How to set up a wallet safely
Lesson 5 of 39 in the course “Crypto”. Free, with animations and a quiz.
Step 1: the official app
Your own wallet means the keys are only with you, not with an exchange, as the picture shows. Start with the install. Download the app only from the developer's official site or an app store, after checking the publisher name and download count. Fake apps do show up in stores, and they steal everything you type into them.
Step 2: write down the seed phrase
The seed phrase is 12 or 24 simple words (usually English), like in the picture. They can restore your wallet on any device, so they are a spare key to all your coins. Write the words by hand on paper, in order and without typos. No photos, no cloud, no chats: only paper or metal, offline.
Step 3: PIN and protection
Set a PIN or fingerprint login: it is a lock in case your phone ends up in someone else's hands. If you also use an exchange, turn on the protection from the picture there: 2FA via an app (a second code at login), not SMS, and an address whitelist, meaning withdrawals only to addresses you approved in advance. Sounds boring, but this is what saves money.
Step 4: a test transfer
Before a big transfer, send a small amount. Example from the picture: first 10 USDT, wait for the network confirmations (12 of 12) and for it to arrive, then send the rest. Match the network: one coin, like USDT, runs on different networks (TRC-20, ERC-20, BEP-20). Send on the wrong one and the coins can be lost. Asked for a memo or tag? Add it, or the deposit will not be credited.
Check yourself
- Where should you download a wallet app from?
Correct answer: The developer's official website. Links from chats and forums can lead to fakes. The official site and a verified publisher lower that risk. - How should you save the seed phrase?
Correct answer: Write it by hand on paper. Screenshots and notes can leak through the cloud or malware. Paper offline cannot be hacked remotely. - What should you do before your first big transfer?
Correct answer: Send a small test amount. A small test checks the address and the network. A mistake then costs 10 USDT, not all your money.