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I have a dedicated server and I am installing cPanel on it.

I am wondering if I should also install an SSL certificate (that I will have to buy) just for the cpanel install itself.

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Most people, unless they are running a hosting service they sell, don't install SSL certificate on cPanel services, but use the self-singed one, that cPanel installs automatically.

you do not need to buy SSL certificate for the cPanel itself, you can use SSL with self-signed certificate, but a third party one would be more secure, and recommended to use.

In the end it all depends how much are you willing to spend on the server, and how much security matters to you, personally, if you have a dedicated server with cPanel license, SSL certificate cost is not taking much of the annual cost of the server, especially if you buy some cheap SSL, which in my opinion would be the best option for personal dedicated server.

You can find SSL certificates from 10$/year, and less, if you buy from resellers like Namecheap.

Most people in webhosting industry buys cheap Comodo SSL certificates for that purposes, from what I've seen.

See also, a discussion about whether or not to use cheap SSL certificates https://security.stackexchange.com/questions/18666/is-there-any-technical-security-reason-not-to-buy-the-cheapest-ssl-certificate-y

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