Whether you currently own bitcoin or are looking to buy bitcoin in the near future, chances are the safety of your money is a primary concern. The anonymity of the blockchain, coupled with fewer industry regulations means avoiding bad actors can be difficult without the proper knowledge and resources.
At BitLeague, we pride ourselves on offering a safe, secure bitcoin platform for investors to buy, sell and trade for free. Since our launch years ago, we’ve been passionate about transparency and user experience. However, not all bitcoin platforms are created equal. By following a few best practices, you can ensure that you stay safe and secure when buying, selling, or trading bitcoin holdings.
Consider the reputation of the platform.
Though bitcoin platforms are not banks, reputable platforms have many of the same credentials. FinCen registration, money transmitter licenses, and custody agreements are commonplace for platforms that take the security of your money seriously. When in doubt about a platform’s reputation, request official credentials from company representatives, or seek another platform to invest on. Companies like TechCrunch often publish regular lists and reviews of reputable bitcoin companies and institutions, and can be a great source to help guide your decisions.
Store some funds in a hardware wallet.
Even as a mobile crypto banking platform that encourages users to invest, we believe in the security of a solid hardware wallet. Just as you wouldn’t move all of your funds to a traditional investment vehicle, it’s important to try any new bitcoin platform before going all in. In some cases, like when investing with BitLeague, you have the option to withdraw your funds at any time, penalty-free. In these cases, you can confidently deposit all of your funds, because you’ll always be able to get them back. But this is not the norm. If you’re considering investing on a platform that is not clearly fee-free, do remember that fees may be charged to retrieve your funds. It can pay to deposit a smaller amount in a plan with a faster maturation rate to assess the platform, and then go all in if you decide it’s a good fit. This simple process ensures you’ll keep the majority of your funds safe, no matter what.
Keep a personal record of your transactions.
For many, one of the most attractive aspects of bitcoin is its fierce protection of user autonomy. Your money is yours to do whatever you want with, with significantly fewer roadblocks than traditional fiat currency has. To be safe, we advise keeping a record of the transactions you make, and regularly comparing them to the account statements you receive from your digital currency bank. Even when investing on the safest platforms, there is always margin for error. Having backup information that clearly details when and where you deposited, exchanged, purchased or sold can give you peace of mind and help you better track your funds in the event something goes awry. No matter how secure a platform may seem, it never hurts to keep a record of your own!
Bitcoin is a valuable asset that will only continue to grow in acceptance, use, and popularity as time goes on. Making a habit of using simple best practices now can ensure you keep your holdings safe and secure for years to come.