A cryptocurrency wallet is a place where you store your crypto, and it acts like like your traditional bank account, but the difference here is that YOU are your own bank.
Choosing the right wallet is a really important step as it is where you will store your crypto and you must take steps to make sure you keep your cryptocurrency safe.
Different wallets can accept different cryptos, so ensure that if you are considering purchasing multiple different coins you find a wallet that is able to hold multiple coin offerings.
A crypto wallet is simply an app, website, or device that manages private keys for you.
Types of wallets
Hot or Software Wallets
For small amounts of crypto, it's easiest to use a hot wallet like Edge, Exodus, Coinomi, or Trustwallet.
These are really user-friendly options that you can run on both your phone and PC. Ensure you back it up with the 12-24 word passphrase before you make your first buy.
If you're starting to store a bit more crypto and you want to protect your balances, you can move up to a hardware wallet like the Trezor or Nano Ledger.
If you like using Exodus then you can pair your Trezor with Exodus.
To protect yourself from the loss of your Trezor or Ledger, you can also add a passphrase for extra security.
It's very important not to lose any of the passwords or passphrases for your different devices, so please have a read of our article on how to back them up.
How do I get a wallet?
Hot / Software wallets are available to download directly from their official websites. Make sure you visit the official website and click on the App Store or Google Play buttons to ensure you are downloading a legitimate copy of the Wallet and not a fake app. If you want to make sure that you are heading to the correct website for the wallet you want, please contact our helpdesk team as we keep the links regularly updated.
To set up a hot wallet check out this video example of setting up the easy-to-use Edge wallet.
For hardware wallets make sure you find an Authorized retailer, like Easy Crypto to make your purchase. You can often purchase directly from the manufacturer, however as we are locally based we are able to offer excellent support around them.
Check out our shop and your options here: Easy Crypto Shop
We regularly test and add new wallets to our shop and get our staff to check them out before we do.
This article goes into much more detail about how they work: Cryptocurrency Wallets- What are your options for 2022?
It's very important not to lose any of the passwords or passphrases for your different devices, so please read our article on how to back them up.
The user assumes all responsibility and risk for the use of third-party services to store cryptocurrencies or virtual assets. Ensure that you do your own research before using any service, and are aware of the risks involved. Easy Crypto will not be liable for any damages caused by the use of a wallet or exchange provider.