I am a beginner in investing and recently bought crypto on the Voyager platform. I’m a bit concerned about what happens to my crypto if Voyager ever goes under or gets hacked. I read a lot of horror stories about exchanges being attacked and people losing their money, so I just want to know how safe my investment would be. Does Voyager offer any insurance or protection? I’ve also read about private keys and cold storage, but I don’t really get it. Can I move my crypto from Voyager to others platform if I want to or is it locked there? Would appreciate any insights to understand this better.
When you invest in cryptocurrency through platforms like Voyager, your assets are subject to the risk of the platform going under or being hacked. Voyager, like many other exchanges, has measures in place to protect client assets, including insurance coverage for certain types of losses, such as theft from their digital wallets. However, it’s important to understand that this insurance may not cover all types of losses and may not cover the full value of your assets in the case of a platform failure or a substantial hack. It is important to carefully review Voyager’s terms of service and insurance policies to understand the scope of protection offered.
Regarding your crypto assets, you are usually not locked into any platform, including Voyager. You should be able to transfer your holdings to another exchange or to a private wallet. Private keys and cold storage refer to methods of securing your cryptocurrency in a way that is not connected to the internet, thus reducing the risk of online theft. Cold storage involves keeping your private keys offline on devices or physical media that are not connected to the internet, making it inaccessible to hackers. It is generally recommended to use cold storage for large holdings as an additional security measure. If you’re considering moving your assets, first ensure to understand the transfer process and potential fees involved, as well as the security measures of the destination wallet or exchange.
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