Ethereum (ETH) is the second largest cryptocurrency by market capitalization. It’s popularity and high liquidity makes it a perfect entry point for those getting started in the diverse and exciting world of cryptocurrencies. Regardless of the cryptocurrency, the very first step is always about setting up a digital wallet to store them. In this short guide, you will learn how to get an Ethereum wallet, as well as to manage the basic functions of it like receiving funds and topping it up.
Type of Wallet
There are three types of Ethereum wallets: software, hardware and paper wallets. As you would imagine, each of these offer advantages and disadvantages. Going for one or another will come down to your lifestyle and goals regarding cryptocurrencies.
- Do you consider ETH an investment or payment method?
- Are you going for a long-time or short-time investment?
- Would you like to buy and cash out ETH straight from your new wallet?
Formulating and answering these and other questions should help you out with the decision. In case you’re not aware of the pros and cons of the above-mentioned wallet types, make sure to read this before jumping into one:
- Software wallet: your private key are stored in data files online (hot wallets) or offline (cold wallets). Hot wallets tend to be a bit more risky to store your private key due to potential cyber attacks.
- Hardware wallet: instead of keeping your private key on a data file, a hardware wallet stores them in a physical device that requires a password or fingerprint to unlock your wallet.
- Paper wallet: don’t let your imagination go wild — a paper wallet is nothing more than a piece of paper that has your public address and private key printed on it. The obvious advantage is that it’s literally un-hackable.
Once you have decided which wallet works best for you, it’s now time to sign up for a new wallet. In this guide, we’ll focus on the creation of a software wallet, since it’s the most common type of wallet. As a general rule, we recommend choosing a wallet that’s available on multiple platforms. For example, the Crypterium Wallet is available on a mobile and desktop version, which is highly convenient as you can access it from literally any platform.
With Crypterium, all you need to create a new wallet is a phone number, an email address, and a password of your choice. That’s it. Once you have entered the phone number, created a safe password, and verified your email, you’re done. In other words, you will gain automatic access to your Ethereum wallet.
Get a Wallet Address
The Crypterium Wallet is a multi-currency wallet, meaning your account isn’t Ethereum-only. From minute one, you can store Bitcoin, Bitcoin Cash, Ripple, and many other cryptocurrencies in a lifetime-free global wallet.
If you’re asking yourself “how do I get an ethereum wallet address?”, look no further. Your address was already created and you can simply and quickly access it. Keep in mind this isn’t your private key, so you can share it freely.
- Click on ‘Show all wallets’
- Press on ‘ETH’ to open the wallet
- Go to ‘Top up’ to find your address
Share your Ethereum Wallet Address
Now that you actually see your wallet address, it’s a good idea to share it with your friends, clients, or whomever you want. Since Ethereum addresses consist of 42 characters, sharing them without making a mistake can be challenging. That said, the best way to share it is by either copying it with the in-built copy button on the upper right, or by clicking “Share address”. Another important feature to consider if using the Crypterium Wallet is the QR code.
Many wallet services now use QR scanners to let users transfer funds without dealing with long cryptocurrency addresses. If people near you want to send you ETH, all they have to do is scan your QR code. You can do exactly the same when transferring money as the Crypterium Wallet is also equipped with a QR code scanner.
Add Funds to the Wallet
While you have already created your ETH wallet, it’s finally time to try it out. That’s right, you need to top up your Ethereum wallet. There are basically two ways to do it:
- Receiving ETH from another wallet: the Crypterium Wallet allows you to receive ETH from other Crypterium wallets and external wallets alike.
- Buying ETH: with the Crypterium Wallet you can buy Ethereum (ETH) in a few taps with your debit or credit card at the best exchange rates and lowest commissions. All funds are delivered immediately to your wallet.
By the way, our 24/7 support team is always happy to answer your question. You can reach them anytime at [email protected] or using our in-app chat.
How to get your own Ethereum Wallet?
Creating your own wallet is relatively easy, especially since the Ethereum platform provides an official wallet service called MyEtherWallet. Here’s how to set it up. Once you open the website, you will be greeted by several safety reminders. Take your time to read through them, as those are very helpful for your understanding of how the whole thing works and what you should and shouldn’t do to protect your funds.
As soon as you’re done reading, you will see an option to create a password and set up a new wallet. Once you’ve created a strong enough password, you will have an option of downloading your keystore file. You can never be too safe in the world of cryptocurrency trading, so it is recommended you do so and store it a safe place. The next step is of utmost importance: save your private key. Back it up, memorize it, write it in on a piece of paper and put it into a safe deposit box. Do whatever you need to do to ensure you won’t lose it and no one will be able to get their hands on it.
Then, you can copy and paste your private key or upload your keystore file to unlock your wallet. There are several other options for unlocking it, but those are the most suitable for first-time users. Now you’re all set up. Next time you want to access your wallet, all you need to do is to authorize yourself on the website again. There, you will be able to see the public address of your wallet, as well as your balance.