The FTX affair revealed some of the flaws in centralised platforms. The Big Whale takes a look at how you can regain control of your cryptos.

"Not your keys, not your coins" ("Pas vos clés, pas vos cryptos").

This well-known expression in the crypto world, which reminds us that you have to hold your cryptos yourself in order to own them, has never seemed so important since the FTX scandal. Those who had entrusted all or part of their cryptos to Sam Bankman-Fried's exchange platform got their money's worth 🥲 ...

Web3 isn't just a slogan. It corresponds to a decentralised Internet where users have ownership of their data. And when we talk about data, this applies especially to cryptos!

Leaving your funds on platforms can be dangerous if they are... lacking. Obviously, some platforms are reliable and allow you to manage your digital assets with complete peace of mind, but zero risk does not exist and we advise users, at the very least, not to put all their eggs in the same wallet 😝

Here's an overview of the most interesting tools.

👉 Hardware wallet: to keep

The first of these is Ledger. This little wallet, which looks like a USB stick, comes in two models: the "Nano S Plus" at €79 and the "Nano X" at €149. The Nano is a must-have for any crypto holder.

its manufacturer, Ledger 🇫🇷 , protects funds with a smart card that requires an unlock code before any operation. The company is the global benchmark, but competitors such as Trezor 🇨🇿 exist.

For those who don't like the hardware wallet experience (you absolutely must keep a string of 24 words or you risk losing access to your funds), ZenGo is an interesting alternative. This is presented as a free mobile application that uses the cloud to protect the private key (no need to keep the 24 words).

👉 Hot wallet: to use your cryptos

After choosing your wallet, you need to choose software that will interface with Web3 applications. It's a bit like iOS with iPhones. It's called a "hot wallet".

Ledger offers its own (Ledger Live). You can use it on your smartphone or your computer 💻. It's pretty handy in that you can buy, sell, send and receive cryptos or NFTs through it.

If Ledger Live's interface doesn't suit you, you can connect your hardware wallet to another piece of software. There are plenty, but we can recommend Rabby, Argent, Frame or even Metamask, which should quickly solve its problem of collecting IP addresses.

These solutions are all free - they take a commission when you buy cryptos. Mind you, these only work in the Ethereum universe 👀.

Ledger Live and ZenGo, meanwhile, are more versatile and also support bitcoin (and other blockchains).

The advantage of this system is that everything is customisable and you'll never be locked into a closed universe, in the way that you can experience in Apple's experience, for example.

You can juggle between all these solutions as you please 🤓.

👉 Buying and selling for euros

Have you got your wallet yet? Now you can head over to MtPelerin to buy your cryptos for less. This Swiss start-up offers free purchases of up to around 500 euros if you make a bank transfer (1.3% after that, which is still reasonable).

You just need to enter the public address of your wallet to receive them. To sell your cryptos against euros, the fees are between 0.9 and 1.1%.

We like this solution, because your bank will only see the details of a Swiss bank (MtPelerin's). This limits bank account closures, as some crypto users have experienced in recent years when interacting with crypto platforms.

👉 Decentralised exchangers

To make "trades", i.e. exchanges of cryptos for other cryptos, we recommend using Paraswap. This application is an aggregator of decentralised exchange platforms. It offers you the best price in real time based on market conditions. All you have to do is go to their site and connect your hot wallet to it (now you know what that is).

Those who want to dabble in derivatives can give DyDx a try.

👉 Lending or borrowing cryptos

Now that you're in possession of the cryptos you're interested in, you can work them for a return, or borrow some for interest.

Where to go? You can use the Aave or Compound apps where, again, you simply connect your hot wallet and choose the options you're interested in.

Unlike FTX, you know exactly where your funds are at all times. There is no possibility of fraud... but that doesn't protect you from hacking. Aave and Compound have, however, focused on security audits in recent months.

Here you go, you're now at the cutting edge of crypto 🔥

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This analysis does not constitute investment advice. It has been written without taking into account your personal circumstances, including your financial situation, risk profile and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial and accounting advisors.