Central Cryptocurrency Wallets
Centralized wallets are easy to use and accessible from anywhere, while the operation can be done easily. However, there is a security risk because it is a third piece based wallet and you do not keep the owner key; Use the hosted web online wallet to access your fund. Therefore, your own fund is in good condition with the assurance of a third party and therefore its use should be as limited as possible.
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When using a central wallet, the following must be observed.
Always choose a reputed wallet provider such as coinbase or blockchain.com. Only use small amounts of centralized wallets.
Set 2-factor authentication. Do not keep your life savings in a central wallet. Use multiple signing protocols to require multiple keys to authorize a process.
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If possible, try to use more than one central wallet and distribute the fund in small amounts, so the risk factor will be less than all the central wallets will be attacked at the same time.
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