Your wallet stores private keys. Whoever has the key controls the crypto. Lose the key = lose the crypto forever.
Connected to internet. Examples: MetaMask, Phantom, Trust Wallet. Convenient but vulnerable to hacks.
Hardware device offline. Examples: Ledger, Trezor. Most secure option. Best for holdings you do not trade daily.
Your 12-word seed phrase = full access to your wallet. No legitimate app, exchange, or person will ever ask for it.
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