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Wallet Set Up
Contributed by @0xbabble
Overview
I’ve spent months testing the best crypto wallet setup. This document outlines what I would recommend to everyone looking to double down on their security.
Warning: this setup is a work in progress and should be used at your own risk. I am not responsible for any hacks you might encounter. I am not paid to promote any of the products mentioned, do not own equities in any of them, and include ZERO affiliate links or discount codes in this article.
Set Up Crypto Account
The bulk of my assets are stored in custodial wallets (FTX) with 2FA. I’m using a security key for my Gmail login and Google Authenticator for my FTX login.
Reasons:
- If you use a security key/authenticator, an attacker will not be able to log into your account even if they learn your passwords.
- FTX.com (or FTX.us if you’re from the US) is the best crypto exchange on the market to deposit fiat currencies (such as US Dollar) and buy cryptos.
- In this case, FTX is my go-to “dump money here” custodian because of their great track record & reputation for securing funds.
- Their customer support also gets back in 36-72 hours, which is significantly better than Coinbase or Binance.
What you need:
Google Authenticator for 2FA on FTX
Android download link: https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2&hl=en
Set Up Ethereum Wallet
The remainder of my assets is spread across non-custodial wallets (Metamask, Coinbase Wallet, Rainbow, XDEFI) for interaction with DeFi products. I’m storing my seed phrases in a password manager and backing up keys in a separate USB thumb drive. Any major transactions are signed via a hardware wallet.
Reasons:
- The chance for your email, passwords and personal info to be leaked is extremely high. Always create a long password that has never been used before and store it in a password manager. NEVER reuse the same password.
- Your browser’s built-in password manager is susceptible to malware attacks via JavaScript. Set it up properly using a standalone manager on all devices.
- Some wallets give you a backup file in case of emergencies. Do NOT store this on your computer. Store it in encrypted USB drives. You can get extra ones as backups.
- Scammers specialize in tricking you into blind signing transactions. Use a hardware wallet to verify transactions, especially if it’s a site you’ve never encountered before.
- For password manager, I chose 1Password because it’s available on all platforms, has a browser extension, and has tight integration with all websites.
- For the hardware wallet, I chose Ledger Nano X because it is battle-tested, supports the most assets, and has okay mobile usability.
What you need:
- Ledger Nano X for signing transactions. Buy from official website https://shop.ledger.com/pages/ledger-nano-x
- Encrypted USB for storing recovery files.
- I don’t have a particular preference for brands and am using SanDisk currently. https://shop.westerndigital.com/c/usb-flash-drives.
Summary
Last modified 6mo ago