How to Move Bitcoin and Other Cryptocurrency to Self-Custody

Are you concerned that your Bitcoin and other crypto could be trapped on a centralized exchange like FTX? Here's how to change that.

Since Sam Bankman-Fried's FTX exchange blew up a few weeks ago in a whirlwind of drama, self-custody of cryptocurrency assets has gained much more attention.

In the event of a business failure or hack, your funds on an exchange may be frozen. This leaves you vulnerable to insider fraud, hacks, and frozen withdrawals.

This is why many users are abandoning centralized exchanges like FTX. Using self-custody, users move their funds into wallets they control themselves.

Here's how to move your cryptocurrency funds from an exchange to a wallet you own if fully controlling your crypto sounds appealing to you.

1. Create a wallet on a self-custody platform There are many wallets you can choose from to store your funds. In this post, we'll take a look at the popular BitPay wallet.

Upon downloading the BitPay wallet, you will be prompted to "create a key" that will be used to backup all the addresses associated with it.

2. Record your new wallet address If you want to access your wallet, you'll need to know its address.

This can be found by tapping into your wallet, tapping the three dots at the top right corner, and then selecting "Share Address" in the BitPay Wallet app. Here you can write down your wallet address or copy it to your clipboard.

In addition to storing the keys offline, you can also use a hardware wallet, such as Ledger or ColdCard.

3. Move funds off of the exchange You will find a "Withdraw" button for each asset on your account page at your chosen exchange, like Coinbase. Clicking the "Withdraw" button for a particular asset will send the funds to your wallet.