How To Create Your First Crypto Wallet in Dubai | Step by Step Instructions to Create Crypto Wallet

How To Create Your First Crypto Wallet in Dubai | Step by Step Instructions to Create Crypto Wallet

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How to set up a crypto wallet

A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets.

Which one is right for you depends on what you want to do with your crypto and what kind of safety net you want to have.

Hosted wallets
The most popular and easy-to-set-up crypto wallet is a hosted wallet. When you buy crypto using an app like Coinbase, your crypto is automatically held in a hosted wallet. It’s called hosted because a third party keeps your crypto for you, similar to how a bank keeps your money in a checking or savings account. You may have heard of people “losing their keys” or “losing their USB wallet” but with a hosted wallet you don’t have to worry about any of that.

The main benefit of keeping your crypto in a hosted wallet is if you forget your password, you won’t lose your crypto. A drawback to a hosted wallet is you can’t access everything crypto has to offer. However, that may change as hosted wallets start to support more features.

How to set up a hosted wallet:

Choose a platform you trust. Your main considerations should be security, ease of use, and compliance with government and financial regulations.

Create your account. Enter your personal info and choose a secure password. It’s also recommended to use 2-step verification (also called 2FA) for an extra layer of security.

Buy or transfer crypto. Most crypto platforms and exchanges allow you to buy crypto using a bank account or credit card. If you already own crypto, you can also transfer it to your new hosted wallet for safe keeping.

Self-custody wallets
A self-custody wallet, like Coinbase Wallet, puts you in complete control of your crypto. Non-custodial wallets don’t rely on a third party — or a “custodian” — to keep your crypto safe. While they provide the software necessary to store your crypto, the responsibility of remembering and safeguarding your password falls entirely on you. If you lose or forget your password — often referred to as a “private key” or “seed phrase” — there’s no way to access your crypto. And if someone else discovers your private key, they’ll get full access to your assets.

Why have a non-custodial wallet? In addition to being in full control of the security of your crypto, you can also access more advanced crypto activities like yield farming, staking, lending, borrowing, and more. But if all you want to do is buy, sell, send, and receive crypto, a hosted wallet is the easiest solution.

How To Create Your First Crypto Wallet in Dubai | Step by Step Instructions to Create Crypto Wallet

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