Cryptocurrency Wallet

Cryptocurrency Wallet

What is a cryptocurrency wallet?

A cryptocurrency wallet is a way to store and access your crypto safely, as well as to perform transactions of sending and receiving cryptocurrencies, such as Bitcoin or Ethereum. The wallet can be an app (for desktop or for a smartphone) or a physical device; depends on the choice of an owner.

Every wallet has a public and a private key, which allow it to send and receive cryptocurrency. These two keys make a key pair. And while you can have any number of public keys, you have only one private key for your wallet. You can share your public keys with anyone in order to receive crypto.

Important note: Never share your private key with anyone. It serves like a password and a proof that you are the owner of cryptocurrency. The key may be a long code or mnemonic phrase or even a QR code, and you should make sure that you keep it well, so that no one can access your funds.

Do I really need a cryptocurrency wallet?

Buying and storing cryptocurrency may be a challenging task. If you want just to buy and store crypto and not to trade it actively, you will need a wallet. For active trading, you can open a Crypto account at FBS.

Open a Crypto account

Actually, a private cryptocurrency wallet does not really store the crypto in a way a physical wallet stores cash. Your crypto (for example, Litecoin) locates on the blockchain, and the wallet is something like a key to its location. In other words, the cryptocurrency wallet stores the important information.

Hot wallet and cold wallet

When it comes to the differences between various wallets, the first thing that needs mentioning is the existence of cold and hot wallets.

A hot wallet is the cryptocurrency wallet that is connected to the internet. Their big advantage is accessibility and user-friendliness, i.e. it will not take much time to reach a hot wallet wherever you are. At the same time, they are thought to offer less security and may be more vulnerable.

Consequently, a cold wallet is the cryptocurrency wallet that is not connected to the internet. It is considered more secure because of its offline environment.

Different types of cryptocurrency wallets

Continuing the topic of cold wallets, they are usually represented by a paper wallet (a printed or written on paper QR code or key) and a hard wallet (a device that can handle the keys, e.g. USB drives). The last can be connected to a PC to manage it.

The hot wallets can be mobile or desktop. Usually they are software programs or apps that can be easily installed and used straightaway. In addition, you can get a web wallet: a browser extension that is connected to a web site where you create your wallet.


2024-05-21 • Updated

Frequently asked questions

  • How to start trading?

    If you are 18+ years old, you can join FBS and begin your FX journey. To trade, you need a brokerage account and sufficient knowledge on how assets behave in the financial markets. Start with studying the basics with our free educational materials and creating an FBS account. You may want to test the environment with virtual money with a Demo account. Once you are ready, enter the real market and trade to succeed.

  • How to open an FBS account?

    Click the 'Open account' button on our website and proceed to the Trader Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading.

  • How to withdraw the money you earned with FBS?

    The procedure is very straightforward. Go to the Withdrawal page on the website or the Finances section of the FBS Trader Area and access Withdrawal. You can get the earned money via the same payment system that you used for depositing. In case you funded the account via various methods, withdraw your profit via the same methods in the ratio according to the deposited sums.

Deposit with your local payment systems

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