METAWALLETS
Before you start downloading those crypto wallets, here are the five golden rules of investing in crypto:
1
Know the risks when investing:
We know—not the most helpful advice, but like any kind of investment, there will always be risks involved. For crypto, being in its early stages, it will remain volatile and highly speculative, depending on market sentiment. The bigger the ‘potential’ (read the fine print) returns, the higher the level of risk. And if it seems too good to be true, it usually is.
2
Never invest more than you can afford to lose: Don’t put all of your eggs in one basket; seriously, don’t use that retirement fund. Just because everyone else around you is pumping in everything they have in their portfolio, doesn’t mean you should.
3
Don’t follow trends: The FOMO (fear of missing out) is real, so don’t be fooled into thinking that you have to jump on that bandwagon now.
4
It’s not a cash grab: If you invest in crypto, you need to know that you are in it for the long haul. Understand your objective of investing in crypto, and set yourself a goal.
5
D.Y.O.R (Do Your Own Research): Seriously, you need to. We know it’s intimidating to scale the mountain that is crypto—we speak from personal experience—but to make the most out of your investment, you need to understand what it is you’re investing. Seeing that it’s peer-to-peer, you now have direct responsibility of controlling and managing your finances.
Additionally, don’t lose your private key. Ever. Because even though it functions as a password, there is no password recovery in crypto. Last but not least, there two types of crypto wallets to consider: hot and cold. A hot wallet is an online storage unit, whereas a cold wallet is an offline one that allows storing your digital assets in an external hardware like a portable USB, which provides an extra layer of security.
So, now with all of that out of the way, here are the three beginner-friendly wallets to use:
Metamask
• Hot Storage.
• Is based off Ethereum technology and is one of the more popular crypto wallets. Doesn’t support Bitcoin and doesn’t allow for password resetting. It’s easy to set up across multiple devices, and there’s no signup process that requires you to give personal information. It supports all ERC-20 tokens, NFTS and multiple blockchains.
• You can send, receive and exchange cryptocurrency as well as buy and store NFTS.
• Free to download.
Coinbase
• Hot Storage and Cold Storage.
• A well-known cryptocurrency exchange, the Coinbase Wallet is a self-custody wallet where users can utilise a decentralised web browser already within the application. It’s one of the easier wallets to use, supporting over 100 currencies for trading, and has a fiat-to-crypto on-ramp for its users. However, if you’re looking to trade, be vigilant with its trade screen so you know what and how much you’re paying for when you trade to avoid potentially high transaction fees.
• Free to download.
Luno
• Hot Storage.
• Malaysia’s first regulated cryptocurrency exchange with a hefty portfolio comprising 43 countries, Luno is a userfriendly platform where users can buy, sell, store and trade their cryptocurrency, including Bitcoin, Ethereum, Litecoin and more.
• Free to download.