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Tips for safely creating a wallet

A common cryptocurrency scam is a fake wallet e.g. a third-party platform or app that claims to be a legitimate wallet but instead either steals your private keys, or steals your funds directly. Keep reading for tips on how you can safely create a wallet.

Tips for safely creating a wallet

Do your own research (DYOR):

You wouldn't open a bank account without researching the bank first, so it would be best to do the same with your crypto wallet. Be sure to read reviews and make sure the wallet you choose is secure.

Look out for unrealistic prices:

This is one of the easier tactics to implement that many fake providers and exchanges use. If you're not sure, you can compare their prices to the XBX index.

Stick with well-known and regulated exchanges:

Keep in mind that just because you found the wallet on an app store, that doesn't mean it's legit.

Check the URL/address bar:

The address bar contains a ton of vital information about where you are and how secure the site is. The first thing to check is if the address begins with an https:// or has a padlock sign to the left.

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, and 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. It would be best to store your private key offline.

Have a back-up:

You won't be able to access your coins without your private key, so be sure to store this somewhere safe and have a back-up.

Feel free to reach out to our Support team if you would like help determining whether a wallet provider is legitimate.

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