Decision guide & shopping lists
Answer up to four questions. The guide suggests a path and jumps to the shopping list for it. It runs entirely in your browser and asks nothing sensitive — only general preferences.
Last fact-checked 24 October 2026 (time-sensitive claims re-checked against the linked sources).
New to this? Read the level-based path and the five questions to ask yourself first. Already set up? See moving up a level safely. Want to see the trade-offs? Compare methods side by side on loss risk, theft risk, complexity, cost and inheritance.
Find your path Beginner
Before you choose: five plain-English questions Beginner
The quiz above asks about preferences. These questions are about you, and the honest answers matter more than the kit.
| Question | If the answer is "no" or "not sure" | Read |
|---|---|---|
| Am I comfortable setting up and looking after a wallet myself? | The SEC notes that self-custody "may require some technical savvy" and leaves you with sole responsibility (SEC). Start with P1 and a small amount, or keep using a regulated platform while you learn. | Exchange or self-custody |
| Will I test a restore once a year? | Choose the simplest path. A complex set-up you never test is riskier than a simple one you do test. | Annual review |
| Could my executor follow it without me? | Avoid passphrases and multisig until you have written instructions someone else could follow. | Why families fail |
| Could I replace this money if it were lost? | If not, plan for loss and theft of a backup: P2 or P3, then P4 or P5 as amounts grow. | Level-based path |
| Does anyone know I hold crypto? | If people do know, consider protection against coercion as well as burglary. | Coercion |
The seven paths at a glance Beginner Intermediate
| Path | Best for | Survives loss of one backup? | Survives theft of one backup? | Complexity | Indicative kit cost* (GBP / USD) |
|---|---|---|---|---|---|
| P1 Starter single-sig | Small sums, first wallet | Yes (2 copies) | No | Low | £103–£198 / $132–$228 |
| P2 Seed + passphrase | Moderate sums, some confidence | Yes if duplicated | Yes | Low–medium | £265–£465 / $351–$525 |
| P3 SLIP-39 2-of-3 | Significant sums, single device type | Yes | Yes | Medium | £211–£476 / $278–$546 |
| P4 Self-managed multisig | Large sums, technically confident | Yes | Yes (+ device compromise) | High | £388–£861 / $436–$1,124 |
| P5 Collaborative custody | Large sums, want support/inheritance help | Yes | Yes | Medium | £209–£625 / $264–$706 + subscription |
| P6 Air-gapped stateless DIY | Experts wanting verifiability | Depends on backups | With passphrase/multisig | High | £130–£218 / $172–$268 (Jade route) |
| P7 Organisation / custodian | Companies, charities, funds | Yes | Yes | High (policy) | Varies |
*Device and metal backup only, from maker list prices checked on 24 October 2026; see the price check for items and workings. Tools, safes, box fees and VAT or duty differences are not included. No affiliate links — buy direct from makers.
A level-based path Beginner Intermediate Expert
Most people should start simple and move up only when the amount at stake, or their confidence, justifies more moving parts. Each step builds on the last.
| Level | Typical setup | Read first | Move up when… |
|---|---|---|---|
| Beginner | P1: one hardware wallet, a BIP39 phrase on metal plus a second copy elsewhere, a tested restore and a letter of instruction | Start here, misconceptions, beginner checklist | You hold a sum you could not replace, and you have restored successfully at least once |
| Intermediate | P2 or P3: a passphrase stored apart, or SLIP-39 2-of-3, across three places, with a yearly drill | Passphrase, which standard?, forgotten passphrase | Large sums, a public profile, or you want protection against a compromised signing device |
| Expert | P4, P5 or P6: multisig with several makers, stored descriptors, possibly a collaborative custodian | Descriptors, xpub risks, recovery drills | Review every year; simplify if your heirs could not follow it |
Community advice: Sparrow Wallet's best-practice guide describes three stages: beginner (single-signature, up to about US$10,000, public server), intermediate (single-signature, up to about US$100,000, your own Bitcoin Core node) and expert (multisig, with hardware wallets from several makers in different places). These are one wallet developer's rules of thumb, not thresholds you must follow.
Pros
- Each level adds protection only where it is needed
- You practise the basics (restore, storage, letter) before adding complexity
Cons
- Upgrading means a new wallet and moving funds in most cases (for example BIP39 to SLIP-39)
- Higher levels cost more and need more upkeep
Common pitfalls
- Jumping straight to multisig before you have ever restored a wallet
- Building something your executor could not follow
- Keeping the old, weaker backups after upgrading
Expert & community advice
- Upgrade one step at a time and test each step
- Use the review log to note when you last checked
- See the learning paths for reading in the same order
Common decision mistakes, with real cases Beginner Intermediate
| Mistake | Real example | Safer choice |
|---|---|---|
| Choosing more complexity than you can restore | Users who cannot reproduce their own passphrase (case file); see the forgotten-passphrase scenario | Move up one level at a time and test each step (below) |
| A set-up only you understand | A family who had to drop a relative's bitcoin because nobody knew how to reach it (UK, 2020); a fortune possibly lost on death (Mircea Popescu) | A letter of instruction and an inventory (templates) |
| Every copy in one area | Backups caught in the same fire zone (California, 2025) | Separate locations (layouts) |
| Chasing yield on a platform | Celsius "Earn" deposits were ruled to be the company's property (2023) | Know who legally owns the coins (custodian failure) |
| Keeping savings in a hot wallet | Slope wallet software logged seeds, and about 9,000 wallets were drained (2022); Atomic Wallet users lost more than $100m | A hardware wallet for savings (P1 upwards) |
| Relying on one storage provider | Safe deposit boxes seized in someone else's investigation (US Private Vaults) | Use a box for one share or key only (safe deposit boxes) |
| Saving money with marketplace kit | A counterfeit Trezor with pre-generated seeds (2023) | Buy direct (buying rules) |
Moving up a level safely Intermediate
Going from P1 to P2 or P3, or from a single wallet to multisig, usually means creating a new wallet and moving funds. It is the same discipline as recovering from a lost backup. Trezor's steps for that case are: create the new wallet, test its receive address with a small amount, transfer, then wipe the old one (Trezor).
- Write down the new design first: what is stored where, and who would need what (inventory).
- Build the new set-up alongside the old one. Do not change the old one yet.
- Test-restore the new set-up, including any passphrase or the full quorum.
- Send a small test amount, then move everything. Check every account and every network you use, not just the main coin.
- Update your letter of instruction and tell anyone who holds a share or key what has changed.
- Retire the old backups: destroy them once the old wallet is empty (Trezor). Record the date in the review log.
Pros
- The old set-up keeps working until the new one is proven
- A clear point to refresh your paperwork
Cons
- Network fees for the move
- A period with two sets of backups to protect
Pitfalls
- Forgetting tokens or accounts on other networks that the old phrase still controls
- Leaving old backups in place. Anyone who finds them can still reach any funds left behind
- Not telling share or key holders, so they keep guarding the wrong thing
Community advice (labelled: experience shared by users, not official guidance)
- Community advice: Sparrow's best-practice guide describes moving from single-signature to multisig as holdings grow, with hardware from several makers (Sparrow)
- Community advice: label old and new backups clearly during the changeover so the two sets cannot be mixed up
Price check: what the kit costs Beginner
Prices below were read from each maker's own store on 24 October 2026. GBP prices come from the maker's UK pricing where offered. Blockstream's store gives GBP when its currency is set to pounds; Coinkite showed USD only. Promotions, VAT, delivery and import duty can change what you pay, so treat these as a snapshot, not a quote. Listing is not endorsement and there are no affiliate links.
| Item | GBP | USD | Source |
|---|---|---|---|
| Trezor Safe 3 | £49 | $59 | Trezor |
| Trezor Safe 5 | £109 | $129 | Trezor |
| Trezor Safe 7 | £209 | $249 | Trezor |
| Ledger Nano S Plus | £52 | $59–$69 | Ledger |
| Ledger Nano X | £90 | $99 | Ledger |
| Ledger Flex | £229–£238 | $249–$259 | Ledger |
| BitBox02 / BitBox02 Nova | £125 / £147 | $167 / $196 | BitBox shop |
| Blockstream Jade Core / Jade Plus | £76 / £114–£129 | $99 / $149–$169 | Blockstream store |
| COLDCARD Mk5 / Q | Not shown in GBP | $219 / $319 (shown reduced from $269 / $369) | Coinkite store |
| Trezor Keep Metal (24-word / multi-share) | £89 / £80 | $99 / $89 | Trezor, Trezor |
| BitBox Steelwallet | £54 | $73 | BitBox shop |
| Tamper-evident bags (BitBox) | from £13 | from $17 | BitBox shop |
| Casa Standard (collaborative custody) | — | $250 a year | Casa |
How the path ranges are worked out
- P1: one entry device plus one metal backup. Low: Trezor Safe 3 + Steelwallet (£103 / $132). High: Trezor Safe 5 + Keep Metal (£198 / $228).
- P2: one device plus four metal backups (two for the seed, two for the passphrase). Low: Safe 3 + 4 Steelwallets (£265 / $351). High: Safe 5 + 4 Keep Metal (£465 / $525). Small generic steel tags for the passphrase cost less.
- P3: one SLIP-39 Trezor plus three metal backups. Low: Safe 3 + 3 Steelwallets (£211 / $278). High: Safe 7 + 3 Keep Metal (£476 / $546).
- P4: three devices from different makers plus three metal backups. GBP low: Safe 3 + Nano S Plus + BitBox02 + 3 Steelwallets (£388). GBP high: Safe 7 + Flex + BitBox02 Nova + 3 Keep Metal (£861). USD low: Safe 3 + Nano S Plus + Jade Core + 3 Steelwallets ($436). USD high: Safe 7 + Flex + COLDCARD Q + 3 Keep Metal ($1,124).
- P5: two devices plus two metal backups, plus the provider's subscription. Low: Safe 3 + Nano S Plus + 2 Steelwallets (£209 / $264). High: Safe 7 + Flex + 2 Keep Metal (£625 / $706). Casa Standard costs $250 a year.
- P6: a Blockstream Jade (Core or Plus) plus one metal backup: $172–$268. Check that the model you choose supports the stateless, air-gapped way you plan to use it. In GBP that is about £130–£218 with a £54–£89 metal backup (Jade Core £76; Jade Plus £114–£129). DIY SeedSigner parts vary too much to price.
- Not included: punches, dice, safes, safe-deposit-box fees and professional fees.
Shopping checklists Beginner Intermediate Expert
- Buy hardware wallets direct from the maker or their listed resellers. Never second-hand, never from an unknown marketplace seller.
- Never buy anything that arrives with a seed already written or stamped.
- Consider delivery to a work address or collection point for privacy.
- Metal plates, punches and washers can be bought generically from hardware shops.
P1 — Starter single-sig Beginner
P2 — Seed + passphrase Intermediate
P3 — SLIP-39 2-of-3 Shamir Intermediate
P4 — Self-managed multisig 2-of-3 Expert
P5 — Collaborative custody Intermediate
P6 — Air-gapped stateless DIY Expert
P7 — Organisation / custodian Expert
Last reviewed: · Educational information only — verify current details with official sources.