The Crypto-Millionaire Handbook

Customer Support
You should only work with a broker that has an active and professional customer support team. The customer support will help you in case you have any inquiries, especially if you encounter any technical problems.

When you work as a professional cryptocurrency investor/trader, it is necessary that you work with a reliable and trustworthy trading broker.

Do You Need a Trading Broker?
If you just want to invest in a particular cryptocurrency using the usually buy and hold strategy, then you do not need to sign up for an account with a cryptocurrency trading broker. For such purpose, all you need is a cryptocurrency wallet. However, if you want to trade cryptocurrencies or make investments in not-so-known altcoins, then you need to have a trading account with a cryptocurrency broker.

A good practice is to use several hot wallets from different trustworthy wallet providers. If you are doing a long-term investment, then you might want to also use a cold wallet.

Desktop Wallet
A desktop wallet is a type of cold wallet. It is also known as computer wallet. When you use a desktop wallet, you store your private and public keys on a computer. The computer that you use does not necessarily have to be a desktop computer. Hence, even a laptop computer will work just as fine.
It is important to note that when you use a desktop wallet, you should no longer connect the computer to the Internet. This is because connecting it to the Internet exposes it to risks. Also, before you use any computer as a desktop wallet, it is strongly recommended that you first reformat your computer. This is to ensure that it is free of malware and viruses. You can use any computer just make sure that it has a well-functioning Operating System. Although a cold wallet offers a high level of security, it does not mean that it can no longer be compromised. Its protection is only as far as Internet hazards are concerned. This means that if your computer gets broken, then it will be difficult for you to recover your cryptocurrencies unless you have another copy of the public and private keys of your cryptocurrency wallet. Therefore, make sure that the computer that you are using has a decent quality and is working properly.

Mobile Wallet
A mobile wallet is another kind of hot wallet. As its name implies, it is the kind of wallet that you can download on your mobile device. You can download it as an application on your phone. After all, the easiest and quickest way to access the Internet is through your mobile device. This is also a convenient way to make investments and open trading positions anytime and anywhere. Most web wallets also offer a mobile feature.

Web Wallet
A web wallet, also called as online wallet, is the most common type of hot wallet. It is also very easy to make. You simply have to sign up for an account with a wallet provider like Coinbase.

This is where you keep your private and public keys offline. Since it is not exposed to the Internet, it offers more security than a hot wallet. However, since a cold wallet is held offline, it offers less convenience than a hot wallet.

a cold wallet is the kind of cryptocurrency wallet that is stored offline. It is also referred to as cold storage.

hot wallet is a kind of cryptocurrency wallet that exists online. This is where you keep both your private and public keys online.