Storing $SAFE

When you initially acquire SAFE at the safe.trade exchange, it creates a wallet for you there. This is considered a ‘hot’ wallet, meaning it’s always connected to the Internet. The wallet on safe.trade is also a ‘custodial’ wallet, meaning the private keys are stored on the server. It is recommended that this should only be used for active trading and then transferred out once that’s done. It is never recommended to store any coins on any exchanges.

SafeCoin has an official web-based wallet at https://wallet.safecoin.org/. This wallet is also a hot wallet (connected to the internet at all times), but the difference here is that you own your private keys. This is obviously more secure and a better idea than keeping it on an exchange. The drawback is that if you lose your keys, you can’t access your funds.

make sure you store your 24-word restore phrase in a safe place. Because if you lose these words your wallet cannot be restored and your funds will be lost.

The web wallet can be made ‘cold’ (not connected to the internet) by saving your keys and deleting the wallet from the website. Cold wallets are more secure than hot wallets since they are offline, so the only way for an attacker to get at your funds is if they somehow get your private keys. The disadvantage is that you don’t have instant access to your funds - you have to restore the wallet first (thereby making it hot) by entering your private keys. If you’re holding SAFE for a while, it’s a good idea to make it cold. If you’re actively using it, it’s more convenient to keep it hot. You can also keep two wallets, a cold one and a hot one (kind of like you keep both a checking and savings account at your bank).

If you have a computer or virtual machine with Linux, you can also set up a local wallet. This wallet is hot when your machine is connected to the internet, and cold when it’s not. You own the keys to this wallet. This one is trickier to set up, a bit more secure than a web wallet since an attacker would need access to your computer, but not as convenient since you also need access to that computer when you want to move your SAFE.

Finally, You can also transfer your SAFE to a staking wallet where you can earn rewards via staking (there’s a big section on that further on). Like the local wallet, the staking wallet can be hot or cold depending on the connection status, and you own your keys. Since getting funds out of the staking wallet takes time anyway, it’s recommended that it be kept cold as much as possible.

Additionally, you can store SafeCoin on a Ledger hardware wallet a guide on how to store $SAFE on Ledger can be found here