Crypto wallets are necessary in the crypto space as they allow users to store and manage their digital assets, while also making transactions with ease. In fact, statistics say there were 84.02 million crypto wallet users globally as of August 2022, which significantly increased from 76.32 million in August 2021.
The popularity of crypto wallets has been driven by the growing acceptance of cryptocurrencies, not just by individuals but also by merchants and businesses. If you’re new to crypto and want to learn how to set up a crypto wallet, this guide about setting up the best crypto app for beginners is for you.
What Is a Crypto Wallet?
A crypto wallet is a digital wallet that allows you to store, receive, and send crypto like Bitcoin, Ethereum, or KASTA. They work like a traditional wallet, but instead of holding physical cash, they store digital assets.
Custodial vs. Non-Custodial Wallets
There are two types of crypto wallets: custodial wallets and non-custodial wallets.
1. Custodial wallet
With a custodial wallet, a user's private keys are stored and managed by a third-party service provider, such as a crypto exchange. The service provider is responsible for maintaining the security of the wallet, and the user relies on the service provider to access their funds.
2. Non-custodial wallet
With a non-custodial wallet, the user is responsible for managing and securing their own private keys. The users have complete control over their funds, and they can access them at any time without relying on a third-party service provider.
Which is better?
When comparing the two, custodial wallets offer convenience and ease of use, but may come with more risk as the user's funds are dependent on the security of the service provider. Non-custodial wallets offer complete control and ownership over the user's assets. However, they require more technical knowledge and responsibility for proper use and security.
How to Choose a Crypto Wallet?
Choosing a crypto wallet requires careful consideration of your priorities and preferences, whether you prefer a custodial over a non-custodial wallet and some other factors. These factors may include wallet features, ease of use, security, accessibility, UI/UX, features, compatibility with networks, and more.
What Is the Safest Crypto Wallet?
A safe crypto wallet provides robust security features to protect your private keys from unauthorized access, including encryption, multi-factor authentication, and biometric verification. It should also be designed with strong security measures to prevent hacking, malware, and other forms of cyberattacks.
It’s hard to say which crypto wallet is the safest, but there are a lot of crypto wallets that passed delicate security audits, conduct identity verification (a.k.a. KYC), and other security measures. These include Ka.app.
How to Get a Crypto Wallet?
First, you need to do your research and determine which wallet provider suits your needs and preferences. Then, you can download and install a crypto wallet app or create an account on a web-based wallet platform. It’s good to note that identity verification may be required.
Is Ka.app a Crypto Wallet?
Yes. Ka.app is a secure crypto wallet that you can use for the long-term storage of assets and cross-border crypto transactions.
How to Set Up a Crypto Wallet Easily
Setting up a cryptocurrency wallet may sound overwhelming, but it's a straightforward process that you can finish in a few minutes. With Ka.app, it only takes four steps:
1. Download and install Ka.app.
First, you must download the crypto wallet to your iOS or Android device. The availability of Ka.app may depend on your region.
2. Sign up for an account.
Open Ka.app and create an account using your name, mobile number, email address, and home address.
3. Set up your pin code.
Lock in a complex pin code. Most transactions require a pin code to complete, so be sure no one else knows yours.
4. Step 4: Pass identity verification.
Complete the identity verification process by providing a valid and high-quality ID and proof of address.
That’s it! You can start storing digital assets into your account. And in case you’re interested, Ka.app has a crypto referral program that rewards users who successfully refer their friends to the app.
Final Thoughts
Setting up a crypto wallet is an important step in entering the crypto realm. It provides a secure place to store your digital assets and allows you to participate in various crypto transactions.
However, it's crucial to choose a reliable wallet provider, use strong passwords, and be mindful of the potential risks involved. With proper precautions, a crypto wallet can be a valuable tool for making the most of your crypto and achieving your long-term goals.
FAQ
Do you really need a crypto wallet?
Having a crypto wallet is essential if you plan on owning, trading, or using cryptocurrencies.
They allow you to securely store, send, and receive digital assets, and provide a private key, which is a unique code that allows you to access your digital assets. By having a wallet, you can hold and manage your digital assets, and use them for transactions or investments.
Is Ka.app secure for the long-term storage of assets?
Yes. Ka.app prioritizes the safety and security of its users. We have an EU-based license that enables us to offer custodial services, and we’re committed to adhering to the legal requirements outlined in the 5th EU AML directive to prevent illegal activities such as fraud, hacking, and money laundering.
To secure digital assets during storage and transit, we have implemented Fireblocks' institutional-grade multiparty computation technology. This technology provides a multi-layered system that safeguards customer funds from cyber-attacks, human error, and internal collusion. Fireblocks' proven technology has been implemented to ensure the highest level of security for digital assets.
What transactions can I do in Ka.app?
You can send, receive, deposit, withdraw, and swap crypto, as well as lock up tokens in the Ka.app.
