New to cryptocurrencies? The first and most crucial step you need to take is creating a wallet for storing cryptocurrencies. On one hand, it's pretty simple; on the other, it requires careful consideration to ensure the safety of your funds. That's why we've prepared this guide, encompassing all the essential information you need.
There are hundreds of different wallets available for storing cryptocurrencies, categorized by numerous factors: cold and hot wallets, custodial and non-custodial, mobile app-based, browser extensions, etc. However, the most important criterion when choosing a wallet at the initial stage is whether it supports the specific cryptocurrency you require. Of course, the more coins your wallet supports, the better.
If you have found several wallets that suit you but still can't decide which is right, here's your next tip. A wallet is more reliable if many people use it, and you can check the team working on its development. Make sure it has positive reviews online. Find as much information as possible to ensure you pick the best option.
If you want to save time and effort, here is a list of wallets recommended by LetsExchange. We assure you that they are safe and comfortable to use.
When you have decided on a wallet, download an application on your cell phone or PC or add an extension to your browser.
Create an account. At this stage, you usually don’t need to provide any of your data, not even a phone number or email.
Write down your private key (in some wallets, it is also called seed phrase). It usually consists of 12 or 24 words. Later, if a device with your wallet is damaged, lost, or stolen, you can recover the wallet on a different device with this seed phrase. This is why it is essential to keep this phrase in a safe place and never share it with third parties.
Here are some tips on how to keep your seed phrase secure:
- Store your seed phrase offline to prevent hackers from accessing it.
- You can print it or take a photo and save it on a cellphone you don’t use.
- You can also store your seed phrase on a special device, such as a hard disc engraved on a metal plate or similar.
Congratulations! Now, you can use your wallet. Copy its address in the LetsExchange widget, and proceed with swapping your funds!