⚠ Never give out your seed phrase
Your seed phrase (recovery phrase) is the master key to everything in the wallet. Never share it with anyone — not customer support, not an exchange, not a website asking you to 'verify', 'sync' or 'validate' your wallet, not a friend helping you. No legitimate company will ever ask for it. Anyone who does is trying to steal your funds, and once they have it, the money is gone and cannot be reversed.
Why it matters so much
- The words are the wallet. Anyone who types your 12 or 24 words into any wallet app, anywhere in the world, gets everything in it — no password, no second factor, no warning to you.
- There is no undo. Crypto has no bank to call, no chargeback and no password reset. A theft is final.
- Nobody else ever needs it. Your wallet works without anyone else seeing the words. Real support teams, exchanges and wallet makers never ask for them.
- The requests are disguised. 'Verify', 'sync' or 'validate' your wallet; claim an airdrop; a support DM; a look-alike website; a QR code; a 'recovery service'. Every one of them is theft.
- There is exactly one place it is ever typed: into your own wallet device, by you, when you are restoring it.
What a crypto wallet actually holds
Your coins never sit inside a wallet. They are entries on a blockchain. A wallet holds the private key — the secret number that lets you move those entries. Lose the key and the coins are stuck forever; let someone copy it and they can take them.
The seed phrase
Most wallets show the key as 12 or 24 ordinary words, the seed phrase (also called a recovery phrase). From those words any compatible wallet can rebuild all your keys. That makes them the most valuable thing you own in crypto: whoever has the words has the money.
Hot wallets vs cold wallets
- Hot wallet: an app on an internet-connected phone or computer. Free and convenient — and exposed to malware, phishing and lost phones. Good for small, spending amounts.
- Cold wallet: a hardware device that keeps the key offline and signs transactions inside itself, so the key never touches the internet. Best for savings.
How to back up a seed phrase
- Write it on paper, or stamp it into steel for fire and water resistance.
- Keep copies in two separate safe places.
- Never photograph it, screenshot it, type it into a cloud note, email or password manager you don't fully control.
- Nobody legitimate will ever ask for it — not support, not an exchange, not a wallet maker.
Exchange vs your own wallet
Coins on an exchange are held by the exchange; you hold a claim on them. That is convenient for buying and selling, but when an exchange fails — as FTX did in November 2022 — customers can wait years or lose funds. 'Not your keys, not your coins' is the reminder: long-term holdings belong in a wallet only you control.
Setting up safely
- Buy a hardware wallet directly from the maker or an authorised seller — never second-hand.
- Set it up yourself and write down the words it generates; never use words that came printed in the box.
- Send a small test amount and practise a restore before moving savings.
- Store the device and the words in different places.
- Make a plan for your family: how they would find and use the backup if something happened to you.
Questions people ask
Should I ever give my seed phrase to support or an exchange?
Never. No real support team, exchange or wallet maker will ever ask for your seed phrase. Anyone who asks is trying to steal your funds.
Does a crypto wallet store my coins?
No. The coins are recorded on the blockchain. The wallet stores the private key that controls them.
What is a seed phrase?
A list of 12 or 24 words that can recreate your wallet's private keys. Anyone with the words controls the funds, so it must be kept offline and private.
Is a hot wallet or a cold wallet safer?
A cold (hardware) wallet is safer because the key never touches an internet-connected device. Hot wallets are convenient for small amounts.
What does 'not your keys, not your coins' mean?
If an exchange holds the keys, you rely on the exchange to give your coins back. Holding your own keys removes that dependency.
Should I keep a photo of my seed phrase?
No. Photos sync to the cloud and can be stolen. Write it on paper or steel and store it somewhere safe.