Your Ultimate Wallet Checklist

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First of all: We highly recommend using a wallet! Never store crypto on an exchange. An exchange is used to exchange money, not to store it. We have seen many times that people lose all their crypto when an exchange goes bankrupt. Please take this seriously and move your money off from exchanges and other services!

Before we dive into the step-by-step explanation, you can also have a look on our YouTube video explaining the basics about the different wallet types:

  1. Selecting the right wallet type

Consider the following factors when choosing a wallet: Security level, Costs and Ease of use. The following infographic visualized the different characteristics of wallets.

Answering the following questions can help you choose a wallet:

  • How often do you want to trade (buy/sell)?
    • Very often, with all my crypto funds: Although not recommended, the exchange will be the best choice since you need it to trade. Alternative are DeFi trading applications.
    • Not often: Use a hardware wallet or at least a software wallet
  • How important is your crypto to you?
    • Very important: Hardware Wallet
    • I don’t care if I lose it: Software Wallet also possible
  • How much crypto do you have?
    • More than $200 and more than 20% of your net worth: Hardware wallet definitely recommended
    • Not much crypto: software wallet also possible, since a hardware wallet costs money. Hardware wallet still recommended
  1. Selecting your wallet

Okay, so you have chosen the type of wallet you need. But which wallet provider should you choose? This chapter will help you.

Before you can choose a wallet, you should ask yourself the following questions:

  • Which tokens do you want to store?
    • Not all wallets support all coins/chains. Make sure to research if the wallet supports your coin/chain. Here is an example of SafePal: Link. In case you’re unsure, ask our community & team.
  • How much do you want to pay?
    • Hardware wallets cost money, so decide what your budget is. Some hardware wallets have a touchscreen, some a camera and others are air-gapped. But what do you actually need?
  • In which country do you live?
    • Some providers are not available or do not deliver in some countries. For this reason, make sure that the wallet is available in your country.

Here are our recommendations of wallets we use for years on a daily basis.

Wallet TypeRecommended Providers
ExchangesBinance, Coinbase and KrakenRemember not to store crypto on exchanges, they should only be used to trade / exchange crypto!
Binance: Register here* and save 20% fees with our partner link!
Coinbase: Get $10 for free! Register here*
Kraken: Register here
Mobile / Desktop WalletsSafePal Mobile Wallet
MetaMask Browser Extension
Paper WalletsTo be honest nobody uses paper wallets, but I used this service once: https://www.bitaddress.org/ 
Hardware WalletsSafePal Hardware Wallet*
Trezor*

* Affiliate Links

  1. Setting up a wallet
  • Create a strong password: Choose a strong password that includes a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using common words or personal information.
  • Back up your seed phrase: Every wallet will provide you with a seed phrase – a unique set of words that can be used to recover your wallet if you lose access to it. Write down your seed phrase and store it in a secure place, such as a safety deposit box or a fireproof safe. Whoever has access to this sheet of paper, can have access to your wallet! Also if you lose it, there is no way to retrieve your crypto if you lose access also on your device.
  1. Fund your wallet / Transfer funds:
  • Determine the cryptocurrency you want to fund your wallet with.
  • Obtain the cryptocurrency: Depending on where you live, you may be able to purchase cryptocurrency directly through your wallet or through a cryptocurrency exchange. Follow the instructions provided by the wallet or exchange to purchase the cryptocurrency.
  • Transfer the cryptocurrency to your wallet: Once you have purchased the cryptocurrency, follow the instructions provided by the wallet to transfer the cryptocurrency to your wallet address.
  • Make sure to check also for our tips and tricks from this checklist:
  1. Keep your wallet safe
  • Keep your password and seed phrase secure: Do not share your password or seed phrase with anyone. Keep them in a secure location, such as a safety deposit box or a fireproof safe.
  • Enable two-factor authentication: Some wallets offer two-factor authentication, which adds an extra layer of security to your account. Enable this feature to help protect your wallet.
  • Update your software: Make sure to keep your wallet software up to date to take advantage of any security updates.
  1. Use your wallet
  • Send cryptocurrency: To send cryptocurrency, navigate to the wallet’s “send” function and enter the recipient’s wallet address and the amount you wish to send.
  • Receive cryptocurrency: To receive cryptocurrency, navigate to the wallet’s “receive” function and share your wallet address with the sender.
  • Make sure to check also for our tips and tricks from this checklist:
  • Don’t connect your wallet with spammy services. Only approve pop ups/notifications of your wallet when you know what it will do. In case you are unsure, make sure to ask our community or team for help. If you connect your wallet to a fraudulent website, it may access your money and steal it from you without any possibility of getting it back.
  1. Additional tips
  • Create a testing wallet: Use a software wallet to test things out. On this wallet, you only have a little bit of funds, so in the worst case, you don’t lose much. Use this wallet to try out new services.
  • We recommend having at least 1 software wallet for short term crypto usage and 1 hardware wallet for long term investing.
  • Follow best practices: Follow best practices for cryptocurrency wallet security, such as keeping your password and seed phrase secure, enabling two-factor authentication, and keeping your software up to date.
  • Join cryptocurrency communities: Join online cryptocurrency communities, such as CryptoExplorer Pro, to connect with other cryptocurrency enthusiasts and stay up-to-date on the latest news, tips and product recommendations about wallets.

We hope this comprehensive checklist has given you the confidence to use a wallet and understand that safety is the most important factor in crypto.

Remember, keeping your assets in your own control is a smart and secure choice. If you have any questions or need further assistance, feel free to reach out on Discord.

Just be cautious of scammers who may try to pose as “helpful” individuals. Always protect your wallet information and never share it with anyone. Stay safe!

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