How to setup a crypto wallet

Crypto wallets

A crypto wallet is a digital wallet that can be used to securely store your cryptocurrencies. There are many types of crypto wallet out there but the most popular one are Hosted wallets, Non-custodial wallets and Hardware wallets.

Among all these wallets, which is right for you? To choose the best wallet for yourself depends on what you want to do with your cryptocurrency and what kind of security you want for it. But on this article, I have highlighted the best wallets you can choose from. So, without much Ado, let's dive into more details about how to setup your crypto wallet.

Hosted wallets

Hosted wallet or third-party
Hosted wallet

Hosted wallet is the most popular and easy-to-use crypto wallet. For instance, when you buy cryptocurrency in a crypto app like Binance, the crypto is automatically held in a hosted wallet.

Hosted wallets are wallet offered and manage by third-party companies that help you keep your crypto for you. This wallet works similar to how bank keeps your money in a checking or savings account.

The main benefits of using hosted wallet is that when you forget your password, you can easily regain it back, and you won't lose your crypto. You may have heard of people “losing their keys” or “losing their USB wallet” but with a hosted wallet you don’t have to worry about any of that.

So, to set up a hosted wallet;

1. Choose a platform you can trust

Security matters when choosing a crypto platform that will help you manage your coins. I'll use this medium to offer you best crypto wallet you can try today.

  1. Binance
  2. Coinbase
  3. Paxful
  4. Coincola

Aside from security, ease of use, and compliance with government and financial regulations should also be put into consideration when choosing a crypto wallet.

2. Create your wallet

After you've choose your preferred wallet, go ahead and download the wallet app on popular app stores like Google play store and iOS app store or using any of the link in this article to download your preferred crypto wallet app.

After that, enter your personal info and choose a secure password. Additionally, I also recommend to use 2-step verification (also called 2FA) for an extra layer of security for your crypto wallet.

3. Buy or Transfer Crypto

This is the last steps of setting up your crypto wallet. After you've created your wallet, go ahead and buy crypto from P2P market place or directly from your bank account or transfer crypto from third-party wallet.

Hosted wallet is meant for beginners and can be used depending on what you want to do with your cryptocurrency. If you're just to buy, sell, send and receive bitcoin, hosted wallet is the best option for you. But if you want to go beyond that, like lending crypto, staking or farming crypto, you can go one step further and get a self-custody wallets or hardware wallets.

For more details about self-custody wallets and Hardware wallets, I have branded complete article that discuss about Hosted wallets, Self-custody wallets and Hardware wallets.

For best crypto wallet to choose, read this article "best crypto wallet" and at the end of reading, you will be able to decide on which crypto wallet to try. Thanks for reading, plz give me many claps and follow this publication. Cheers!



I am an Entrepreneur that focus mainly on content creating and digital marketing.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Temmy Samuel

I am an Entrepreneur that focus mainly on content creating and digital marketing.