Are you a beginner looking to start investing in crypto? If you’re going to go far on the journey, you’ll need to set up a crypto wallet through which you can store and manage your assets.
There are many different kinds of wallets out there, but they work pretty much the same way.
In this guide, we outlined the process for setting up your own wallet to get started on your crypto journey. The procedure applies to basically any kind of wallet you choose, and you can use it to create any wallet.
Without wasting any more time, let’s go into the details of how to set up your wallet today.
Get the App
There are hundreds if not thousands of crypto wallet apps out there, but you’ll have to decide on which one you wish to use. All you have to do is go to your app store, Google Play Store for Android and Apple Store for iOS devices.
You should download the app and install it to your phone. Simply search for “crypto wallet” in the store and you’ll have several options to choose from. However the most commonly used ones are Exodus, Coinbase, Trust Wallet, etc.
Create an Account
This involves just creating a username and a password. Some only require that you create a password, while others need your email address to sign up. As soon as you successfully create it, you’ll be ready to use the wallet.
Some wallets like Coinbase require that you complete KYC with verified documents to access its full functionality.
Write Down Recovery Phrase
Whichever wallet app you pick, a recovery phrase will be generated for you automatically. This recovery phrase is a set of 12 or 24 words that you can use to recover your wallet should anything happen to it such as the loss of a device.
You should write down the recovery phrase in the correct order on a piece of paper. Recent wallets will ensure that you do that by asking you to re-enter the recovery phrase to confirm that you actually wrote the words down or you’ll not proceed to the next stage.
Add Crypto to Your Wallet
Now that you have your wallet set up, the next thing is to add crypto assets to it. You may buy assets on an exchange and then transfer them there, or you can receive them from a friend, whatever.
From there, you can start carrying out transactions as you like, congratulations. Your first wallet has been set up and ready.
The set up process for hardware wallets is exactly the same thing. You just need to use the appropriate application to interface with it.
Things to Note
Now that you have your first wallet set up, there are a few things to note in order to keep your wallet safe from people seeking to steal your funds.
Keep Your Recovery Phrase Safe
One of the easiest ways you can lose your wallet is by sharing your wallet details with other people, especially your recovery phrase.
Anyone with the recovery phrase can wipe your account clean of your funds if they want to, so you should not share it with anyone.
In the event of losing your wallet, the recovery phrase will also be the only way you can recover it, so keep it safe.
Use a Strong Password
The password you create to secure your wallet should be a strong one. It should also be easy for you to remember, but hard for others to guess. This is so that you don’t forget the password and lose access to your wallet.
The password shouldn’t be something obvious like your name. Instead, it should be a complex mix of letters, numbers and special symbols.
It is your responsibility solely to protect your wallet and whatever happens to it from this point on is on you, so watch it carefully.