Wallet set up & security

1. Choose a Reputable Wallet:

• Types of Wallets: Decide between hardware wallets, software wallets, or mobile wallets based on your preferences and security needs.

• Reputable Providers: Opt for well-known and reputable wallet providers. Examples include Ledger, Trezor, MetaMask, Trust Wallet, Rabby etc.

2. Hardware Wallets (for Long-Term Storage):

• Purchase from Official Sources: If using a hardware wallet like Ledger or Trezor, buy directly from the official website to avoid potential tampering.

3. Software Wallets (for Regular Use):

• Download from Official Sites: Only download wallet software from the official website or authorized app stores.

• Password Protection: Set a strong, unique password for your wallet.

4. Mobile Wallets (for Convenience):

• App Security: Use security features provided by mobile wallet apps, such as PIN codes or biometric authentication (fingerprint, face recognition).

5. Create a New Wallet:

• Secure Password: Use a strong, unique password that combines letters, numbers, and symbols.

• Backup: Immediately create a secure backup of your wallet's recovery seed or mnemonic phrase, as well as individual wallet private keys. Store it offline in a safe place.

6. Two-Factor Authentication (2FA):

• Enable 2FA: Wherever possible, enable two-factor authentication for an additional layer of security.

7. Keep Software Updated:

• Regular Updates: Ensure your wallet software is up to date with the latest security patches.

8. Secure Network Connections:

• Avoid Public Wi-Fi: Be cautious when accessing your wallet on public Wi-Fi networks. Use secure and private networks when possible.

9. Beware of Phishing Attempts:

• Official Links: Always access wallet services through official links, and be cautious of phishing emails or websites.

• Verify Addresses: Double-check wallet addresses before making transactions.

10. Regular Security Audits:

• Review Settings: Periodically review your wallet settings and security features.

• Password Updates: Change passwords and PINs periodically.

11. Emergency Preparedness:

• Know Your Recovery Process: Understand how to recover your wallet in case of loss or theft.

• Emergency Contacts: Share relevant recovery information with trusted contacts for emergency situations.

12. Educate Yourself:

• Stay Informed: Keep up with cryptocurrency security best practices and any updates or warnings from wallet providers.

In DeFi you are your own bank, so always remember to be as secure as possible with your sensitive information.