Exchange in trouble? Where to keep your coins
Keep only what you're trading on an exchange, and hold the rest in a self-custody wallet. Turn on two-factor authentication, and check every withdrawal address before you send.
Trading money on the exchange, the rest in your own wallet
Coins on an exchange are held by the exchange on your behalf. For coins you plan to hold, a self-custody wallet puts the recovery phrase in your hands only. Start small: move a little, check it arrived, then move the rest.
Write down the recovery phrase, offline
When you create the wallet, write the recovery phrase on paper and keep it where only you can reach it. No screenshots, no cloud notes, and never type it into a website or send it to anyone. Lose it and nobody can recover the wallet for you.
Check the withdrawal address every time
Copy the address from the receiving wallet itself, then compare the first and last few characters after you paste. Pick the same network on both sides and send a small test to any new address. Some malware swaps copied addresses, which is why the check matters.
Turn on two-factor authentication
Use an authenticator app, or a passkey if your exchange offers one, for logins and withdrawals. Use a password you don't use anywhere else.
Watch out for "support" in your replies
After an exchange incident, fake support accounts reply to people asking for help on X. Real support never asks for your recovery phrase, your password or a payment to "unlock" funds. Contact support only from inside the official app or website.
Official numbers
We only list a number here after checking it on Binance's own page. Until then, check the fee Binance shows before you confirm.
Questions people asked
After all these exchange problems, where should my coins be?
No exchange is risk-free, so the usual setup is: what you're trading stays on the exchange, and what you're holding goes to a self-custody wallet where only you have the recovery phrase.
If not on an exchange, then where do I keep it?
In a self-custody wallet: an app or a small device where only you hold the recovery phrase. Write the phrase on paper and never share it.
I only have a little crypto and no hardware wallet. Where should I keep it?
You don't need a hardware wallet to start; many people begin with a free app wallet. What matters most is the recovery phrase: on paper, offline, never shared.
How do I make sure I'm sending to the right address?
Copy it from the receiving wallet itself, paste it, and compare the first and last few characters. Choose the same network on both sides, and send a small test to any new address.
Someone from "support" replied offering to recover my funds. Is it real?
Treat it as a scam. Real support never asks for your recovery phrase, your password or a payment to "unlock" funds. Contact support only from inside the official app or website.
Know someone asking this?
Related answers
- Which crypto exchange should I use?
- TRC20 fee too high? Cheapest way to send USDT
- Harden your Binance account: Five practical security settings
- How to choose and set up two-factor authentication (2FA), and what to do if you lose your device
- A complete explanation of phishing attacks: From fake airdrops to wallet authorization, how can crypto users prevent it?