Yes, Status Wallet is fully self-custodial. This means that Status Wallet doesn't store or even have access to your recovery phrase. You're the only person who can access the phrase and manage your account. This also means that if you lose your recovery phrase, Status Wallet can't restore it for you.
Yes. Status Wallet is open source, so anyone can review the source code to make sure it's secure. Your keys are encrypted with your Status password which only you should know. All crypto transactions need to be confirmed on your device before they are send. Finally, Status Wallet is self-custodial, which means Status doesn't have access to your recovery phrase.
Since you're the only person who can access your recovery phrase, the safety of your crypto is mostly in your hands. Think of Status Wallet as a personal safe you keep at home. While this safe has a secure lock and a bullet-proof body, anyone you share the code with can open the safe. Unless you forget to lock the door or tell someone your code, the safe can protect your money. In Status Wallet, your recovery phrase is the safe code you should never share with anyone.
You can only use Status Wallet for Ethereum-based assets. This includes Ether (ETH) and ERC-20 tokens, as well as assets from Ethereum Layer-2 blockchains (L2s) and sidechains. For more details on L2s and sidechains, check out Understand L2s and sidechains.
This means Status Wallet can't be used for Bitcoin or other non-Ethereum based coins. Instead, you can use their Ethereum-based wrapped versions with your Status Wallet. Check out Understand wrapped tokens for more details.
There's no way to directly withdraw your crypto from your Status Wallet to your bank account. You can still do it via a third-party app. For more details, check out Withdraw crypto to your bank account.
Status Wallet doesn't charge any extra fees on crypto transactions. The only fees you need to pay are network fees, which are charged by the blockchain. For more details on network fees, check out Understand network fees.
There can be a variety of reasons behind your transaction getting stuck. For example, a common issue is that the network fees set for the transaction are too low. To learn about ways to speed up your transaction, check out Handle pending or stuck transactions. If you want to cancel your transaction, check out Cancel transactions.