here, the question arises: how safe are these wallets? And the only answer to this question is: how the user handles the wallet or which exchange they choose to store their wallet?
As we all know, every wallet contains a set of private keys without which the cryptocurrency owner can’t access their currency. The most common danger in crypto wallet security is that the individual user loses the private key or gets stolen.
As the LCX exchange is a regulated exchange by the Financial Market Authority of Liechtenstein, it automatically enhances the trust of the crypto owners. Every authorized, recognized, and licensed exchange is better for storing your cryptocurrency and buying or selling the same. LCX has secured approvals for eight blockchain registrations that permits LCX to provide the comprehensive scope of blockchain services alongside the advanced suite. The crypto enthusiast will find almost 31 listed tokens and coins with nearly 67 live pairs, which comprise Fiat currency (EUR) pairs.
With an intense focus on security and registrations, LCX is even registered as TT Exchange Service Provider, Token Generator, TT Price Service Provider, TT Key Depositary, TT Identity Service Provider, TT Token Issuer for our own name (Article 12(2) TVTG) TT Token Depositary, and TT Token Issuer for third parties (Article 12(1) TVTG) under the provisions of the TVTG.
So the most important way to safely store your cryptocurrency is by dealing with a regulated exchange like LCX. Half of the worry ends when you team up with a regulated and licensed exchange. LCX exchange takes responsibility for your private key as it offers a custodial wallet, and you don’t have to worry about it. Similarly, hackers can’t move your funds because the LCX platform secures them, and you don’t own the keys.
The only thing that an LCX user needs to do to secure their wallet is to protect their user ID and password that they used at the time of registration. LCX and its compelling security will do everything else.
The bottom line is that if you want to store your cryptocurrency safely, then do your research before choosing a crypto exchange and how securely they handle their platform.
