To store crypto safely, decide who will control the keys, keep only funds you need for routine spending readily accessible, and protect a wallet-specific offline backup. An exchange account is convenient but depends on the company’s security, solvency, and withdrawal policies. A self-custody wallet gives you control of the keys—and responsibility for keeping them safe and recoverable. No option removes every risk.
Choose who controls access to your crypto
Crypto left on an exchange or with another custodian is controlled through that service. You depend on it to safeguard assets and honor withdrawals. Self-custody means you control the private keys that authorize access; it removes that particular counterparty dependence, but a lost or exposed key can put your funds at risk. Bitcoin.org explains both sides of this trade-off in its wallet security guidance.
There is no universal answer to whether an exchange or self-custody is safer for you. Consider whether you can reliably secure a recovery backup and follow transaction checks, as well as how much you value convenient access. If you keep funds with a custodian, choose carefully and enable strong multifactor authentication when available. MFA can protect an account against some access risks; it does not eliminate the company’s operational or withdrawal risks.
Match the wallet to how you use the funds
A hot wallet runs on an internet-connected phone or computer, making routine transactions convenient but exposing it to online risks. Cold storage keeps private keys offline and is better suited to funds you do not need to access often. Bitcoin.org advises keeping small amounts on a computer or mobile device for everyday use and savings in a safer environment (Securing your wallet).
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
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Before choosing any wallet, confirm that it supports the specific assets and networks you own. Do not assume that a wallet’s recovery method, phrase format, or transaction process works the same way across Bitcoin, Ethereum, and every other network.
Hardware wallets
A hardware wallet is a physical device designed to keep private keys offline and authorize transactions without revealing the keys to an internet-connected computer. Ethereum.org describes hardware wallets as offline private-key storage, with keys remaining local to the device (Ethereum security and scam prevention). Bitcoin.org calls hardware wallets a balance between security and ease of use, while emphasizing that a separate backup is still needed to recover funds if the device is lost (Securing your wallet).
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A hardware wallet reduces some online exposure, but it cannot stop you from disclosing your recovery phrase, approving a malicious transaction, or mishandling a backup. Buy from the manufacturer or an authorized reseller, and generate the recovery phrase yourself during setup. Bitcoin.org’s BitBox02 listing describes offline microSD and BIP39 mnemonic backup options, along with public source code and deterministic builds. That is an example, not an endorsement; check current product documentation and compatibility before buying.
Offline signing
For users who need a more controlled transaction process, Bitcoin.org describes offline signing: one device keeps the keys offline and signs a transaction, while a separate online device broadcasts the signed transaction. This separation can reduce online exposure, but it requires careful setup and verification; it is not a shortcut around secure backups or checking what you sign.
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- Secure element (EAL6+ certified) and passphrase protection for bullet-proof physical security
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Protect the recovery phrase and make a usable backup
Your recovery phrase is a secret credential, not routine account information. Ethereum.org calls it the wallet’s “master key” and warns that anyone who has it can access the accounts and assets it controls (Ethereum security and scam prevention). Bitcoin.org similarly explains that a recovery phrase can restore a wallet and that anyone who obtains it can access the corresponding bitcoin (Securing your wallet).
- Write down or otherwise back up the phrase using the method supported by your wallet, and keep it offline in a secure location.
- Do not share it with support staff, enter it into a website or chat, photograph it, or store a screenshot in a cloud service. Ethereum.org warns that screenshots may sync to cloud providers.
- Use a durable backup method and consider whether relying on one physical location creates a single point of failure. Any additional copy also needs protection from theft, damage, and unauthorized access.
- Check your wallet’s own instructions for what the backup restores and whether it requires additional information or steps. Backup behavior, phrase length, derivation paths, optional passphrases, multisignature recovery, and restore procedures are not interchangeable across wallets.
Keep instructions for a trusted person to locate the wallet and understand how continuity should work if you become unavailable. Do not expose the phrase prematurely; inheritance and recovery planning should preserve its secrecy while making a practical plan possible.
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Verify every transfer and signature
Crypto transactions can be irreversible. Before sending, pause and compare the entire destination address with one obtained through a trusted channel; do not rely on a partial match or a copied address without checking it. Confirm that the selected asset and network match the recipient’s instructions. Bitcoin.org advises verifying the full receiving address (Avoid Scams).
For smart-contract transactions, read the wallet prompt before signing and understand what it authorizes. Ethereum.org advises matching addresses exactly, reviewing contract messages, and avoiding unlimited spending allowances (Ethereum security and scam prevention). If a prompt is unclear or unexpected, do not approve it until you understand its effect.
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- All your digital assets in one place. You can manage thousands of crypto including Bitcoin, Ethereum, Solana, Tether and more.
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- Connectivity: USB-C cable connection only. No Bluetooth.Compatible with the Ledger Wallet crypto app, both desktop (Windows, macOS, Linux) and mobile (Android only). Not compatible with iOS.
- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Never give a recovery phrase or private key to someone claiming to be support.
- Be wary of unsolicited messages, fake wallet software, and anyone promising guaranteed recovery of lost crypto.
- Download wallet software and updates only through the wallet maker’s official channels, and keep the wallet and its surrounding phone or computer software current.
Bitcoin.org documents fake hardware wallets that may arrive with a pre-generated phrase or modified firmware. It recommends buying through the manufacturer or an authorized reseller, checking packaging, and creating the phrase on first use. It also warns that no legitimate firm offers guaranteed cryptocurrency recovery (Avoid Scams).
Consider multisignature only if you can manage it
Bitcoin can be configured to require multiple independent approvals before a transaction is valid. Bitcoin.org gives a 3-of-5 arrangement as an example and explains that multisignature can reduce the risk of theft from compromise of a single device or location (Securing your wallet). It also adds setup, backup, and recovery coordination. Treat it as an advanced option only if you can reliably maintain the separate keys and understand how recovery works.
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