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Education only · not financial, tax or legal adviceCanadian facts checked 2026-10-31 · a MITEY site
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Tool · Safety & custody

Self-custody readiness check

Ten questions that show whether you are ready to hold your own keys, and what to fix first.

Runs in your browser · nothing is sent
Mitey the yeti, blue-eyed with a blond tuft, holding out an open paw, with a private key
Mitey says: Being honest here costs nothing. Being wrong later can cost everything you hold.
1. Is your recovery phrase written on paper or metal, stored offline?
2. Is the phrase absent from photos, email, notes apps and cloud storage?
3. Have you restored the wallet from the backup on a second device?
4. Do you keep a second copy in a different physical location?
5. Do you use a separate wallet with a small balance for trying new apps?
6. Is the device you sign with updated, locked and free of pirated software?
7. Do you check the full address and network before sending?
8. Do you know how to review and revoke token approvals?
9. Would you refuse anyone who asks for your phrase, even “support”?
10. Could a trusted person access your crypto if something happened to you?
0 of 10 answered
–/100

How this tool works

Each question covers a habit that, when missing, is a common way people lose crypto they hold themselves: no tested backup, a recovery phrase stored in the cloud, one device for everything, no plan for family.

Answers are weighted: backup and recovery-phrase questions count most, because they decide whether a mistake is recoverable. The score is a teaching aid, not a certification. The list of gaps is the useful part: it links to the guide that explains each fix.

Practise with a small amount

Whatever your score, send a small test amount first, restore the wallet from your backup on a second device, and only then move more. See the wallet backup checklist.

Limits

  • Nothing you enter leaves your browser.
  • The weights are editorial judgement, not a standard.
  • A high score does not make any asset or protocol safe.

Questions people ask

What does self-custody mean?

Self-custody means you hold the private keys to your crypto-assets, usually through a wallet and its recovery phrase. No platform can freeze or reset your account, and no one can recover it for you if the keys are lost.

What is the most common self-custody mistake?

Having no tested backup of the recovery phrase, or storing it somewhere online such as a photo, email or cloud note. Both turn a recoverable mistake into a permanent loss or a theft.

Is a custodial platform safer than self-custody?

It moves the risk rather than removing it. A registered Canadian platform has to follow custody and segregation terms, but you depend on the platform. Self-custody removes the platform but puts every safeguard on you. Compare both on custodial vs self-custody.

Sources and dates

Education only. Nothing on this page is financial, investment, tax or legal advice, or a recommendation to buy, sell, stake, lend or borrow any crypto-asset. Crypto-assets can lose some or all of their value and are not covered by CDIC. Canadian rules change: check the dated sources above and talk to a qualified professional about your situation. Full disclaimer.