How do crypto recovery services recommend you set up a cryptocurrency wallet safely?

by Josh Biggs in Finance on 7th January 2022

As one of the best crypto recovery services, we have noticed that not many users set up their crypto wallets properly. The process of owning a crypto wallet is very easy, but that doesn’t mean you should take proper caution to secure your wallet. There are steps to setting up a cryptocurrency wallet safely. Skipping any of the steps can leave your account vulnerable. As such, we recommend when you want to set up a cryptocurrency wallet that you follow the five steps below. 

Step 1: Determine what kind of wallet you want to use 

Firstly, we’d like to say that there are different types of wallets you can choose from. And we are not talking about only wallet providers, but the type of crypto wallet the providers offer. The most popular ones are hardware wallets, non-custodial wallets, and hosted wallets. The type of wallet you choose should be dependent on what you want to, as well as the level of security you want to have. By default, you may want to choose a wallet that offers you the most secure, but not that this may come at the cost of other convenience. As such as a crypto recovery services agency, we recommend you understand the advantages as well as disadvantages of the wallet you are choosing. 

Step 2: Buy or download your wallet 

Unlike registering for a crypto wallet online, in some cases, you may have to buy hardware or download software to register for the wallet. This is especially true when you want to own a hardware wallet. It’s important to note that if you are going for this type of wallet, you should follow due process. For example, ensure you buy the hardware from a licensed vendor and download the software you need from the right source. Cutting corners in order to reduce the cost of setting up a crypto wallet the right way may end up costing you all your coin. We have had cases of people who tried to bypass the process of getting a hardware wallet the right way but end up losing their cryptocurrency. 

Step 3: Install the software 

Next, you may need to go through an installation phase for those who buy hardware or download software. Most times this phase is self-explanatory, and often you can get it done by yourself. However, if the process seems too technical for you, ensure you seek help from a professional and not from a random user you met online. Many people often go online to learn tutorials of things they don’t understand. While this is a good practice, it is important to be careful whom you trust online especially when it comes to sensitive information like setting up your crypto wallet. 

Step 4: Set up an account and security features 

Another very important piece of advice we often give people as a dedicated crypto recovery services agency is to make the setting up of account and security features very seriously. This is because, at this stage, you will be asked to provide unique answers to certain questions that may come in very handy in a case of a security breach. For example, when setting up your account, you will be asked to provide a password. The longer the password the more secure, and ensure you use something difficult with a mixture of lower- and upper-case alphabets, numbers, and special characters. You may also be asked to provide an answer to a security question. Take note that each character of your answer, as well as password, should be remembered as inputted. You can also set up a two-factor authenticator to add an extra layer of security. 

Step 5: Deposit your cryptocurrency 

After setting up your account, saving your seed phrases securely, answering all the security questions, and enabling all the extra security features, you are all set. At this stage, what we recommend you do as a crypto recovery service is to proceed to deposit into your crypto wallet. Take note that some crypto wallets give you the convenience to save more than one cryptocurrency in the same place. However, this does not mean that you can send for example Bitcoin into your wallet using the Ethereum wallet address. So, if you create a Bitcoin address, you can only send Bitcoin to that address and so on. 

Categories: Finance