Keys, wallets and the recovery phrase
On an exchange, you hold a claim
Coins on an exchange are a promise from the exchange. Convenient for trading, but if it freezes withdrawals or goes bust, you're a creditor in a queue. Mt. Gox customers waited about ten years.
In your own wallet, you hold the keys
A self-custody wallet gives you a recovery phrase, usually 12 or 24 words. Those words are the coins. Whoever has them can move everything, from anywhere, without asking anyone.
Nobody legitimate ever asks for it
No exchange, wallet, support agent or 'recovery service' needs your phrase. A website or message asking you to type it in is trying to empty your wallet, without exception.
There is no password reset
Lose the phrase and the coins are gone for good. There is nobody to call. Write it on paper and keep it offline, never as a photo or in the cloud. Self-custody swaps trusting a company for being responsible yourself.
Check yourself
Someone from 'wallet support' messages you asking for your 24-word phrase to fix a sync error. What do you do?
- Send it, they're from support
- Send only the first 12 words
- Refuse: anyone who asks for it is trying to steal
Show the answer
Refuse: anyone who asks for it is trying to steal — The phrase is the money. No legitimate service ever needs it, and even half of it helps a thief. 'Support' that asks for it is the scam.