Set Up Your Hot Wallet

While there are many wallet types, this simulation takes you through the steps of creating a self-custodial hot wallet — a crypto wallet connected to the internet and fully in your control — and keeping your recovery phrase secure.

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First Wallet

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Pick the right app

First, pick a trusted wallet app and install it from the official store. Check the developer name, reviews, and download count. Avoid lookalike apps and links from messages. Bookmark the official help site for later so you can verify steps if needed.

Create your wallet

Open the app and choose “Create new wallet”. Creating a new wallet will generate fresh keys unique to you. We’ll help you set a strong app passcode and enable biometric unlock for quick, secure access later.

Set a passcode

Set an app passcode you won’t forget, then enable biometrics if offered. This protects the wallet on your device. If someone knows your device PIN, they might open apps, so keep phone security and screen-lock tight.

Recovery phrase

Write it down and store it offline. This phrase is the master key to your wallet.

When you create a self-custodial wallet, you are fully in charge of keeping it secure. To help with this, you’ll be given a recovery phrase. This is a unique set of 12 or 24 words that can recreate your wallet on any compatible device.

Keep it secure

Store copies of your recovery phrase in two separate, safe locations. Do not take screenshots or store it in your notes app or email. If you lose the phrase, no one can recover it. If others see it, they can take your funds.

Some people create multiple copies of their recovery phrase on paper and store them in different locations, others engrave it into metal. Just don’t leave it stuck to your fridge with a magnet, or scribbled on a Post-it next to your Wi-Fi passcode. Store it somewhere secure — like in a fireproof or waterproof container, or in a safe or safety deposit box.
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If you lose this phrase, no one can recover your wallet — not even you. And if anyone else gets it, they control your funds. So, keep your recovery phrase secure and your funds will be too.

Best practice

These tiny defaults add real safety, especially if your phone is lost, borrowed, or briefly unlocked.

To add an additional layer of security, enable auto-lock in your wallet after short inactivity, set your wallet to require a passcode every time you send crypto, and turn on phishing warnings if offered. These options can be found in your wallet’s security or privacy settings. Enable additional security settings.

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Set Up Your Hot Wallet