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Safest Ways to Store Your Cryptocurrency For The Long-Term in 2024

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Key Takeaways

  • The safest place to store crypto is in a hardware wallet, which is a physical device that stores your private keys offline and keeps them solely under your control.
  • A cold wallet is the most secure for long-term crypto storage. It protects against online attacks and unauthorized access.
  • Storage options vary, each with its own set of benefits and risks. Choose based on your needs and concerns about security.
  • A hot wallet offers convenience for quick transactions. But, you must follow strict security measures to avoid cyber threats.
  • Finding the right balance between ease of use and security is key. The best approach might be a mix of hot and cold storage.

Cryptocurrency is growing fast in the world of money. It draws people with its high-profit potential and freedom from traditional banks. But there’s a big issue: keeping these digital coins safe. With many stories of hacking and lost money, picking the right place to keep your crypto is crucial.

This guide examines the safest ways to keep Bitcoin and other cryptos safe. We’ll check out different places to keep them, like exchanges, cold and hot wallets, and paper wallets. We aim to help you protect your digital money.

What are the factors to consider before deciding on a crypto store solution?

Choosing the right place to store your crypto is vital. Several factors can influence this decision. Understanding these can help you pick the best option for your needs. Here’s what to consider:

Amount of cryptocurrency you hold

The total value of your crypto holdings is crucial. A more secure option, like cold storage, might be best for large amounts. A hot wallet could be more convenient for smaller amounts or daily trading.


Consider how long you plan to hold your cryptocurrency. Short-term holders may prefer the convenience of hot wallets. Long-term investors might lean towards cold ones for enhanced security.


Laws and regulations in your area can affect your storage options. Some wallets and services might not be available in your jurisdiction. Always ensure compliance with local laws when selecting a storage solution.


The level of security you need depends on several factors, including the amount of crypto and how you use it. Evaluate features like two-factor authentication, multi-signature wallets, and the reputation of service providers.

Ease of use

Your technical expertise and comfort level with cryptocurrency technology should guide your choice. New users might prefer user-friendly platforms with intuitive interfaces and helpful customer support.


Consider liquidity if you need quick access to your funds for trading or spending. Hot wallets and some exchanges offer high liquidity but at the expense of lower security.

Cryptocurrencies supported

Not all storage solutions support every cryptocurrency. Make sure the option you choose can store the specific types of crypto you have.

Customer service

Good customer service can be crucial, especially for newcomers. Look for platforms with robust support channels if you encounter any issues.

Backup options

Consider the backup options available. Losing access to your wallet can be devastating. Solutions that offer secure backup options can safeguard against this risk.

When selecting a crypto storage solution, weigh these factors carefully. Your personal needs, the amount of crypto you have, and your plans for its use all affect the safest and most convenient way to store it.

📚Read more: How to Secure Your Crypto Wallet Effectively

Looking for a safe place to keep your crypto? Try swissmoney wallet.

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Swissmoney’s crypto wallet is a user-friendly software wallet, crafted by experts in blockchain and cybersecurity. It offers various secure crypto wallets and a card with high spending limits.

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Key Features:

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What are the best and safest ways to store Bitcoin and other crypto?

Storing your cryptocurrency safely is crucial to protecting your digital assets. Here are the safest methods:

  1. Crypto exchanges for quick access and trading.
  2. Hot wallets (Software) for everyday transactions.
  3. Cold wallets (Hardware) for long-term storage.
  4. Paper wallets as a physical backup.

Comparison table

Storage option Best for Security Cost Convenience Risks
Exchanges Quick access & trading Medium Variable High Hacking risks
Hot Wallet (Software) Daily transactions Medium Low/Free High Cybersecurity threats
Cold Wallet (Hardware) Long-term storage High High (One-time purchase) Low Physical damage or loss
Paper Wallets  Backup High Low Low Loss or deterioration

Crypto exchanges

A crypto exchange is a bustling marketplace for buying, selling, and trading cryptocurrencies. It is an integrated platform offering various services, including wallet services for storage. While a crypto exchange provides the convenience of quick transactions and access to a broad spectrum of digital currencies, its online nature subjects it to potential security vulnerabilities, including the risk of hacking and regulatory scrutiny.


  • Easy to use and accessible anywhere.
  • Supports a wide range of cryptocurrencies.


  • Vulnerable to hacking and security breaches.
  • May have higher fees.

Main important things in terms of storage and security:

  • Use exchanges with strong security measures and a good track record.
  • Enable two-factor authentication for an added layer of security.

Best exchanges:

  • Coinbase
  • Binance

📚Read more: Top Fiat to Crypto Exchanges

Hot wallet (Software)

Software wallets are digital wallets that store cryptographic keys on devices such as smartphones or computers. They offer a practical balance between security and accessibility, making them ideal for regular transactions and daily use. However, being connected to the internet exposes your assets to potential cyber threats like hacking or phishing, underscoring the importance of stringent security practices.


  • Instant access to your crypto for transactions.
  • Often free or low cost.


  • Risk of cyber attacks.
  • Dependent on the security of your device.

Custodial and non-custodial wallets:

  • Custodial wallets: The service holds the private key to your crypto.
  • Non-custodial wallets: You hold the keys and fully control your assets.

Main important things in terms of storage and security:

  • Choose non-custodial crypto wallets for more control.
  • Regularly update and back up your wallet.

Best hot wallets:

  • swissmoney
  • MetaMask
  • Trust Wallet

📚Read more: Best Crypto Wallet to Withdraw Money

Cold wallet (hardware)

Hardware wallets are physical devices designed to securely store cryptocurrency offline, away from online vulnerabilities. They resemble USB drives and are considered the gold standard for protecting large amounts of cryptocurrencies over an extended period. Despite their cost, the investment is often justified by the superior security they provide against online theft, making them essential for long-term crypto holders.

📚Read more: What is Cold Storage in Crypto?


  • Immune to online hacking attempts.
  • Portable and easy to use.


  • A cold wallet can be expensive.
  • Less convenient for quick transactions.

Main important things in terms of storage and security:

  • Choose a wallet with a strong reputation for security.
  • Always purchase directly from the manufacturer to avoid tampered devices.

Best cold wallets:

  • Ledger Nano X
  • Trezor Model T

Paper wallets

Paper wallets are a form of cold storage, presenting a simple yet effective way to secure cryptocurrency by physically printing the public and private keys on paper. This method eliminates online hacking risks, offering a high level of security. The challenge lies in their susceptibility to physical damage and loss, alongside the need for meticulous creation and storage practices to ensure long-term safety.


  • No risk of online hacking.
  • Inexpensive to create.


  • Can be easily lost or damaged.
  • Not user-friendly for crypto beginners.

Main important things in terms of storage and security:

  • Store in a safe, waterproof, and fireproof location.
  • Use a secure and trusted generator to create your paper wallet.

Each storage method offers different levels of security, cost, and convenience. Your choice should depend on your personal needs, the amount of crypto you’re storing, and how frequently you need to access or use it. Always prioritize security, especially for significant amounts or long-term investments.

What are the potential risks of storing cryptocurrency?

While essential for managing digital assets, storing cryptocurrency comes with risks. Understanding these can help you choose the most secure storage solution for your needs.

Online hacking

The most prominent threat to cryptocurrency storage is online hacking. Digital wallets, especially those connected to the internet, are vulnerable to cyberattacks. Hackers continuously devise new methods to breach security protocols to access and steal valuable crypto assets. This risk necessitates stringent security measures, including cold storage options for significant holdings.

Physical damage or loss

The risk of physical damage or loss is significant for physical storage solutions like hardware and paper wallets. Water damage, fire, or simply misplacing the wallet can result in the irrevocable loss of cryptocurrency. This highlights the importance of having secure, well-thought-out backup procedures and considering safe storage locations.

Software failure

Software wallets are subject to the risk of software failure. Bugs or glitches within the wallet application can lock users out of their accounts or even lead to fund loss. Regular updates and choosing reputable wallet providers are crucial to mitigating this risk.

Phishing scams

Phishing scams target cryptocurrency users intending to steal their credentials and access their wallets. These scams often involve fake websites or emails that mimic legitimate services, tricking users into providing sensitive information. Awareness and vigilance are crucial to avoiding such scams.

📚Related: How to Stay Safe from Bitcoin Scams And Frauds

Regulatory risks

Cryptocurrency regulations can risk how and where you can store your crypto. Sudden changes in laws or policies in certain jurisdictions can affect the accessibility and legality of owning or using cryptocurrency, potentially impacting the value and usability of your digital assets.

Understanding these risks is crucial for making informed decisions about storing cryptocurrency. Taking proactive steps to mitigate these risks can help secure digital assets effectively.

What are the best practices for protecting cryptocurrency?

Ensuring the safety of your cryptocurrency involves a comprehensive approach. Here are essential practices to secure your digital assets effectively.

Use strong, unique passwords

One foundational step in securing your cryptocurrency is using strong, unique passwords for your wallets and exchange accounts. Unlike passwords you use elsewhere, a strong password should be a complex mix of letters, numbers, and symbols. This practice reduces the risk of unauthorized access through brute force attacks or password leaks from other services.

Enable two-factor authentication (2FA)

Activating two-factor authentication adds an extra layer of security to your accounts. With 2FA, accessing your wallet or exchange account requires your password and a second form of verification, such as a code sent to your mobile device. This significantly hinders potential hackers, even if they manage to discover your password.

Regularly update your software

Keeping your wallet software and any associated applications up to date is crucial. Software updates often include security patches that address newly discovered vulnerabilities. Regular updates ensure that your storage solution has the latest protections against cyber threats.

Utilize cold storage for large holdings

Consider using these solutions like hardware wallets for substantial amounts of cryptocurrency. These devices store your private keys offline, away from potential online attacks. While less convenient for quick transactions, cold storage offers superior protection for your long-term holdings.

Be wary of phishing scams

Phishing scams, which trick individuals into revealing sensitive information, are a significant risk. Be cautious of unsolicited emails or messages that direct you to enter your wallet credentials or private keys. Always verify the legitimacy of any communication and never click on suspicious links.

Backup your wallet

It is vital to securely back up your wallet, especially your private keys and recovery phrases. Store backups in multiple secure locations to prevent loss from physical damage or theft. Consider using encrypted drives or safety deposit boxes for added security.

📚Related: How to Recover Stolen Cryptocurrency

Educate yourself on security practices

Continuously educating yourself on the best security practices and staying informed about the latest threats can significantly enhance your protection. The cryptocurrency landscape evolves rapidly, and knowledge is key to safeguarding investments.

By implementing these best practices, you can significantly enhance the security of your cryptocurrency holdings, protecting them from common threats and vulnerabilities.

📚Related: Cryptocurrency Security

Why choose swissmoney wallet?

The swissmoney wallet is a top choice for handling both cryptocurrency and regular money. It’s easy and safe to use. Here’s why swissmoney is a good option:

  • Easy platform: swissmoney links regular banking with crypto. It’s easy to use for all your money needs.
  • Strong security: swissmoney keeps your digital money safe. It uses top security, like advanced encryption and cold storage, to protect against hacks.
  • Handles many currencies: You can keep and use different kinds of money with swissmoney. It’s great for dealing with money from around the world.
  • Follows rules: swissmoney follows strict rules to keep your transactions legal and safe.
  • Simple for users: swissmoney is made for everyone. It’s easy to understand, even if you’re new to managing money this way.
  • New features: swissmoney has cool tools, like payment cards and IBAN accounts, for sending money abroad without limits.
  • Helpful support: If you have questions, swissmoney is there to help. They make sure you have a smooth experience.

Picking swissmoney means you’re choosing a service that cares about keeping your money safe and follows the rules. It’s always looking for new ways to help you manage your money better. This makes it a smart pick for anyone into crypto and regular currencies.

Conclusion: The safest way to store crypto

Keeping your cryptocurrency safe is crucial today. There are many ways to store it, each with its benefits. A hot wallet lets you access your money fast, which is great for those who trade a lot. Cold wallets, like hardware and paper ones, are safer for keeping your crypto for a long time. They protect your money from online dangers.

The swissmoney wallet stands out. It’s easy for everyone to use, from beginners to pros. You can manage both crypto and regular money in one place. This makes swissmoney a top choice for safe and simple money management.

When picking where to store your crypto, consider the risks, how easy it is to use, and what you need it for. You might like hot wallets for quick access or a cold wallet for safety. Or, you might choose a solution like swissmoney for the best of both. The important thing is to choose what works best for keeping your crypto safe.


What is a crypto wallet?

A crypto wallet is like a safe for your digital money. It lets you keep, send, and get digital currency safely. It works by handling special security keys. Think of it as an online bank account for your crypto. It gives you both access to and protection for your money.

What are the different types of crypto wallets?

There are two main kinds: hot wallet and cold wallet. Among cold ones, the hardware wallet is favoured for its physical security features, while the paper wallet offers a simple yet effective form of storage. Crypto wallets like these ensure the safety of your private keys, which are essential for accessing your cryptocurrency. Conversely, hot wallets connect to the internet and are easy for everyday money moves. You can access them through computers or phones.

📚Read more: Different Types of Crypto Wallets

Where Is the best place to hold Bitcoin long-term?

Using a hardware or paper wallet allows you to store crypto securely, minimizing the risk of online threats. These forms of cryptocurrency wallets are designed for the long-term safeguarding of digital assets.

How do I store large amounts of Bitcoins?

Considering a custodial wallet offers a managed solution, where a trusted third party holds your private keys, can also be a strategy for some investors. However, understanding the trade-offs between control and convenience is crucial when choosing how to store crypto.

What is the safest wallet for storing Bitcoin?

Hardware wallets are the safest for Bitcoin. They keep your security keys offline, which keeps them safe from online hackers.

What is the safest way to store crypto keys?

Cold storage, like hardware wallets, is safest for your keys. These wallets do not connect to the internet. This keeps your keys safe from online risks.

What are the most common ways to lose access to a crypto wallet?

People often lose wallet access by forgetting their password or their recovery phrase. Both are key to getting into your wallet, so keep this information safe and secure.

How do you protect a recovery phrase?

Write down your recovery phrase. Keep it in several safe places. These places should be fireproof and waterproof. Consider using a safe or a special storage box. This way, you can always access your wallet if needed.

What is a custodial wallet?

A custodial wallet is a crypto wallet in which a third party holds your private keys. This setup can make transactions easier, but you must trust the custodial wallet provider to secure your assets.

How safe are crypto exchanges for storing cryptocurrency?

While a crypto exchange can offer convenience for trading, it’s generally safer to transfer your assets to a hardware wallet or paper wallet for long-term storage. Crypto exchanges can be targets for hackers, so it’s advisable to use them primarily for trading, not storage.

Why is the private key important?

Your private key is what allows you to access and control your cryptocurrency. Keeping your private key secure in a hardware wallet, paper wallet, or non-custodial software wallet is essential for protecting your assets.

Read more:

Renata Pacheco

Renata is a seasoned financial market expert with over 30 years of experience in journalism and content creation, primarily focusing on the financial market. Throughout her extensive career, she has worked with leading financial institutions such as Citibank Brasil, Fiserv in Latin America, and other notable financial entities, further honing her expertise and credibility in the sector.

For more than six years, Renata has also been writing for the crypto market, collaborating with financial publications in Brazil, the US, and Europe. Her deep understanding and extensive knowledge make her a respected voice in the industry, appreciated for her ability to demystify complex financial concepts and market trends. This skill enables her to make financial insights accessible to a wide audience, from novice investors to seasoned professionals.

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Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.

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