Simply put, manage your own keys. Consumers want the best when investing in Crypto. They want a secure and honest exchange to handle all the nitty gritty for them. Usually this is all good except when it isn't. FTX/Mt Gox/Quadrigacx to name a few have all collapsed and left investors penniless or waiting years to get their money back.
So here are four clear steps to help protect yourself from heartache.
1. Buy Crypto from a trusted exchange (Crypto.com/Coinbase/Binance)
2. Download the non-custodial wallet for that crypto e.g. MetaMask for Ethereum or Bitcoin Core wallet for Bitcoin.
3. Transfer crypto from the exchange to your own non-custodial wallet at the earliest opportunity.
4. Make an offline backup of your wallet (passwords/seed codes) store that backup somewhere you'd be able to find it in 5 years’ time.
One not so obvious benefit of doing this means when you decide to sell your crypto you are not limited to the exchange you bought it from, they might have collapsed in the meantime and you were protected all along by looking after your own crypto keys/passwords.
Crypto is not a get rich quick scheme, neither is the stock market. Patience as an investor is key, set your outlook for 5 years or longer. This is where the backup of your wallet is important, sure you remember the password today, but in 5 years’ time when you've not used it?
Keep the backup somewhere safe and easy to access.
REMEMBER
Not your keys, NOT your Bitcoin
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