This is for someone who has decided to move coins they intend to hold into self-custody. If you're not yet clear on why, read how wallets and custody work first. If you don't have a device yet, see our hardware-wallet shortlist.
Before you start: the setup that protects you
- Buy the device new, from the official store. Never a reseller or a "used" device. A pre-activated device may already have its key known to someone else, which defeats the point. Buy from the manufacturer's own site.
- Set it up on a clean, trusted computer. Use a device you control and trust, with current software and no suspicious extensions. The companion app runs on this computer; a compromised computer is the main way hardware-wallet users get drained.
- Follow the onboarding and write down the recovery phrase — offline. The device will show you a recovery phrase (12 or 24 words). Write it on paper or steel, in order, in a safe place. Never type it into a website, save it in a photo, a note, or a cloud document, or enter it on a computer that the device didn't ask you to. We cover this properly in protecting your recovery phrase.
- Confirm the backup works. Many devices let you test that you can restore from the phrase. Do it once, on the setup computer, before you trust it with real coins.
The transfer, step by step
- Install the asset's app on the device. Each wallet manages assets through apps you add to the device (for example, a Bitcoin app). Add the one for the coin you're moving.
- Generate a receiving address on the device. Open the asset app and create a new address for this transfer. Use a fresh address, not one you've reused — reusing addresses makes it easier for others to link your holdings.
- Verify the address on the device screen. The address will appear on both the computer and the device. Confirm they match, character for character, on the device's own screen. This is the single most important check: a compromised computer can swap the address on your screen while the device signs for a different one.
- Do a test transfer first. Send a small amount (enough to be meaningful but not painful) to that address. Wait for it to arrive and confirm you can see and, if you want, spend it. This validates the whole path — device, address, and network — before you commit the real amount.
- Move the real amount. Once the test confirms everything works, send the rest from the exchange to the same verified address. On the exchange, you'll typically confirm the address and a network fee.
- Confirm it arrived, and that you can spend it. Check the balance in the device's app, and if you want full confidence, make a tiny transaction back to yourself to prove the keys work end to end.
The mistakes that actually lose money
- Sending to an unverified or mistyped address. Always confirm on the device screen. Copy-paste is fine, but a pasted address can be wrong or swapped — the device-screen check is your protection.
- Skipping the test transfer. The small test exists to catch a bad address, a wrong network, or a setup problem while it's cheap to fix.
- Using the wrong network. Some coins can be sent over multiple networks. Sending on a network the receiving address doesn't support can lose the funds. Match the network on both ends.
- Setting up on an infected computer. The companion app is the attack surface. Keep the computer clean and current.
- Sharing or photographing the recovery phrase. This is not a transfer mistake but the most common self-inflicted one — see recovery-phrase protection.
Frequently asked questions
How long does it take?
The transfer itself is a few minutes; the wait is the blockchain confirming it, which depends on the network and can range from minutes to longer during congestion. The test transfer and the main transfer each wait for confirmations. Budget an hour or two for the whole process the first time, including setup.
What if I send to the wrong address?
On most blockchains, a transaction is irreversible — there is no undo and no support line that can reverse it. This is exactly why the test transfer and the device-screen address check exist. If you do send to a wrong address, your realistic options are limited; prevention is the only reliable protection.
Do I have to move everything at once?
No. Many people move in stages: a test amount, then the rest, or they keep a small active balance on the exchange and hold the long-term amount in the wallet. There's no requirement to move it all in one transaction.
Is it safe to keep some on the exchange and some in the wallet?
Yes — that's a common and sensible split. Keep what you're actively using on the exchange (accepting that the exchange holds those keys) and hold what you intend to keep long-term in your own wallet. The principle: match the custody to how you'll use it. See custodial vs self-custody.
Where to go next
Before or alongside this, read the two pages that protect everything: protecting your recovery phrase and avoiding crypto scams. Work through the whole setup with our wallet safety checklist, and if you're still choosing a device, see our hardware-wallet shortlist.