Which type of cryptocurrency account is best for beginners?

3 answers

• Nikos BeisJan 19, 2021 · 5 years ago
  When it comes to choosing a cryptocurrency account for beginners, simplicity and security are key. A beginner-friendly option is a custodial account, where a third-party service holds your cryptocurrency on your behalf. This type of account is easy to set up and provides an added layer of security. However, keep in mind that you won't have full control over your funds as the custodian will have access to your account. It's important to choose a reputable custodian with a strong track record of security.
  508

  254
• Lunde JohansenDec 26, 2024 · 7 months ago
  For beginners who want more control over their cryptocurrency, a non-custodial account is a good option. With a non-custodial account, you have full control over your funds and can manage your own private keys. This type of account requires more technical knowledge and responsibility, but it offers greater security and privacy. It's important to note that if you lose your private keys, you may lose access to your funds permanently. Make sure to back up your keys securely.
  476

  159
• SomnathSep 06, 2023 · 2 years ago
  At BYDFi, we recommend beginners to start with a custodial account. This type of account provides an easy and secure way to get started with cryptocurrency. As beginners, it's important to focus on learning the basics and understanding how cryptocurrency works before diving into managing your own private keys. Once you have a good grasp of the fundamentals, you can consider transitioning to a non-custodial account for more control over your funds.
  451

  113