Here's a simple guide for newcomers to the world of blockchain and cryptocurrencies:
1. Determine the Type of Wallet You Need
Hot (Software) Wallets
These are apps or programs you can download. They can exist on web platforms, desktop applications, or mobile apps.
Web-based: Accessed through web browsers.
Desktop: Downloaded and installed on a computer.
Mobile: Apps on your smartphone.
Cold Wallets
A cold wallet, sometimes known as offline storage, is a digital currency holder that isn't consistently linked to the internet. It is primarily used to securely store large amounts of assets for extended periods.
Hardware Wallets: Physical devices that store your private keys offline (e.g., Ledger, Trezor). They offer more security as they're immune to online hacks.
Paper Wallets: Physical documents with printed public and private keys. They're considered cold storage but can be vulnerable if not generated or stored securely.
NOTE: Paper wallets serve well for storing assets but you won’t be able to interact with dApps like Primex until you import your private key/seed phrase to a hot (software) wallet.
2. Choose a Reputable Provider
Do your research. Ensure the wallet provider holds a positive standing among blockchain enthusiasts. Examine user testimonials and comments.
Primex supports MetaMask, OKX Wallet, Bitkeep, Blocto as well as the WalletConnect service, so we can recommend them as reliable wallets.
NOTE: You can also use hardware wallets like Ledger with Primex for enhanced security. To learn how to do so please see How to connect your Ledger hardware wallet to Primex.
3. Download / Purchase a Wallet
Kindly refer to our guides on the supported wallets.
4. Secure Your Wallet
For added security, enable two-factor authentication (2FA) if the wallet offers it. Always ensure software or applications are upgraded to the most recent release. If using a hardware wallet, ensure it's safely stored when not in use as well as the safety of your seed phrase (see How to secure my seed phrase?)
5. Receive and Send Cryptocurrency
Once your wallet is set up, you'll have a public address you can give out for others to send you blockchain digital assets. To transfer digital assets, you require the receiver's public key. Always verify the key thoroughly before finalizing any transaction.
6. Regular Backups
If you're using a software wallet, ensure you back it up regularly to safeguard against data loss.
7. Stay Informed
The crypto world is rapidly evolving. Keep abreast of recent developments in security practices and wallet features.
Remember, the golden rule of crypto is that you're responsible for the security of your assets. There's no bank or intermediary to rely on, so always prioritize safety and be cautious.