In order not to repeat the FTX incident...that is why you must move to Hardware Wallets.

What happened on the FTX platform weeks ago shook the confidence of many in cryptocurrencies as a whole. It has greatly affected cryptocurrency traders and investors who rely on these platforms to store their cryptocurrencies. But when FTX went bankrupt, BlockFi also stopped withdrawing cryptocurrencies, and user funds were lost as the company went bankrupt.

This forces us to rely on so-called hardware wallets. What are Hardware Wallets? Hardware wallets are devices that you purchase that often resemble USB flash drives. Or you develop it yourself via a hard drive that holds access data for cryptocurrencies.

After you obtain a hardware wallet, you can send and receive your cryptocurrencies to it encrypted, and also offline. Isolated from other services, even if companies like FTX or others collapse, your money will remain safe once you connect the hardware wallet to any device. Hardware wallets are used by people who have a lot of money in the form of cryptocurrencies.

This is because famous companies such as Binance and others impose strict restrictions on those with large amounts of money. For example, they cannot withdraw all their money, and the commission is very large. Therefore, hardware wallets are the best solution for them.

Comparison between hardware wallets and digital wallets Hardware wallets offer you many features, but with fewer features. We will mention in the following points the most prominent differences between the two services: Storing large and large funds: The best option for doing this is Hardware Wallets, while digital platforms charge a large commission, standard and specific withdrawals, not free, in addition to the possibility of problems arising related to closing your account. It does not allow you to trade cryptocurrencies: One of the most prominent problems with hardware wallets is that their purpose is only storage and not trading or using the platform to access many services.

Very secure: Security is something we should care about now if you have cryptocurrencies in your account. Digital wallets like FTX are no longer safe, the FTX story can be repeated on any other platform like Binance even. But it will not be repeated in a completely isolated wallet, which is hardware wallets.

No additional commissions: you pay money for every sale or purchase on digital wallet platforms. It may sometimes reach up to 1% sometimes. While the cheapest one is 0.4%.

But when you have a hardware digital wallet, you do not pay any additional fees. The most important and best hardware wallets The options are very many, and there are 3 basic elements that you must adopt while choosing a hardware wallet, which are: Price Compatibility of the wallet with your country Support for encrypted currencies Some wallets support very few encrypted currencies, so it is preferable to look for wallets that support the largest number of encrypted currencies. Then secondly, the wallet must be supported in your country. Otherwise, you may find problems with support.

Then finally its price should be good and cheap. One of the most popular digital wallets is the Trezor wallet, whose sales have increased by 300% since the FTX collapse. Then the famous Ledger wallet, which supports most Arab countries.

Additional Tips to Protect Yourself and Your Cryptocurrencies Moving to hardware wallets is a start, but it is the biggest and best requirement for securing yourself first. Then later you can adopt some additional steps to secure yourself more and more. Like relying on secure purchases, do not exploit your hardware wallet and insert it into any device, or connect it to any type of digital service, as this may lead to the theft of your private wallet data.

This may be the second best way to secure yourself from online purchases.