Deciphr Academy
Track 2 · Module 8 · Lesson 6 of 6 · 5 min read

What do official guides say to check when you hold your own crypto?

Short answer

Regulators, community sites and device makers give overlapping advice: set the device up yourself, write the phrase down, keep copies apart, never share it, and plan for your family.1,2,3,4 This lesson gathers that advice in one place, with a source for each point.1,2

Beforesole control?little on phoneSetupbuy from makerset a PINwrite it downEvery daycopies apartcheck the screennever share itLatertell familyreplace a leakSmall habits, each one from a cited source
Fig. 6. The checklist in one picture: before, during setup, every day, and for later.

Before you start

  • Ask yourself two questions. Are you comfortable setting up and looking after a wallet? Do you want sole responsibility for it?1
  • Split everyday money from savings. Bitcoin.org suggests keeping only small amounts on a computer or phone for everyday use, and the rest somewhere safer.2

Setting up

  • Buy the device from its maker or an authorised reseller, and check the packaging hasn't been opened.4,5
  • Refuse a device that arrives already set up. One maker says a genuine device never comes with a recovery phrase or PIN already set.4
  • Set a PIN during setup, and enter it out of sight of others.6,7
  • Write the recovery phrase down. Don't store it on a computer, and don't take a screenshot of it.3,8
  • Check the backup, if your device can do this. One maker suggests checking before every firmware update.9

Every day

  • Keep copies in more than one place, on durable materials.2
  • Encrypt any backup that is exposed to the internet.2
  • Keep your wallet software up to date. Updates bring security fixes.2
  • One maker says to download its app only from official sources: its own website or the official app stores.4
  • One maker says to check receiving addresses on the device's own screen, since a hacked computer could show a changed one.10
  • Read what you sign, and don't give apps unlimited spending limits.8
  • Never share your recovery phrase or private keys. No real service, support agent or website will ask for them.8,1
  • Keep your holdings private. Don't post about them on social media, or tell anyone the amounts.11,1
  • Use strong two-factor login for your accounts, such as an authenticator app or a security key, rather than text messages.11,8

For later

  • Make sure someone will know where your wallets are when you're gone. Otherwise, Bitcoin.org says, there is no hope of recovering the funds.2
  • If your backup is lost, or may have been seen, one maker says to move the funds to a new wallet with a new backup.12
  • Don't send money to strangers who offer to recover lost crypto. Law enforcement does not charge victims a fee to investigate crimes.13
This is a summary, not advice

These points summarise what the cited sources say. They are not personal advice, and following them can't guarantee your crypto is safe. Naming a device maker is not a recommendation of its products.

Choosing a wallet

The SEC suggests weighing your own convenience and security needs when choosing a type of wallet. It also suggests learning the costs before you choose.1

Our viewNo checklist makes self-custody risk-free. It turns a few big, scary risks into a set of small habits.
Sources
  1. Crypto Asset Custody Basics for Retail Investors – Investor Bulletin. US Securities and Exchange Commission, Office of Investor Education and Assistance (Investor.gov), 12 December 2025.
  2. Securing your wallet. Bitcoin.org, checked 22 October 2026.
  3. Ethereum wallets explained. ethereum.org, page updated 24 February 2026.
  4. Best Practices To Securely Buy Your Ledger Signer. Ledger Academy (hardware-wallet maker's documentation), updated 18 September 2026.
  5. Is my device safe to use?. Trezor (hardware-wallet maker's documentation), checked 22 October 2026.
  6. PIN protection on Trezor devices. Trezor (hardware-wallet maker's documentation), checked 22 October 2026.
  7. Ledger PIN Code: What You Need To Know. Ledger Academy (hardware-wallet maker's documentation), updated 1 December 2025.
  8. Ethereum security and scam prevention. ethereum.org, page updated 6 June 2026.
  9. Check wallet backup on Trezor Safe 5. Trezor (hardware-wallet maker's documentation), checked 22 October 2026.
  10. Security threats to crypto wallets and how Trezor defends against them. Trezor (hardware-wallet maker's documentation), checked 22 October 2026.
  11. Criminals Increasing SIM Swap Schemes to Steal Millions of Dollars from US Public (Alert I-020822-PSA). FBI Internet Crime Complaint Center, 8 February 2022.
  12. Move crypto to a wallet with a new wallet backup. Trezor (hardware-wallet maker's documentation), checked 22 October 2026.
  13. Fictitious Law Firms Targeting Cryptocurrency Scam Victims Offering to Recover Funds (Alert I-062424-PSA). FBI Internet Crime Complaint Center, 24 June 2024.
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General education built from the publicly available sources listed above. Not financial, legal, tax or investment advice. Naming a company, project or regulator is not an endorsement either way. Last checked 2026-10-22. Terms and disclaimer.