Self-custody refers to the true ownership or guardianship of something. As such, in self-custodial/non-custodial wallets such as MetaMask, you are the sole owner of your wallet and the only one who can access your assets.
When you set up your wallet, you receive a Secret Recovery Phrase (SRP), a key that grants you access to your account. If you ever lose the device your wallet was set up on, forget your password, or just need to restore your wallet on a different device, you will need to use this SRP to restore your account.
With a self-custodial wallet like MetaMask, no one can freeze your funds, halt withdrawals, or drain your account without you granting permission. You are the sole owner and decision-maker of your wallet.
Now, this is a hefty responsibility and you will need to be careful to keep your funds safe at all times.
How to Keep Your Self-Custodial Wallet Safe
Store your Secret Recovery Phrase somewhere safe. This is easier said than done but you can use the following Secret Recovery Phrase (SRP): Do’s and Don’ts as a guide:
Do’s
- Write down your SRP somewhere safe
- Double-check your spelling and that you wrote down every word in the same order they were given
- Reach out to MetaMask Support’s official channels if you need help
Don’ts:
- Keep it in an easily discovered or hacked location; e.g. in a cloud-saved document or email titled, “Secret Recovery Phrase”; or on a post-it note stuck to your computer.
- Provide your SRP to anyone, even if they say they’re from MetaMask Support
- Change the order of the words
You should always check URLs and make sure they’re correct. There are a lot of fake URLs out there pretending to be the real thing and trying to steal your assets. Bookmarking the right URL is a great idea to prevent you from having to find the right one each time and potentially making mistakes.
Also, never share your SRP with scammers or people who can supposedly help you with an issue. This is your secret and no wallet service provider will ask you for it.
FInally, you can consider an extra layer of security with a hardware wallet. This is a special type of wallet which stores the user’s private keys in a secure hardware device.
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