A custody checklist for Filipino users before leaving funds on an exchange
For many people the exchange is where they bought their first coins, and it simply becomes the place where those coins live. That is a choice, even if it was never made consciously. Holding on an exchange means trusting the platform's safeguards and relying on your own account settings to keep others out. Holding in a personal wallet means taking full responsibility for keys and recovery phrases. Neither is automatically right. This checklist helps you make the decision deliberately and, if you keep funds on an exchange, to configure the controls that the large platforms provide.
Decide what actually needs to be on the exchange
Split your holdings into what you trade regularly and what you intend to keep for a long time. The trading portion needs to be on the exchange to be useful. The long-term portion might not. Write down the amount you are comfortable leaving on the platform and the reason. If you choose to move long-term holdings to a personal wallet, learn how to store its recovery phrase offline before transferring anything significant.
Lock down withdrawals
Enable a withdrawal allowlist if the platform offers one, and add only addresses you have verified directly from your own wallet. Keep any waiting period for new addresses switched on. Require an authenticator app or passkey for withdrawals rather than SMS. These steps mean that even if someone obtains your password, moving funds out quickly becomes much harder.
Reduce the ways into the account
Remove old devices from the trusted list, end sessions you do not recognise and delete API keys you no longer use. Keep remaining API keys without withdrawal permission. Set an anti-phishing code so genuine emails are easy to identify, and protect the linked email account with its own strong verification. Every unused access path you close is one fewer route for an attacker.
Review the setup on a schedule
Put a reminder in your calendar every few months to repeat this checklist. Confirm the allowlist, device list and API keys still match what you expect, and check that the amount on the exchange still fits the plan you wrote down. Read each platform's security announcements occasionally, since new controls are added over time. A short regular review keeps your custody choice intentional.
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Scenario checkpoint
- Write down how much you are comfortable keeping on the exchange and the reason why.
- Enable a withdrawal allowlist with only addresses verified from your own wallet.
- Delete unused API keys and remove withdrawal permission from those that remain.
- Set a calendar reminder to repeat the custody checklist every few months.