How to Get a Crypto Wallet: Your Step-by-Step Guide

Many crypto wallets are available to people who wish to get involved in the crypto markets. If you’re interested in cryptocurrency, the first step is to get yourself a crypto wallet.

You’ve probably heard about various wallets, but not all types of wallets are created equal. There are multiple types, and some are better than others, depending on your needs. You’ll need to know which ones are the best wallets for you.

What is a Crypto Wallet?

A crypto wallet is a software program developed to store your public (wallet address) and private keys (strong password) and interacts with the blockchain, enabling you to send, receive and monitor their balance. Most crypto wallets are similar in function to a traditional wallet, but unlike the physical kind you carry cash in, a crypto wallet can hold several different types of cryptocurrency. The most popular cryptos are Bitcoin, Ethereum, and Bitcoin Cash.

The main purpose and importance of a crypto wallet is to provide security for your cryptos. If you lose your crypto wallet, then you could lose all of your money as well.

Some crypto wallets can only work online, while others must be offline. You have a choice to decide the type of crypto wallet that best suits your needs. It also depends on how many cryptos you have invested in and how often you need access to your funds.

⭐️  Read more on: Best Crypto Wallet

Is cryptocurrency wallet required to trade crypto?

Yes, a crypto wallet is required to store your crypto holdings. You can choose between a custodial and non-custodial wallet. If you want to buy, sell, and receive crypto, a custodial wallet (hosted wallet) is the easiest solution. Examples of hosted wallets include those available at cryptocurrency exchanges like Coinbase, Binance, etc. Non-custodial wallets typically don’t allow you to buy crypto using fiat.

Types of Crypto Wallets

If you want to buy and sell cryptocurrencies, you’ll need a cryptocurrency wallet. In other words, a digital storage to keep your money. These wallets are:

  • Hot Wallets – Keys are stored in an app or other software.
  • Desktop Wallets – Are installed on a desktop or laptop computer and give the user complete control over the wallet.
  • Mobile Wallets – Mobile-based wallets run on your smartphone or tablet.
  • Web Wallets – Can be accessed anywhere and from any device.
  • Cold Wallets – Stores your keys completely offline on a device (such as a USB drive) not connected to the Internet.

How to set up a Hot Wallet?

To set up your hot wallet, follow the steps below:

  1. Make sure your computer has antivirus software installed with current updates.
  2. Remove any virus-prone programs from your computer.
  3. Download a non-custodial wallet like Electrum or Mycelium onto your desktop or laptop computer. It’s non-custodial because you have complete control over your crypto -no “custodian” keeps your crypto for you. If it’s a browser-based wallet like MetaMask, you only need to download and install it on your web browser.
  4. Make sure you note down your private keys. Keep it secure as you might need it to access your wallet.
  5. Transfer crypto to your wallet

How to set up a Desktop Wallet?

The security of desktop wallets is usually good, but they are vulnerable to hacking when connected to the internet.

  1. Visit the official website of the wallet you have chosen (e.g. Exodus).
  2. Choose the correct version of the wallet for your device.
  3. Download and install the wallet.
  4. Once installed, enter a strong password to secure your wallet.
  5. Check the box next to “Encrypt Wallet.”
  6. Click next after choosing where you’d like your new wallet saved and wait while the application downloads all the blockchain data.

How to set up a Mobile Wallet?

A mobile wallet is an app that lets you store your crypto in a secure digital wallet. Here’s how to set up a mobile crypto wallet.

  1. Download the App for Your Mobile Wallet on Playstore or Apple Store.
  2. Create an account. It’s usually as simple as entering your name, email address, and password in the app.
  3. Create a secure password.
  4. Complete 2-step verification. This typically involves confirming your mobile number in addition to email verification.
  5. Add your debit or credit card (for hosted wallets) if you want to buy crypto using fiat.
  6. Launch your account to purchase crypto. If you already own crypto coins, you can transfer them to your wallet and begin trading.

How to set up a Web Wallet?

A third party hosts the wallet, so you do not have direct access to the private keys (password) required to access your cryptocurrency holdings. Web wallets like Luno offer simple ways to store your cryptocurrency.

To set up a web wallet, follow these steps:

  1. Go to the website of the wallet your trust.
  2. Click on ‘Sign Up.
  3. Enter your personal details to continue.
  4. Choose a strong password for account security.
  5. Complete email and mobile verification if required.
  6. Buy or transfer crypto to your wallet to begin trading

How to create a Cold Wallet?

A cold wallet is an external device or program that does not keep on your computer or smartphone. It allows you to store your cryptocurrency securely, and it keeps it away from the prying eyes of hackers who may attempt to steal your coins online.

Investing in a hardware wallet is by far the safest way to store your coins. Even though some of these devices cost a fair amount of money, they are well worth their price.

The following steps explain how to set up a hardware wallet.

  1. Purchase the hardware device. Trezor and Ledger are the most popular brands.
  2. Download the software from the official company website and Install the software
  3. Follow the prompts to create your wallet
  4. Transfer crypto to your wallet

Create your hi wallet to begin earning HI

If you want to get into crypto, the first thing you need to do is get a crypto wallet. Your hi wallet offers the easiest and most convenient way to access your HI within the hi ecosystem. hi also offers hi Convert feature, which allows you to convert BTC, ETH, LTC, and DOGE to USDT and vice versa at a minimal fee.

To set up your hi wallet, follow these instructions. Access hi via WhatsApp or Telegram. Next, type “hi” in the chat, and a menu will open, allowing you to create an account. Complete the signup instructions, and your hi wallet is created automatically.

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