Wallets & security
Learn how to store your crypto safely. A crypto wallet holds the keys that control your coins, and whoever has those keys controls the funds. These guides explain public and private keys, recovery phrases, hot and cold wallets, and how to send and receive crypto without costly mistakes. You will also learn what happens if you lose your keys and how to spot phishing and impersonation scams. Blockchain transactions cannot be reversed, so good habits matter from day one.
Start here
How do you set up a wallet?
Most wallets ask you to create a recovery phrase and write it down before you receive any crypto. These guides walk through setting up common wallets step by step.
How do you receive crypto safely?
You receive crypto by sharing your wallet address, so the address must be correct and on the right network. These guides explain how to fund a wallet and how to check an address before you use it.
How private is your wallet?
Wallet addresses do not show names, but most blockchains are public, so transactions can often be traced. This guide explains what other people can see.
Key terms
- Address A crypto address is a string of letters and numbers, like an account number, that identifies where coins should be sent on a specific blockchain.
- Seed Phrase A seed phrase, or recovery phrase, is a list of usually 12 or 24 words that can recreate every private key in a crypto wallet.
- Hot Wallet A hot wallet is a crypto wallet whose private keys are kept on an internet-connected device, such as a phone, computer or browser extension.
- Cold Wallet A cold wallet is a crypto wallet that stores your private keys offline, usually on a hardware device, out of reach of most online attacks.
- Non-Custodial Wallet A non-custodial wallet is a crypto wallet where you, not a company, hold the private keys and recovery phrase that control your funds.
- TXID (Transaction ID) A TXID (transaction ID) is the unique string of letters and numbers that identifies one transaction on a blockchain.
- Phishing Phishing is a scam where criminals pose as a trusted company or person to trick you into giving away passwords, card details or wallet keys.
Frequently asked questions
What is a crypto wallet?
A crypto wallet is an app or device that holds the keys to your crypto. The coins stay on the blockchain; the wallet lets you prove they are yours, see your balance and send or receive funds.
What is a recovery phrase?
A recovery phrase, also called a seed phrase, is a list of words that can restore your wallet on a new device. Anyone who has it can take your funds, so write it down, keep it offline and never share it with anyone, including people who say they are support staff.
What is the difference between a hot wallet and a cold wallet?
A hot wallet is connected to the internet, which makes it easy to use every day. A cold wallet keeps your keys offline, which protects them from online attacks. A common approach is to keep small amounts in a hot wallet and larger amounts offline.
What happens if you lose your private keys?
If you lose your private keys and your recovery phrase, you will usually lose access to your crypto for good. No bank or help desk can reset them, which is why a safe, offline backup matters.
Do you need a wallet to buy crypto on Coinmama?
Yes, you need a wallet address. Crypto is delivered to the wallet address you provide, so set up a wallet you control and back up its recovery phrase before you place an order.