How to Store Your Cryptocurrency Safe ๐Ÿ”“ [LESSON 2]

Now, for the beginners, I would like to explain a little bit about the wallets and the exchanges so you will know how you can store your Cryptocurrency safe. We use the exchanges to buy Cryptocurrencies with our debit card, credit card, wire transfer, or to exchange one Cryptocurrency for another, to sell a Cryptocurrency for fiat currency, or this is for USD, EUR, GBP. But the exchanges are not the safest place where you can store your Cryptocurrencies. You better use wallets. And there are 2 types of wallets.

One is the custodial wallets which is known to be less secure because you don't have full control of your Cryptocurrencies, and the others are non-custodial wallets where you have bigger control of your wallet. Such a wallet, for example, is the Exodus Wallet, which is very friendly. And I have done reviews on YouTube for most of the wallets I use but Exodus is one of the online wallets that I've been using and it's non-custodial, meaning that I have control over my Cryptocurrencies, I have my private key, and so on. And of course, the biggest exchanges like Coinbase, they are have wallet.

So there is the Coinbase wallet, which I've been using as well without any issues. It's very comfortable because the 2 connect easily so I can transfer Cryptocurrencies from the wallet to the Coinbase exchange very easily without copy-pasting addresses and it works really nice. And these wallets usually keep most of our Cryptocurrencies offline. And keep in mind that the different exchanges and wallets secure their funds and their customers in a different way. For example, most of the U.S. based exchanges and the wallets cover the funds of the U.S.

Citizen up to $250,000. But for the non-U.S. citizens, they pull the cash and keep it in dedicated custodial accounts. So you should always do your research about the exchange you select to use, about the wallets, how your funds are secured. And of course, with the time, this will change. So by the time you are watching this video, probably the conditions will be different with most of the exchanges. But for now, in 2021, one of the most secure wallets is the Ledger wallet, which you can easily keep in your pocket.

It's a hardware wallet. This is where I keep most of my Cryptocurrency. So being offline, I have full control of my Cryptocurrencies. And many people are using the Ledger nowadays but keep in mind that it's a bit costly. And if you decide to buy the Ledger, make sure to do it from the official website. I'm talking about safety and staking, Ledger also allows staking already but not for all of the Cryptocurrencies. OK? Just for a few of them for the moment. And if you have hard times selecting your Cryptocurrency exchange or wallet, you can visit our website at eaforexcademy.com. Actually, we are moving the domain to eatradingacademy.com, I guess you will be able to find us on both. But we are about to change the brand to Trading Academy because now we do courses not only for Forex but for Cryptocurrencies, and we are starting out with Stocks as well.

So I believe both domains will remain. But on the top, we have the Brokers page where I have asked my team to do detailed reviews for the brokers, the exchanges, and wallets that we have been using. And we will add some more Cryptocurrency exchanges and the wallets with detailed reviews about each one. So this way it will be easier for you to select your Cryptocurrency exchange or Cryptocurrency wallet if you are just starting out. So probably by the time you are watching that video, more exchanges and more wallets will be on that page which you can use just as a resource for trusted exchanges and wallets that I personally test before we put on that page. But of course, before selecting your exchange or your wallet, you need to make your own research. For example, I will bring quickly the Crypto.com website and for the moment, there are 2 different ways that you can earn passive income on Crypto.com. One is with the Earn option, which I'll be demonstrating in this course where we can receive up to 12% annual interest on Crypto deposits.

And the other option is to do CRO staking, which is the Crypto.com Cryptocurrency and it's pretty much related to their Visa card options, which I've been using as well. But I don't want to go into such details because I don't want anyone to feel like I'm promoting this exchange. I just had to pick one of them to demonstrate the staking and the earning rewards in this course. OK? So when you choose your exchange, make sure to learn all the different options they offer and all the conditions they have. As I said, they are changing it all the time. For example, right over here with Crypto.com, as I said, we have 2 options. One is to use the Crypto Earn option and the other one is to stake CRO tokens where you can order Visa cards and take some benefits from their partners. And one more time, all of these conditions change. So, for example, when staking CRO, they have different cards, and depending on how much you stake, you will receive different benefits and so on.

OK? But for the purpose of the course, I will start with the Earn option which is more suitable for beginners. And we can earn interest in many different Cryptocurrencies, not just the CRO. And this way, I'll be actually lending my Cryptocurrencies to get rewards at the end of the period. But one more time, guys, don't take any of the Cryptocurrency exchanges, wallets I show and mention in the course as a recommendation. I am not paid by any of the companies that I mention to do the course. The purpose of the course is educational. And I have selected to use Crypto.com for the purpose of this course because it has a huge variety of Cryptocurrencies to choose for staking. And I will show you how to do that right away..

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