How To Set Up Your First Ethereum Wallet
Last updated
Last updated
Hello and welcome to the exciting world of Web 3. We're thrilled to have you join FWB. Once your application has been approved, you will need to purchase at least 75 $FWB tokens to get full access to the Friends with Benefits Discord server. To get started, the first thing you will need is an Ethereum wallet to store these tokens.
Before we create your wallet, it's helpful for your security to understand the basics of how a wallet works.
An Ethereum wallet houses your account information in the Web3 world. These accounts can hold assets such as cryptocurrencies and NFTs. It also provides a way to connect to Web3-enabled sites and interact with applications hosted on the Ethereum network (often referred to as dapps).
If you're already using a cryptocurrency exchange (like Coinbase, Gemini, Kraken, Binance, FTX, etc.), you might be familiar with holding crypto assets. But, you likely aren't familiar with connecting to applications. This is because exchanges are custodial accounts. Cryptocurrency exchanges keep track of your cryptographic secrets, and you rely on them to keep your secrets safe. These exchanges don't allow you to take ownership of your actual Ethereum account details, which means you don't actually know your Ethereum address, and can't go out and interact with Web3 applications.
Setting up your own wallet is necessary to be able to join the FWB community, since your membership is tied to your Ethereum account address. Obtaining $FWB tokens involves interacting with Uniswap, an application hosted on the Ethereum network that allows users to swap cryptocurrencies. When you set up a wallet, your assets associated with that address are truly owned and controlled by you. Since you now hold the keys to your wallet, it is also your responsibility to keep them safe.
There is a growing list of wallets to choose from. Each wallet has different features, most of them share basic features such as easy access to Dapps and DeFi. Some wallets let you purchase crypto with a credit card, swap tokens, and withdraw crypto directly to your bank without going through an exchange. Choose a wallet that best suits your needs. You can always switch wallets or make a new one later on.
Here are some popular wallets that let you explore Dapps and access DeFi:
Browser plugin and Dapp browser
Available on
Features
Buy ETH with card
Access DeFi
Explore Dapps
Swap Tokens
High Volume Transactions
Once you've decided which wallet you want to use, it's time to set it up. It should only take a few minutes to create your wallet. Aside from your device, you will need a pen and a piece of paper. Do this somewhere private, where no one else can see your screen.
Most wallets follow similar steps, but here's a step-by-step guide to creating a wallet on Metamask.
Metamask is compatible on Brave browser, Firefox, and Chrome
After adding the extension to your browser, a new window will pop up prompting you to start the wallet creation process
Since this is your first time setting up a wallet, select "create a wallet". Creating a wallet will generate a 12 word secret phrase.
Create a strong password with a minimum of 8 characters. You will enter this password every time you access web 3 sites/apps for the first time
Click the blurred box to reveal your secret phrase. Write these words on a piece of paper and do not store it electronically (not in your notes, photos, etc.). Never give anyone your secret phrase or else they will have access to all your assets.
Confirm your secret phrase by selecting the words in the order you wrote them
Congratulations! 🎉 You now have your first non-custodial wallet
For easy wallet access, select the puzzle icon on the upper right side and pin Metamask to your browser
Available on
