Most people I talk to still keep their crypto on centralized exchanges (CEXs) like Binance or Coinbase. I get it—it’s easy. But if you’ve been in crypto long enough, you’ve seen horror stories: exchanges getting hacked, accounts frozen, withdrawal limits when you need your funds the most. If you actually want to own your crypto, the first step is setting up a self-custodial wallet. That way, no one can lock you out of your own money.
I’m not a Solana maxi, but I have to admit—it’s one of the easiest blockchains to use, especially on a smartphone. Transactions are fast and cheap, which is a game-changer compared to Ethereum, where gas fees can be ridiculous. If you’re just starting out with self-custody, Solana is a good place to begin. That’s why I use Backpack, a self-custodial wallet that works with Solana and other blockchains. You can send and receive tokens, trade, buy crypto with a credit card, and store NFTs, all in one place. Download it here: https://backpack.app/download.
Setting up Backpack takes a couple of minutes. Once you install the app, click “Get Started,” choose Solana, and create a new wallet. You’ll be given a recovery phrase—write it down somewhere safe because if you lose it, you lose access to your funds. During the setup, there’s an option to enter a referral code. If you use BREAKDOWNFAB, you’ll earn a percentage of swap fees when people you refer use Backpack to trade. It’s an easy way to get passive rewards while using the wallet.
No wallet is perfect, though. Backpack is still new compared to more established options like Phantom or Solflare, and if you lose your recovery phrase, there’s no way to get your funds back. That’s the trade-off with self-custody—you get full control, but also full responsibility. Personally, I also use Backpack for Eclipse, which lets me explore different blockchain ecosystems beyond just Solana. It’s nice to have everything in one place without juggling multiple apps.
If you’re still keeping all your crypto on a CEX, now’s the time to change that. Setting up a self-custodial wallet like Backpack gives you real ownership over your assets. No more worrying about withdrawal freezes, hacks, or sudden bans. Your crypto should be yours—so take control of it.
