The first step to diving into Web3 is getting a wallet. After all, you need somewhere to stash all your tokens, NFTs and a way to connect to decentralized applications. Setting up a crypto wallet might sound intimidating, but don’t worry—it really just takes a few clicks.
Read on to learn how to set up a crypto wallet in this step-by-step guide.
There are a bunch of factors you’ll need to consider when choosing a wallet, including the type you want, how user-friendly it is, the level of security it provides, what assets it supports and the features it offers.
When it comes to the type of wallet, you have the choice between a hot wallet or a cold wallet, with “hot” being online and great for active users and “cold” being a good choice for storing long-term investments.
You’ll also need a wallet with a user-friendly interface and intuitive user experience. Some users may not care about simplicity if they have advanced skills, but it’s a necessary feature to factor in when picking a wallet—especially if you’re new to crypto.
You’ll also have to choose between holding your private keys to your wallet or letting the wallet provider hold them on your behalf. The difference is that when you hold your wallet’s private keys, you have full control over your crypto, while if your wallet provider holds the keys, they custody your crypto while holding your keys for you.
Additional security features you should look out for are two-factor authentication (2FA) and biometric access, which can also add to your wallet’s security.
Another thing to think about are the assets your wallet supports. If you want to interact with a wide range of ecosystems, you’ll need a multi-chain wallet, ideally with NFT support. That way, you can get your hands on all your favorite tokens and NFTs.
Finally, make sure your wallet’s features line up with what you’re planning to use it for. If you just want to buy and hold a few tokens, you could go for a simpler wallet with an easy-to-use fiat-onramp and not too many other bells and whistles.
However, if you want to explore the depths of Web3, you’ll need a feature-rich wallet that allows you to connect to decentralized applications (dApps), swap tokens across chains and more. We've put together guides on finding the best Solana wallet and best Ordinals wallet, and will continue putting together resources for choosing the right crypto wallet.
Now, let’s jump into setting up a crypto wallet using Magic Eden Wallet as an example.
First, go to the Magic Eden Wallet website and click on the ‘Download’ button on the top right of the screen.
After you’ve clicked this link, the below page will appear, allowing you to choose between downloading the mobile version or the browser extension version of the wallet app.
In this guide, we’ll install the browser extension. So click ‘Install on Chrome,’ and then in the Chrome Web Store, click ‘Add Extension’ to get it onto your browser.
Now, you’re ready to create your wallet!
Open your Magic Eden Wallet, and the app will automatically redirect you to a prompt to either import an existing wallet or create an entirely new one.
In this example, we’ll create a new one. So, click ‘Create new wallet.’
First, you’ll need to set a secure password. That’ll be your primary way of logging into your wallet, so be sure to keep it safe (as there is no way to retrieve it if you lose it).
The wallet will let you know if you need to add more complexity, in case the password you’ve chosen is too simple. Confirm the password to continue.
Your wallet is now ready to use!
However, as a good security measure, there’s another step you should take—backing up your wallet!
Click on the ‘Account’ icon at the bottom right of your dashboard. Choose the ‘Back Up’ option in the ‘Security' tab.
You’ll be asked to enter your password. Make sure you’re in a safe place where no one can snoop and see your screen.
Anyone with your recovery phrase can access your wallet. So make sure only you and you alone have access to your wallet’s recovery phrase.
Click ‘Reveal’ to see your recovery phrase and then write it down somewhere. It’s best to do this with pen and paper, as making a digital copy can be less secure than keeping a physical copy in a safe place.
You’ll also be asked to confirm your backup by choosing two words that were in your recovery phrase.
Once that’s done, your wallet’s all backed up and you’re good to go!
Now that you’re a proud owner of a Magic Eden Wallet, there are only a few more things to watch out for.
Magic Eden (like most software wallets) is continuously improving our services and features.
Updating your wallet ensures it’s always up to date with new releases, as well as potential security improvements and bug fixes. The wallet will push updates automatically, you just have to accept the update to start the installation.
You can manage your assets from within the wallet by clicking the dollar sign at the bottom, right next to the ‘Account’ tab.
You can also access all of your transactions and balances, see whether they have gone through as expected or if you should take any extra steps.
The most critical step for safeguarding your wallet from hacks is keeping your password and recovery phrase safe. This can also mean not logging into your wallet from a device you don’t own.
Additionally, the Magic Eden Wallet has an integrated Scam Detection feature, which analyzes transactions and uses machine learning strategies across all supported chains to detect potential malicious activity. That means that the wallet is doing its part in keeping you safe—but the main part of that responsibility is still on you.
Download Magic Eden Wallet and set up your crypto wallet today.
Creating a crypto wallet is easy. Choose the wallet you want to use, download it, and then set it up by following the steps on the wallet’s interface.
For example, you can go to the Magic Eden Wallet page, click ‘Download,’ and pick between the mobile version or the Chrome extension. Once you’ve downloaded the wallet app, you can either create a new wallet or connect an existing one. To create a new wallet, you’ll need to choose a password, back up your wallet by securely storing the seed phrase and that’s it! You can then start using your new wallet to transact.
Security features are crucial and should be configured from the start. To set up a safe cryptocurrency wallet, choose a unique password you’re not using anywhere else. Then, write down your recovery phrase and keep it in a safe place.
Yes, you can create a crypto wallet without a bank account. That’s kinda what crypto is all about—not needing banks to transact globally. So, most crypto wallets won’t require you to connect to a bank account or even provide personal information when setting up a wallet.
No, it doesn’t cost money to create a crypto wallet. Most crypto wallets are free; you just have to download them and set them up. It will only cost you money to create a wallet if you’re purchasing a hardware wallet.
The information provided on this website is provided for general educational purposes only and is in no way financial or investment advice. Certain information may have also been provided to us or prepared by third parties; these materials are provided for convenience and are not an endorsement by Magic Eden. Magic Eden is not liable for any errors, changes or amendments to such information, including any actions taken in reliance on such information.
