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Types of crypto wallets
We use crypto wallets to keep crypto securely.
There are different types of crypto wallets. The most popular ones are
- hosted wallets,
- non-custodial wallets, and
- hardware wallets.
The right wallet for you depends on what you want to do with your crypto.
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Hosted wallets
The hosted wallet is the easiest to set up. When you buy crypto using an app like Coinbase, your crypto is automatically held in a hosted wallet, where a third party keeps your crypto for you. The main benefit is that you won't lose your crypto if you forget your password. However, a hosted wallet can't access everything crypto can offer.
How to set up a hosted wallet:
- Choose a trusted platform, considering security, ease of use, and government and financial regulations.
- Create your account. You can buy crypto using a bank account or credit card.
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Self-custody wallets
A self-custody wallet puts you in control of your crypto. While non-custodial wallets provide the software necessary to store your crypto, you have to remember and keep your password, known as a "private key" or "seed phrase". If you lose it, you can't access your crypto.
How to set up a non-custodial wallet:
- Download a wallet app.
- Create your account. You don't have to share any personal info to create a non-custodial wallet.
- Ensure to write down your private 12-word phrase key.
- Transfer crypto to your wallet. You won't always be able to use traditional currencies with this wallet.
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Hardware wallets
This wallet is a physical device that stores the private keys to your crypto offline. Hardware wallets are more complex and expensive but have some added benefits, such as keeping your crypto secure even if your computer is hacked.
How to set up a hardware wallet:
- Buy the hardware. Ledger and Trezor are well-known brands.
- Install the software. Each brand has its own software that you should download from the official company website.
- Transfer crypto to your wallet. This wallet doesn't allow you to buy crypto using traditional currencies (US dollar or Euros),
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