Is it recommended to have a lien account when dealing with digital assets?

3 answers

• Dec 26, 2021 · 3 years ago
  Having a lien account when dealing with digital assets can provide an extra layer of security and protection for your investments. It allows you to have a designated account where your digital assets are held, separate from your regular bank account. This can help prevent unauthorized access and potential loss of funds in case of a security breach or hacking incident. It's generally recommended to have a lien account for added peace of mind and to ensure the safety of your digital assets.
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• Dec 26, 2021 · 3 years ago
  While having a lien account can provide added security, it's not necessarily a requirement for dealing with digital assets. It ultimately depends on your personal risk tolerance and the amount of digital assets you're dealing with. If you're only holding a small amount of digital assets or actively trading them, you may find it more convenient to keep them in a regular exchange account. However, if you have a significant amount of digital assets or are concerned about security, setting up a lien account can be a wise decision.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we highly recommend having a lien account when dealing with digital assets. It's an additional layer of protection that can help safeguard your investments. With a lien account, you can have peace of mind knowing that your digital assets are stored separately and securely. It also provides an added level of control and flexibility in managing your assets. Whether you're a beginner or an experienced investor, having a lien account can be a valuable asset management strategy.
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