Creating a wallet
Your wallet is the key to doing any crypto trading, so it's important we get one setup!
Creating a wallet is the first step in crypto investing; it allows you to buy, sell, and trade your tokens. Your wallet can also collect NFTs, participate in games or contests, or link to projects to explore new features or utilities.
It's important, though, to remember these key rules when creating or using your wallet:
- ✅ Download/Install the wallet from reputable sources, such as iOS App Store, Google Play, or the wallet developer website directly. Also, follow the steps carefully and entirely.
- ✅ Securely store your recovery phase and create backups to ensure it is never lost.
- ❌ Never sharing your recovery/seed phrase for any reason or connecting your wallet to untrusted websites/apps
So you are trying to decide between a mobile wallet or a desktop wallet, let's look at some comparisons.
Note that you can have both Desktop and Mobile if you wish
Option | Mobile | Desktop |
|---|---|---|
On the go access | ✅ | ❌ |
Ease of use | ✅ | ✅ |
DAPP Integration | ✅ | ❌ |
More Security Options | ⚠️ | ✅ |
Accessibility Options | ❌ | ✅ |
Hardware Wallet Integration | ❌ | ✅ |
✅ Works❌ Doesn’t Work⚠️ Requires additional attention/setup
With so many types of wallets, it's important to understand the setup process so you can be ready to go!
Trust Wallet
Metamask
SafePal
Trust Wallet is a popular wallet for smart devices. It supports DApps, NFT collectibles (with Opensea.io support), and in-wallet staking.
Pros:
- It is backed by Binance.
- You have multiple network choices to choose from aside from BSC.
- Can purchase crypto from within the wallet.
- BSC is a default network already integrated.
- Has some additional in-wallet benefits, such as NFT holdings, in-wallet staking, and can use the DApp within the wallet.
- Easiest to use for BSC.
Cons:
- It does not support all Crypto chains.
- Can have delayed notifications.
- May not connect as easily to wallet connect websites.
MetaMask is a wallet with broad capabilities. It can connect to most network chains and hardware wallets and connect with many web3 apps.
Pros:
- WEB3 capable on BscScan.
- Great security, guidance, and reliability.
- Multiple tools and adjustable settings.
- Can purchase crypto from within the wallet.
- It supports multiple different chains.
- Has both fully fledged desktop and mobile application.
- Can be easily integrated with hardware wallets.
Cons:
- Requires additional setup steps for multiple chains, including BSC.
- It may be overwhelming for new crypto investors.
SafePal is a hot and cold wallet, meaning you can have it on your phone or a physical device. Easy to use and expanding its capabilities daily.
Pros:
- It can easily change between multiple crypto chains.
- Offers 25% fee discount paying with BNB (requires login).
- It has extra security features, such as Google authenticator integration.
- Easy setup process.
- It is available as a software and hardware wallet (work together).
- Supports NFTs on both the BSC and ETH networks.
Cons:
- Cannot fully use DeFi tokens.
- Has no notifications for transactions or alerts on prices.
- Lesser community support and resources.
Hardware wallets are different from the traditional wallets you see above. For example, rather than authenticating a transaction from your mobile phone or desktop application, you have a physical device that must approve a transaction. These types of wallets are also referred to as "cold wallets."
A hardware wallet works well with a "hot wallet" such as MetaMask. A hot wallet is a digital wallet that can authenticate transactions without needing external physical devices. When using a hardware wallet, you ensure that there is an extra layer of security before authenticating a transaction or connecting your wallet. Think of it like a two-factor code for your phone.
It's important to note that hardware wallets can still be compromised if you are careless with them.
Never share your hardware wallet seed phrase, as that will allow anyone to circumvent the protection of the hardware wallet.
Never connect to unknown websites or authenticate transactions you are unsure of
One common recommendation for hardware wallets is using them as storage. For example, keeping all of your tokens on your hardware wallet, then moving them to your hot wallet when needing to buy/sell. This ensures that your hardware wallet is never connected to anything, and you control what goes in and out.
Let's look at some popular hardware wallets you can use; plenty are out there, but these are the most prominent.
Ledger
Trezor
SafePal
Ledger is one of the most well-known hardware wallets out there and boasts a range of models and features for its users.
Pros:
- Large Cryptocurrency support.
- Security is top-notch and has a secure enclave chip.
- It can be integrated with MetaMask to allow almost any crypto to be stored.
- Cheaper than other hardware wallets.
- Offers multiple hardware wallet options to choose from.
- Ledger Nano X has encrypted Bluetooth and allows multiple apps to be installed.
- Large community and support, along with guides and resources.
Cons:
- Requires additional steps to set up most BEP-20 tokens.
- Mobile and Desktop apps do not show all cryptos unless approved and listed.
- Ledger Nano S has limited app storage
- It can be confusing to setup and use
Trezor is a secure and feature-rich hardware wallet that offers some unique abilities that many other hardware wallets do not.
Pros:
- Has over 1600 cryptocurrencies added.
- The device has s custom OS and pin code ensure security.
- It can be routed through Tor.
- It can be used with Metamask to allow for more tokens to be held.
- Has different models to choose from
- Great community and support
Cons:
- Build quality is okay.
- Does not have any mobile apps.
- It can be confusing to set up.
- It may not have as many direct connection options.
SafePal offers a hardware and software wallet, providing easy access by being simple and cheap.
Pros:
- Cheapest hardware wallet option.
- Very easy to get started and set up.
- Has support for "hot wallet."
- Has great security features and chip protection.
- Has self-destruct options
Cons:
- Wallet has limited cryptocurrency connections.
- Not as feature-rich as other hardware wallets.
- Lesser community support and resources.
- Transactions can be cumbersome.
Last modified 5mo ago