Online Storage
It is not generally advised to store your seed recovery phrase online as this increases the potential of exposure to malware and being hacked. However, some people choose online storage because it’s convenient.
- Password manager - If you need to store your recovery phrase online, consider one of the better-known password manager tools, such as LastPass or 1Password.
- PROS: Easy, quick, convenient
- CONS: Still hackable
*Note that Qredo doesn’t recommend online seed recovery phrase storage.
Offline Storage
Storing your seed recovery phrase offline is the recommended method, even though it might not be the most convenient method.
- Piece(s) of paper - Write the phrase on a piece of paper and store back-ups in multiple locations. Consider laminating the paper for added durability. You can also split up the seed phrase onto several pieces of paper, placing each piece in a different location. Bear in mind that the correct order of the phrase is necessary to recover your wallet.
- PROS: Simple, cheap, convenient, can’t be hacked digitally
- CONS: Easily damaged/destroyed/stolen
- Steel engraving - Small stainless steel units designed to store seed phrases are available from retailers e.g. Cryptosteel. Multiple units can also be purchased as back ups or to split the recovery phrase.
- PROS: Resistance to fire, flooding, corrosion, and impact, portable, no ongoing costs, can’t be hacked digitally
- CONS: Can be expensive, hard to setup, can be physically stolen
- External hard drive - You can store your seed recovery phrase offline on an external hard drive, keep itoffline, and only access it when you need to.
- PROS: Affordable, no monthly fee or maintenance
- CONS: Risk of ending up damaged/destroyed/stolen
- Air-gapped device - Air-gapped devices are those completely cut off from any form of network connectivity. This refers to any device type that can store your recovery phrase completely offline.
- PROS: Extremely secure
- CONS: Slow access, diminishes productivity, implementation and maintenance costs, can be stolen
Do’s & Don’ts
- DO arrange access in by your spouse/partner/colleague/lawyer to your seed recovery phrase in the event of your incapacitation so that your account can be recovered. Note that to recover your account, you must also have access to the same email account used to create the Qredo account.
- DON’T take screenshots of your seed recovery phrase while creating your Qredo Account. If someone gains access to your phone, they’ll be able to quickly take control of your account. Additionally, your device might automatically upload your screenshots to a cloud service. This poses a huge safety risk.
- DO keep your seed recovery phrase in multiple means of offline storage.
- DON’T share your seed recovery phrase with other people unless you absolutely trust them.