How to Set up Your First Wallet?

According to the type of wallets you chose for storing cryptocurrency, the method of set up your first wallet is different. The setup guides for each type of wallet is as follow:

Hot wallet

  1. Custodial Wallet

The most common custodial wallet is an exchange wallet, which means keeping your assets on the exchange. Most people using exchange for the first purchase of cryptocurrency, the exchange will create a wallet for you automatically when you made the purchase. You don't need to do anything to create an exchange wallet at all.

After creating an exchange account, you may find Total Balances on the Balance pages and you can deposits, withdraw, or transfer on a certain page of the exchange. In a way, the Balance page is similar to a traditional wallet interface.

  1. Non-custodial Wallet:

There are various types of non-custodial wallets. However, the general setup methods are similar.

  • If you want to use a single-asset wallet, for example, a bitcoin wallet, you can get the program from the official website, let's take Bitcoin Core Wallet for example:

Step 1: Download the software from the official website: https://bitcoincore.org/ and install it on your PC.

Step 2: Click "create a new wallet "to create a bitcoin wallet.

Step 3:Transfer crypto to your wallet.

  • Except for the single-asset wallet, you can also choose a multi-asset wallet, most of them can be installed on a mobile device. Let's take Coinbase Wallet for example:

Step 1: Download the wallet app from the official website: https://wallet.coinbase.com/ choose the version that is suitable for your mobile device and installs.

Step 2: Create your account. You don't need to share any personal info to create a non-custodial wallet. Not even an email address.

Step 3: Write down your seed phrase. It's presented as a random 12-word phrase. Keep it in a secure location. If you lose or forget this 12-word phrase you won't be able to access your crypto.

Step 4:Transfer crypto to your wallet.

It's not always possible to buy crypto using fiat currencies with a non-custodial wallet, so you'll need to transfer crypto into your non-custodial wallet from elsewhere.

Cold wallet

  1. Paper Wallet:

One of the best ways to keep your crypto secure is to store them offline in a paper wallet that has never connect to the internet. Take Bitcoin, for example, we can simply generate a paper wallet from bitaddress.org.

Step 1: Visit https://www.bitaddress.org/, don't forget to scan and clear viruses from your computer and using private browser mode before visiting the website.

Step 2: Click paper wallet

Step 3: Click the checkmark next to "BIP38 Encrypt" and enter a passphrase.

Step 4: Click "Generate". Then you have now created 3 paper wallets with encrypted private keys.

Step 5:Print the paper wallet and then store them in a safe place.

  1. Hardware Wallet:

A Hardware Wallet is a physical device with high security, they can keep your crypto secure even if your computer is hacked. Steps to using a hardware wallet:

Step 1: Buy the hardware. Such as Ledger and Trezor.

Step 2: Download and install the software. Download the software from the official company website and follow the instructions to create your wallet.

Step 3: Plug in your device with the USB cable to a computer and follow the instructions.

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