Wallet security · 2026 guide
How to Set Up a Crypto Wallet: Security Checklist & Best Wallets Ranked
A practical setup guide with custody choices, seed backups, and a ranked look at hardware, software, and browser wallets. Follow these steps to onboard safely and choose the right tool for swaps, NFTs, or long-term storage.
What is a crypto wallet?
A wallet stores the private keys that prove ownership of on-chain assets. In a non-custodial model, you hold those keys—lose them and access is gone. Wallets let you send and receive crypto, interact with dApps, and connect to DEX aggregators like Hypertrade for efficient swaps on Hyperliquid and other networks.
Custodial vs non-custodial: custodial wallets (exchange accounts) hold keys for you and may require KYC; non-custodial wallets put you in full control with more responsibility.
Main wallet types
Hardware wallets (Ledger, Trezor)
Offline devices that keep private keys isolated and sign transactions in a trusted environment. Ideal for large balances and long-term storage.
Best for: Security-first users and HODLers; pair with software wallets for convenience.
Software wallets (Exodus, Trust Wallet, Guarda)
Desktop or mobile apps with quick QR transfers, NFT support, and DeFi connections. Convenience-focused but online—demand strong device hygiene.
Best for: Everyday transactions, DeFi, and staking on smaller balances.
Browser / Web3 wallets (MetaMask, Coinbase Wallet)
Extensions that connect directly to dApps with built-in signing flows. Ubiquitous for EVM networks and connect via WalletConnect to mobile.
Best for: DeFi power users who actively manage approvals and phishing risk.
MPC & hybrid wallets (Zengo)
Multi-party computation removes single-seed exposure. Recovery uses multiple factors instead of a single phrase, reducing key theft risk.
Best for: Users who want high security without storing a seed phrase; mobile-first flows.
Ranked picks: quick comparison
| Wallet | Type | Platforms | Supported assets | NFT support | Staking | Security notes |
|---|---|---|---|---|---|---|
| Ledger | Hardware | Desktop/Mobile/Browser | 5,500+ assets | Via apps | Via integrations | Secure Element (EAL5+) |
| Trezor | Hardware | Desktop/Mobile | 9,000+ | Via compatible apps | Via integrations | Offline signing; open-source |
| Exodus | Software | Desktop/Mobile | 1,000+ | Yes | Yes (up to ~18%) | High; UI-focused |
| MetaMask | Browser/Mobile | Browser/Mobile | 650k+ (EVM) | Yes | Via dApps | High with hardware pairing |
| Zengo | Software (MPC) | Mobile | 300+ | Yes | Yes | Very high (MPC, no seed phrase) |
| Guarda | Software | Web/Desktop/Mobile | 70+ blockchains | Yes | Yes | High |
| Crypto.com Onchain | Software | Desktop/Mobile/Browser | 1,000+ | Yes | Yes | High |
| Trust Wallet | Software/Browser | Mobile/Browser | 100+ blockchains | Yes | Yes | High |
| Coinbase Wallet | Software/Browser | Mobile/Browser | Thousands | Yes | Yes | High |
Choose based on custody preference, chain coverage, hardware pairing, and how often you transact.
Security checklist
- Store seed phrases offline on paper or metal; keep multiple copies in separate safe locations.
- Never store seed phrases digitally (cloud, screenshots, USB). Do not share with anyone, including support.
- Use hardware wallets or MPC for large balances; keep daily spending in a separate hot wallet.
- Set strong passwords/PINs (12+ characters) and enable biometrics where available.
- Verify URLs, app signatures, and browser extensions to avoid phishing; only download from official stores.
- Review and revoke dApp permissions regularly (e.g., via revoke.cash) to limit token approvals.
- Run test transactions with small amounts before moving larger funds.
- Keep firmware and apps updated; patch devices promptly.
- Plan for recovery/inheritance and test restoring from your backup phrase on a spare device.
How to set up a wallet: step by step
- Download and verify the official app
Get the wallet from official stores or sites. Verify signatures or checksums if provided, and avoid lookalike domains.
- Create (or import) your wallet
Generate a new wallet in-app or initialize a hardware device with a PIN. Import only if you trust the device and environment.
- Back up the seed phrase or MPC recovery
Write down all words clearly on paper/metal (or set up MPC factors for Zengo). Confirm backup by re-entering the phrase.
- Secure access
Set a strong password/PIN, enable biometrics, and turn on 2FA for related exchange accounts or custodial services.
- Receive a test transaction
Copy your address or scan a QR, send a small amount from an exchange, and confirm on-chain via a block explorer.
- Connect to dApps safely
Use WalletConnect or trusted extensions, review permissions, set spending limits, and pair hardware for signing when possible.
Connecting to dApps safely
- Use WalletConnect with QR or deep links; confirm the domain before approving.
- Set allowance limits instead of unlimited approvals; revoke stale permissions regularly.
- Pair hardware (Ledger, Trezor) with MetaMask or similar for high-value transactions.
- Never enter a seed phrase into a website form—legitimate dApps never ask for it.
Fees, limits, and gas basics
- Hardware costs: Ledger ~$79–$149; Trezor ~$69–$219 (pricing varies by model and region).
- Gas: Bitcoin ~$0.50–$3 typical; Ethereum L1 ~$1–$20+; L2s (Polygon/Arbitrum/Optimism) often $0.01–$0.50.
- Swap fees: In-wallet swaps often add 0.5%–1% service fees plus gas; aggregators like Hypertrade can surface better on-chain routes.
- Withdrawal minimums vary by platform (e.g., ~0.0008 BTC on some exchanges); check in-app before sending.