You, as an Individual, cannot prevent incidents like the FTX case
from happening, because they are things that are outside your area of
influence.
But what you can do is to manage your investments
wisely and take measures according to the risks involved, especially
when it comes to Crypto.
Here are a couple of basic tips.
I ) Diversify, do not put all your capital at the mercy of a single asset,
Diversify if possible by combining Ex:
1. Crypto
2. Stocks
3. Savings Plan (Fiduciary)
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II) Keep your main Crypto Reserve in a Cold Wallet ( Ledger or Trazor ).
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This is the strategy I personally use to buy BTC and store it in my Ledger.
I do not have a large capital to invest in crypto. I consider my
purchases to be small and the best strategy that has worked for me based
on these amounts is the following:
- I use Binance
to buy XRP Ripple, because it is a reliable currency made for
cross-currency transactions, and the withdrawal fee in Binance is Low.
- Once I have XRP Ripple in my Binance Spot wallet, I withdraw it to a Bridge Platform, I can use YouHolder or Bitso.
- Once I have received the XRP Rippley in YouHolder, I do the process to convert it into BTC.
- Ok, Now that I have the BTCs in YouHolder, I withdraw the BTCs from YouHolder to my Ledger.
- Once the BTCs are received in my Ledger, I have completed the cycle.
They are now in my custody.
I hope this information will be useful.
Greetings
