Self-custody wallet guide

Getting started with self-custody, for people who've only used exchanges

If you've only used centralized exchanges (Upbit, Binance, Coinbase, etc.), the word "wallet" can mean two different things. We'll sort out the difference, then walk through what kind of wallet to set up and how.

① "Exchange wallet" can mean two different things

If you've seen "wallet" on an exchange, it usually refers to one of two completely different things.

(A) A deposit address inside your exchange account

Example: a BTC or USDT deposit address inside your Upbit, Binance, or Coinbase account. That address is just one line in a big pool the exchange company holds — you don't directly control it. The company holds it for you (custodial).

→ Registering this address in claimly returns nothing. Your assets aren't on that address itself; they're recorded inside the exchange's own ledger.

(B) A separate self-custody wallet app made by the exchange

Example: Coinbase Wallet, Binance Web3 Wallet. The name says "exchange," but it's a real self-custody wallet — the seed phrase is in your own hands, and it's completely separate from the exchange account.

→ This kind works with claimly. Register the address like any other self-custody wallet.

To use claimly: you need the (B) kind — a self-custody wallet address whose seed phrase you hold yourself. The (A) kind is managed by the exchange company and doesn't show up in DeFi directly.

② Wallet types — software vs hardware

Self-custody wallets fall into two main categories by how they're stored.

💻 Software wallet — a browser extension or a phone app. Free and ready in minutes. Always connected to the internet, so it's called a hot wallet.
🔌 Hardware wallet — a small USB-like device. The seed and signing happen inside the device, never exposed to the internet, so it's called a cold wallet. Usually a few tens to a few hundred dollars, and a good fit for long-term storage of larger amounts.

Analogy: A hot wallet is like cash in your pocket — convenient to spend right away, but exposed to pickpocketing or loss. A cold wallet is like cash in a home safe — a hassle to take out, but much safer. Keeping small amounts you use often in a hot wallet, and larger amounts in a cold wallet, spreads the risk.

③ Common wallets per chain

These are wallets people commonly use on each of the four chains claimly supports. This is not a recommendation — depending on your situation there may be safer choices.

⛓️ EVM (Ethereum-style, 0x…) — MetaMask, Rainbow, Trust Wallet, and similar.
☀️ Solana — Phantom, Solflare, and similar.
💎 TON — Tonkeeper, MyTonWallet, and similar. The @wallet bot inside Telegram is a custodial account (like an exchange) and won't work in claimly.
🟢 XRPL — Xaman (formerly XUMM), and similar.

One app can support multiple chains. Trust Wallet covers EVM, Solana, and TON; Coinbase Wallet is multichain too. Starting with one or two chains is usually enough at first.

④ Seed phrase — the most important secret

When you create a wallet, it gives you a seed phrase — 12 or 24 words. This is the password and recovery key for the wallet itself: anyone with these words can move all the assets in it.

📝 Write it down by hand on paper and store it somewhere safe (a fireproof box, for example). Two copies in two different locations cut the risk of loss or damage.
🚫 Never store it in photos, email, notes apps, cloud storage (Google Drive, iCloud, etc.), or messengers. Once it touches anything digital, it can leak.
🚫 Never share it with anyone — not family, not friends, not anyone claiming to be "support." No legitimate service ever asks for your seed phrase.

The honest tradeoff: If you lose your seed phrase, the assets in that wallet are gone — permanently. There's no "reset password" and no support line to call. That's the flip side of self-custody — you're free of company control, and the responsibility is entirely yours.

⑤ Avoiding fake sites and phishing

Most self-custody incidents involve fake sites that try to steal your seed phrase or trick you into signing a malicious transaction. Three rules cover most cases.

🔍 Check the URL. A single character difference (e.g. metmask.io, metamask-app.com) means it's fake. Always enter through a bookmarked link.
🛑 Legitimate wallets and services never ask for your seed phrase — claimly, MetaMask, Phantom, none of them. If a site asks you to type your seed phrase, it's 100% fake.
📲 Always read the transaction before signing. The wallet app shows "to whom" and "how much" — read it once more and sign. When in doubt, hit Reject.

What claimly does: we link you to the official page of each DeFi protocol — that's it. Claim and swap transactions are always signed by you, in your own wallet.

This guide is for education only and is not investment advice. It's not a wallet recommendation either; do your own research before using one.

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