Are crypto wallets free?
Software wallets that are downloaded on mobile or desktop applications are typically free. These wallets may charge transaction fees when trading crypto, but are otherwise free to download and create.
Hardware wallets require physical devices, so there is a one-time hardware cost that will depend on the features and brand. We give Ledger’s and Trezor’s options and pricing here.
What should I look for in a wallet?
- Security features
- Ease of use
- Reputation: look for reviews and feedback
- Supported cryptos
- Customer support: if you are purchasing hardware, choose a brand with good customer support in case of hardware issues.
What should I do if my wallet is compromised or hacked?
Immediately contact the wallet provider’s support. If possible, transfer your funds to a different wallet that contains a different seed phrase. This will cost you transaction fees, but better than having your assets stolen!! Report any suspicious activity to the relevant authorities.
Are there transaction fees associated with using a wallet?
Yes, transaction fees may apply, especially when sending cryptocurrencies. The fees vary depending on network congestion and the wallet provider. Check the wallet’s documentation for information on fees.
Can I use one wallet for multiple cryptocurrencies?
Some wallets support multiple cryptocurrencies, while others are designed for specific ones. Check the wallet’s features and supported assets to ensure compatibility with your needs.
What happens if I lose access to my wallet or forget my password?
Many wallets provide recovery phrases or seed words during the setup process. It’s crucial to securely store this information. If you lose access, you can often recover your wallet using the 12 word recovery phrase. Some wallets also offer customer support for password recovery, such as Ledger’s Recover service.
How can I secure my crypto wallet?
Use strong, unique passwords and enable two-factor authentication (2FA) if supported. Keep your private keys secure, and consider using hardware wallets or cold storage for large amounts of cryptocurrency.
Can I change wallets if I don’t like one after it is funded?
Yes, you can always change wallets in 2 ways:
- You can import your assets into a new wallet using your 12 word recovery phrase. There is no cost to this because you have not changed the location/address of where the crypto stored. For example, if you use Exodus and want to switch to Trust Wallet, you would simply enter your 12 word recovery phrase in the import a wallet function and your Exodus balances will load into Trust Wallet.
Example below from Trust Wallet’s website:
2. The second way should be used if your wallet has been compromised. Send your assets out to a newly created wallet with a new recovery phrase and address. You will incur transaction costs in this scenario because assets are changing locations and addresses.
