An ether wallet is similar to an online bank account; from your wallet you are able to send, receive and manage your coins. You can use our platform to buy or sell ether, but we do not manage your coins for you. You do this yourself in your ether wallet.
There are different types of wallets, each with their own characteristics. There are mobile wallets, software wallets and hardware wallets. With a mobile wallet you store your coins on your smartphone. A software wallet needs to be downloaded on your computer, and a hardware wallet is a physical device. In the overview below you can see which one suits you best.
Creating an ethereum wallet is very easy. There are various options for storing your ethers. Each type of wallet has its own characteristics, and are different in terms of ease of use and safety.
Which wallet should you choose? That depends on what you want to use your ethers for and what your buying needs are.
Each wallet has its own receiving address. This is a unique sequence of numbers and letters, that always start with 0x. It’s similar to a bank account number. Would you like to receive ether? Then you provide the sender with your receiving address. Would you like to send ether to another wallet? Then you need the receiving address of the recipient.
This is an example of an ether address: 0x1D1479C185d32EB90533a08b36B3CFa5F84A0E6B. Please note: this is just an example address. Make sure to always copy the receiving address from your own wallet.
You are responsible for storing your ether safely. It’s important to keep your digital wallet safe, just like you would your physical wallet. If your wallet isn’t properly secured, hackers might be able to access it and steal your coins.
The best way to keep your wallet safe is to store your seed phrase (also referred to as recovery seed) offline. The seed phrase is usually a sequence of 12 or 24 words, which functions as a backup for your wallet. Write the seed phrase down with pen and paper, and store this in a safe place. Do not store it online or even digitally, since most devices are connected to the internet, and are therefore vulnerable to hackers.
Note: a much used extra safety measure is Two Factor Authentication (2FA).
Let today be your first day in the world of crypto.