How To Create An Ethereum Wallet

Apr 06, 2020
15:04
2 min reading

Choise.com team

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 create an Ethereum wallet, as well as to manage the basic functions of it like receiving funds and topping it up.

Creating An Ethereum Wallet — 5 Steps

#1 — Choose a 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 unhackable.

#2 — Sign up for a new wallet

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.

#3 — Get your 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

#4 — Share your ETH 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.

#5 — Top up your ETH 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 support@crypterium.com or using our in-app chat.