Cryptocurrency is a digital currency. Blockchain is the backbone of cryptocurrencies, a distributed ledger and it is impossible to hack it because it is owned by users, not one person or group. It also provides security for cryptocurrency assets.

Cryptocurrencies form the basis of decentralized finance (DeFi), crypto can convert perfectly, so in almost all countries where there is electronic and non-cash money, you can pay with it. The advantages of crypto: decentralization and almost limitless opportunity to develop. But how to buy cryptocurrency and where to store it safely? This is what this article will be about.

How to buy cryptocurrency in Ukraine

If you do not know how to buy crypto – it is best to do it on the exchange.  

To register, you will need to create an account. We will tell you about the example of the largest crypto exchange “Binance”, it – safe and registration on it is the most complicated. To register, you need to enter your phone number or email address (we recommend the phone number, as we think it is safer).  

After that you need to enter your personal information, zip code, etc. We advise you to fill everything in so that your account is as secure as possible. Having created an account you will create your cryptocurrency wallet and you will be able to trade!

But how to buy crypto on the exchange having only a bank card? – There are only 6 steps:

1. Hover your cursor over the “Trading” item on the panel.
2. In the column that opens, click on the “P2P” button.
3. On the new page there will be a button: Buy/Sell. Click on the “Buy” button.
4. sеlect the cryptocurrency you want to buy and the currency you are willing to spend.
5. In the column will be options that offer to exchange crypto for fiat
6. Transfer hryvnias to the card of the seller, after that you will only have to wait. 

All, now you have crypto and you know how to invest in cryptocurrency.

Important: If within half an hour, the crypto did not come to you – write to the support service. Specify your card number and the person you sent it to, his account, as many details as possible. If you have fallen on a scammer – you will help you get your money back, and his account will be blocked.

You can also download an application on your phone, pass identification or register.

But how to choose an exchange?

We advise you to choose a crypto exchange that has existed for more than one year, with branches in several countries You can also choose relatively new, but only with an impeccable reputation. 

How to safely replenish the cryptocurrency wallet in Ukraine is already clear, but how to protect yourself from financial losses?

Where to store cryptocurrency

Store crypto on the exchange – convenient, but safety depends only on the integrity of the trader and the exchange itself. Then how to safely store money in crypto? – Use a cold wallet (HC).

A HC is a device or app on a smartphone. Apps can be both hot wallets and cold wallets. You can distinguish cold from hot by the presence of Seed-phrases. This is 12-24 unrelated words, they are only in HC. Without its physical theft or Seed-phrase, the crypto cannot be stolen, no way.

The device does not store your crypto, but your keys (password and account).  

You only need to store your Seed-phrase on a piece of paper, not one copy, and so that only you know where it is. Other electronic media is not secure, it can be hacked or stolen, especially if it has an internet connection.

If you plan to invest in cryptocurrency in large amounts (from 500 dollars), it is better to buy an XC carrier. They cost about $100 (some models up to $300, but it depends on your needs), although they will save thousands. XC is the best answer to the question, “Where is the best place to store crypto.” 

The Trezor is the best fit. It has different modifications, but all of them are hardware and only you will know their Seed-phrase. Trezor works only when connected and through the TrezorSuite application.

The setup is as follows:

1. You open the TrezorSuite website.
2. Download the file. 
3. Open the file in downloads.
4. sеlect “Install for yourself only”.
5. Download the client.
6. Connect your wallet through the wire.
7. After that, the Seed-phrase will appear (you need to write it down).
8. Set the Pin-code.

In addition, the wallet should be updated regularly. If you don’t do this, the wallet may not work properly. But on the official website of the device there will be instructions for updating and customizing it. Also, this device is a great way to create a backup.

Security and tips for beginners

In cryptocurrency are frequent – cases of fraud. For example, in P2P trading, the fraudster after payment immediately runs away and withdraws money. Phishing emails: direct the user of exchanges to a site that is a copy of the exchange’s website and ask the user to enter the keys for login, and then steal them. Exchanges that offer cheap crypto and when withdrawing funds it turns out that there is no crypto.

The law on cryptocurrency in Ukraine is aimed at the safety of investors, protection from loss of assets, will become effective not earlier than the end of 2023 early 2024.  But how to act until then? Only fraud prevention.

Do not go to the letters from crypto exchanges, which are not sent from the official site. Check the current rate of cryptocurrency before the operation, if the difference is 1-2% – nothing, but if the crypto is sold 10% cheaper or agree to buy with a markup of 10% – most likely scammers.

Storage of keys in HC, two-factor and SMS-identification – all this makes it more difficult to steal crypto. 

If your keys are stolen with a fake email, real exchanges, such as Binance, have two-factor identification. To log into your account on such an exchange, you need not only to enter a password, but also a 6-digit code that will come to your phone or mail. With this method of login, it is impossible to steal your cryptocurrency, you will have to steal your phone and have access to your e-mail address, which is much more difficult.

HC has a Seed phrase. This phrase not only allows you to open, but even restore your wallet, if it is lost or broken. Restoration must be done through the site. This is valid not only for Trezor wallet, but also for others, such as Ledger.

Even if you have been bypassed by scammers – it is necessary to check your cryptocurrency wallet. Perhaps your coins have been used for money laundering or something illegal before. If this is the case – your account can simply be blocked on the exchange. How to avoid this? – Regularly check for AML through the “AnyExchange” service. Also our service will help you to withdraw funds, and we will check all coins before withdrawing them. 

Conclusion

Security, decentralization and anonymity are the foundations of crypto. Most thefts are due to negligent attitudes towards security, but cryptocurrency was created just to keep finances safe. After all, Satoshi Nakamoto created Bitcoin to make money belong to the people, not the government. That’s why the choice of exchange, diversification of finances, HC, etc. is so important.

We are close to Satoshi’s idea and we created a service so that people can have more financial freedom and independence. If you are just starting your way in crypto – on our service “AnyExchange” you can register and buy absolutely safe crypto.