Answer these questions to help determine the most suitable storage strategy for your needs.
Section 1: Holdings & Usage
Section 2: Preferences & Comfort
Understanding Storage Types
What is a Hot Wallet?
A hot wallet is a cryptocurrency wallet that is connected to the internet. This includes mobile apps, desktop software wallets, and exchange wallets.
Pros: Convenient for frequent transactions, easy to access, generally user-friendly, good for small amounts used for active trading or spending.
Cons: Higher risk of being targeted by hackers, malware, and phishing scams due to its online nature. Private keys may be managed by you (non-custodial like MetaMask) or by a third party (custodial like an exchange wallet).
Cold storage refers to keeping cryptocurrency private keys completely offline, isolated from any internet connection. This typically involves hardware wallets or paper wallets.
Pros: Offers the highest level of security against online threats like hacking and malware. Ideal for storing large amounts of cryptocurrency or for long-term holding ("HODLing"). You maintain full control of your private keys.
Cons: Less convenient for frequent transactions as it requires extra steps to access funds. Risk of physical loss or damage if not properly managed. Can have a steeper learning curve for beginners.
Examples: Ledger Nano S/X, Trezor Model T/One, paper wallets (generated securely offline).
Risk Analysis & Storage Recommendation
Please complete your profile on the first tab and click "Analyze My Profile" (or the button on the previous tab).
General Crypto Security Best Practices:
Secure Your Seed Phrase: Write it down on paper (or metal), store it in multiple safe, offline locations. Never store it digitally (e.g., in email, cloud, photos). Never share it.
Use Strong, Unique Passwords: For all crypto-related accounts and devices. Use a password manager.
Enable Two-Factor Authentication (2FA): Use app-based 2FA (like Google Authenticator, Authy) wherever possible, not just SMS.
Beware of Phishing: Double-check URLs, be suspicious of unsolicited messages, emails, or DMs asking for keys, funds, or personal info.
Keep Software Updated: Your OS, browser, wallet apps, and antivirus software.
Start with Small Test Transactions: When using a new wallet or sending to a new address, send a small test amount first.
Verify Addresses Carefully: Always double or triple-check addresses before sending crypto. Malware can swap addresses in your clipboard.
Understand Smart Contract Risks: If interacting with DeFi, understand that smart contracts can have bugs or be exploited.
Physical Security (for Cold Wallets): Protect your hardware wallet from physical damage, loss, or theft. Consider a robust backup for your seed phrase.
