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Wallets & addresses

How to Create and Secure a Crypto Wallet

Before you start your journey at Metaspins, you need to have a crypto wallet. This wallet serves as your key to the platform. It stores your cryptocurrencies, lets you send and receive funds, and gives you control over how you manage your money. The good news is that getting started is easier than many people think.

In this guide, you’ll find everything you need to know about how to go about the process.

Wallet Types and Which One to Pick 

There are two types of wallets: custodial and non-custodial. Let’s see what they entail:

  1. Custodial wallet: This wallet is managed by a third party, usually an exchange or financial platform. They hold your private keys on your behalf and help you regain access if you forget your login details. This feature makes the wallet more attractive for beginners, but the downside is that you don’t fully control your funds. 

  2. Non-custodial wallet: This gives you full control of your private keys and assets. No company controls your funds, so move funds directly from your wallet as you desire. The only thing is that this comes with more responsibility.

For casino gaming, you may want to consider non-custodial wallets. This is because transactions are faster, and you remain in control of your funds throughout the process and there are no transaction review delays. Similarly, when converting winnings back into traditional currency through a crypto exchange, the platform only checks the ownership of the wallet address involved in the transaction. This is a great win for players, especially those in Europe, where the Travel Rule requires more scrutiny on funds from outside recognised clusters. 

Top 5 Best Casino Non-Custodial Wallets

Here are some of the best wallets for casino gaming you can use:

  1. Exodus: It is one of the most beginner-friendly crypto wallets available. It supports a wide range of cryptocurrencies and features that make transactions seamless.

  1. Trust Wallet: It is a popular mobile-first wallet. It allows users to transfer thousands of cryptocurrencies while maintaining full control of their private keys.

  1. MetaMask: This remains one of the most widely used wallets among users of blockchain-based applications. It also supports multiple networks.

  1. Phantom: It was originally built for the Solana ecosystem but now supports several other coins. It is particularly appealing to users who want low fees.

  1. Electrum (Bitcoin Only): Electrum focuses entirely on Bitcoin, offering reliability and strong performance. 

Note: Electrum uses a standalone desktop client rather than a browser extension. It also doesn't have an official iPhone app. Any app claiming to be Electrum on the Apple App Store is a scam.

Step-by-Step: Creating a Wallet 

Setting up your crypto wallet isn't as hard as people think. In fact, you can create your crypto wallet within minutes all by yourself. All you have to do is follow these steps:

  • Choose a wallet provider: Review the list of options and select the one you’re most comfortable with.

  • Download the official app or extension: Use trusted links to download the wallet version you want. 

  • Once you’ve installed the app, go ahead and open it 

  • Choose the  “create new wallet” option

  • Follow the process through and then write down your 12 or 24-word seed phrase

  • Confirm the phrase and then keep the written version in a safe place 

  • Set a strong password or enable biometric lock, depending on your preference

  • Access your wallet dashboard 

Funding Your Wallet and Making Your First Deposit 

Most wallets let you buy crypto directly with a card or bank transfer through built-in services. You can also buy on exchanges like Binance or Coinbase and withdraw to your wallet address. So, once you’ve funded your wallet, copy the deposit address provided by Metaspins and send the required cryptocurrency.

However, remember to check the rules in your country when moving funds between crypto casinos and exchanges to avoid breaking the law.

Security Habits That Actually Matter 

Many players experience security breaches after setting up their wallets. Most of the time, the fault lies with the players. To protect yourself, here are some simple crypto wallet security tips that you can follow:

  1. Seed phrase backup: A seed phrase is a unique list of words that can restore your wallet if you lose access. Anyone who has it can access your funds, so always keep it to yourself.

  2. Backup your recovery phrase offline: For the longest time, we were told never to write passwords on paper, but times have changed. Now, many security experts admit that writing down recovery phrases is one of the safest ways to protect your wallet.

  3. Use a strong and unique password

  4. Enable two-factor authentication where available

  5. Verify addresses before sending funds

  6. Never let your guard down in the online space

Hot vs. Cold: How to Split Your Funds 

When your balance starts hitting a threshold, it becomes necessary to take certain steps, such as separating your funds into your hot or cold wallet. A hot wallet is where you keep funds that are used for everyday transactions, while a cold wallet stores assets offline, offering a higher level of protection.

When playing, it is advisable to keep only the amount you plan to use for gaming in a hot wallet, while storing larger holdings in cold storage. This split limits risk if your hot wallet is ever compromised.

Bottom Line 

Learning how to create and secure crypto wallets is one of the smartest moves you can make, even as a pro in casino gaming. It will help you create not only a safe gaming environment but also a smooth play experience on Metaspins. However, always remember to double-check everything before you press the send button.

Still Need Help?

Need a hand setting up your wallet to fund your Metaspins account? Our support team is available on live chat 24/7, or you can email support@metaspins.com for assistance.

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