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A crypto wallet is a digital tool that allows you to store, manage, and transact with your cryptocurrencies securely. Think of it as a digital bank account for your crypto assets, but with a key difference: you have full custody of your assets. Unlike traditional banks, which hold and manage your money, a crypto wallet gives you direct control. You own the private keys, which means you are the sole owner and manager of your funds.

Cryptocurrencies are built on different blockchains and thus require their own unique wallets, just as different phones need specific chargers. Each cryptocurrency operates on its own set of protocols and infrastructure, which is why the wallet you choose depends largely on the coin or token you want to manage. There are some multichain wallets that support various blockchains.

In this section, we’ll help you choose the right crypto wallet. Stay tuned for our setup tutorials and reviews of each wallet.

What is a private key?

A private key is a cryptographic code that grants you ownership and control over your cryptocurrency. A blockchain private key is a randomly generated number with hundreds of digits. For simplicity, they are represented as a string of alphanumeric characters, called a “seed phrase”. Though a private key sounds similar to a password, which typically goes through a central intermediary, such as a bank or an online service that manages your access to your account, a private key does not involve any intermediaries. It directly grants you control over your cryptocurrency, ensuring that only you have access to your funds. It’s crucial to keep your private key secure and never share it, as anyone with access to it can control your crypto assets. While passwords can be reset if forgotten, a lost private key means permanent loss of access to your crypto.

We strongly suggest keeping your private key(s) completely offline, such as writing them on a piece of paper stored in a secure location. Better yet, divide a private key into multiple parts and distributing them in different secure locations. Hardware wallets are also good options for keeping your keys offline and your assets secure.

A crypto exchange is a platform where you can buy, sell, and trade cryptocurrencies. While it’s possible to buy crypto through peer-to-peer transactions, having an account on an exchange offers a convenient way to purchase a wide variety of tokens. Here’s a comprehensive list of exchanges by market cap.

Our recommended exchanges in the U.S.

If you’re not actively trading on an exchange, keeping your crypto in a self-custody wallet ensures full control and ownership of your assets, protecting them from exchange vulnerabilities and potential hacks. It’s a crucial step for securing your investment and avoiding unfortunate incidents like those of Mt. Gox and FTX.

Once you’ve signed up for an account with an exchange, bought your tokens, and set up the corresponding crypto wallet(s) for your assets, transferring your assets is simply a matter of sending the cryptocurrencies from the exchange to your wallet’s public address. Stay tuned for our step-by-step tutorial to guide you through transferring your crypto to your personal wallets.