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  3. How to create a free cryptocurrency wallet?

How to create a free cryptocurrency wallet?

If you want to invest in cryptocurrency you often need your own wallet. With a wallet you can manage your cryptocurrency, like holding you crypto, but also withdrawing and depositing of crypto. Every cryptocurrency has its own wallet, if you send crypto to a wrong address/unsuitable wallet you may lose your crypto forever. Some brokers offer a built-in wallet for all crypto they offer. There are different types of wallets, the best known ones are:

Read more about different types of wallets here.

How to create an online wallet?

An online wallet is the least safe choice you can make, but it is the easiest. After all, the wallet can be accessed online by anyone with the correct password. To make it a little more secure, most wallet services also offer the enabling of two-factor authentication. We recommend you to always enable this. However, this does not mean that your wallet is 100% secure.

  1. Register an account with Bitvavo: https://account.bitvavo.com/create (opens in a new tab).
  2. After registering you will have more than 55 wallets.
  3. Enable 2-factor authentication.
  4. Click on the crypto you want to deposit.
  5. Click on Deposit.
  6. Send the cryptocurrency to the address shown at the Deposit page.

At Bitvavo, your account is protected by a password, 2-factor authentication, device ID and IP address. An online wallet is easy to set up, but you don’t own your own private keys.

How to create a desktop wallet?

A desktop wallet is a lot more secure than an online wallet, but also depends on your own security. Make sure you install all the updates of your operating system, but also install all the updates of the desktop wallet software. Another big advantage of a desktop wallet is that you manage your own private keys. You are 100% owner of your cryptocurrency.

  1. Download and install the desktop wallet from: https://www.exodus.io/download/.
  2. Exodus supports more than 100 different coins.
  3. After installation you create an account.
  4. Make a backup of your wallet seed and store it in a safe place (this is the only way to restore your wallet). Don’t store your seed online!
  5. Click on the desired coin and click on Receive.
  6. Transfer the cryptocurrency to the address shown at the Receive tab.

Storing your crypto on a hardware wallet

The safest choice is storing your cryptocurrency offline and that is possible with a hardware wallet. If you are serious about crypto trading/holding/investing, we recommend that you store your cryptocurrency in a hardware wallet. The costs for this are around € 100 per device. A well-known hardware wallet supplier is Ledger: https://shop.ledger.com.

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