Before you buy cryptocurrency, you need a special wallet just for crypto to store it in. A wallet is like your bank account or mailbox—the place where you can access, manage, send, and receive coins. In addition, it's a personal record of all of your transactions. There are different types of wallets for crypto, and each has its own benefits. In fact, many cryptocurrency buyers keep their coins in multiple wallets. If you don't already have a wallet, simply download or purchase the third-party wallet or wallets you want to use.
Coinmama uses smart contracts to send Ethereum and Ethereum platform coins, so double check that your wallet supports smart contracts, otherwise your coins may get lost in space. Also, note that different cryptocurrencies use different wallets, so make sure your wallet supports the coins you want.
How does a wallet work?
- Your wallet is a unique string of numbers and letters (also called a public key) that people use to send you cryptocurrency, and which is used on the blockchain to verify transactions.
- Your wallet also has a unique private key (or password), which only you know, and which you can use to access your cryptocurrency.
- In order to send or transfer your cryptocurrency you'll need both your public and private key, so don't lose them!
Because Coinmama is not a wallet provider, it’s very important that you triple check the wallet address you give us when buying cryptocurrency. We do not keep any coins at Coinmama, and if you make a mistake when giving us your wallet address, we have no way of retrieving your coins.
Tips for safe wallet creation
- Do your research. You wouldn't open a bank account without researching the bank first. Treat your wallet the same way. Read reviews and make sure the wallet you choose is secure.
- Always create your own wallet. In order to keep your funds safe, create your own wallet and do not give access to the private keys to anyone you wouldn't also give your bank account password to.
- Know your public and private keys. Your public key is your wallet address. This is the string of letters and numbers you use when sending funds to your wallet, or that someone else can use to send funds to your wallet. Your private key is the password to your wallet. You should keep it safe, and not give it to anyone else. You will need it in order to access your money, so make sure you don't lose it, and always double check that you have both the public and private keys before transferring funds to your wallet.
- Have a backup. Make sure you know your private key and have a backup somewhere safe—you won't be able to access your funds without it. Of equal importance: anyone who has your private key has access to your wallet, so be careful who you share it with.