The Scalaris wallet allows you to securely manage your SCA. It's important to manage your funds through a wallet you own. In your wallet there is something called private keys. Think of private keys like a bank account. When you have funds in your wallet, they are in an "account" that you own and control.
Why shouldn't I store my funds on an exchange?
While you can store your funds on an exchange, it is risky to do so since you don't really own the wallet your funds are stored in. In other words, when you use an exchange, your funds are really in the exchanges "account" and they are just allowing you access.
These exchanges are highly unregulated, which can lead to issues. They have the ability to freeze withdrawals of funds, and while the exchange owners can tell users that their funds are safe, there is no way to guarantee this given the lack of rules and a regulating body.
Due to the large number of funds being stored on exchanges, it becomes a target for hackers. There is a huge risk storing funds on an exchange with $1.7 billion stolen from exchanges in 2018 alone.
Properly setting up the Scalaris wallet is simple, but takes a few short steps. Complete each of the following guides in order:
Warning: Beware of scams
Be cautious of users sending you private messages on Discord to help with troubleshooting, even if they claim to be team members. Scammers will often prey on those having issues and offer help in an attempt to steal funds. This is usually done by impersonating team members.