1. Understand the Difference between Exchange and Wallet
Exchange (e.g., Binance, Coinbase, Tokocrypto) is used for buying and selling assets, but it is not the safest place for long-term storage.
Wallet (crypto wallet) is a safer place to store assets, especially if you control the private key.
> ๐ Main principle: "Not your keys, not your coins"
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2. Types of Wallets & Their Security
Type of Wallet Security Description
Hot Wallet Medium Connected to the internet. Easy to use but vulnerable to hacks. Example: MetaMask, Trust Wallet.
Cold Wallet High Offline. Safe from online attacks. Example: Ledger, Trezor.
Paper Wallet High Private key printed on paper. Safe but easy to lose or damage.
Custodial Wallet Low-Medium Controlled by a third party. You do not have the private key.
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3. Private Key vs Seed Phrase
Private Key: Direct access to one wallet.
Seed Phrase (12/24 words): Master key to access all wallets created from that phrase.
> โ ๏ธ Never share your seed phrase or private key with anyone!
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4. Protect Your Account & Wallet
Use strong and unique passwords for each crypto account.
Enable 2FA (Two-Factor Authentication) on all exchanges and wallets.
Never store your seed phrase or private key in the cloud (Google Drive, iCloud, etc.).
Keep a backup of your seed phrase in a secure physical location (e.g., safe).
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5. Be Wary of Phishing and Scams
Always check the website URL before logging in. Many fake sites mimic exchange sites.
Do not click on suspicious links from emails, Telegram, or Twitter DMs.
Beware of fake airdrops, scam bots, and unverified DeFi projects.
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6. Pay Attention to Smart Contracts
Do not carelessly connect your wallet to dApps/websites with unclear reputations.
Use tools like DeBank or Revoke.cash to check and revoke permissions from unknown smart contracts.
