How to set up and create an Ethereum wallet

Find out how to set up CEX, DEX and hardware Ethereum wallets that are essential for efficiently traversing the cryptocurrency ecosystem.

For anyone looking to participate in the Ethereum ecosystem, creating an Ethereum-based wallet is often the first step. With a wallet, users can trade or hold Ether
ETH

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$3,854

and interact with decentralized applications (DApps) and smart contracts built on the Ethereum platform. Thus, the wallet facilitates financial and interactive experiences for the user within the Ethereum ecosystem.

This guide explains how to set up and create an ETH wallet on a centralized exchange (CEX) and a decentralized exchange (DEX) and how to set up a hardware wallet.

Setting up a centralized exchange (CEX) ETH wallet
As the name suggests, CEX wallets are a product of centralized exchanges (CEXs) that allow users to hold and trade cryptocurrencies. Easily accessible and user-friendly,

CEX wallets enable users to trade ETH and other cryptocurrencies using a safe interface, thanks to the integrated support for a wide range of blockchain networks.

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Though CEXs offer convenience, it comes with the need to trust your funds with the exchange. Therefore, it is crucial to choose a reputable exchange with a strong track record of keeping users’ crypto assets safe.

Let’s understand how to create a wallet on Binance with illustrations.

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A step-by-step guide to creating an ETH wallet on Binance
One can create an ETH wallet on the Binance website or its smartphone wallet by following the steps below:

Step 1: The user can sign up on Binance via their Google or Apple accounts. They can also choose to sign up with their phone number and email address.

Step 2: The user must agree to the Terms of Service and Privacy Policy by ticking the white box, after which they can click “Confirm” to create an account on Binance.

Step 3: Once signed up, the user is taken to their wallet dashboard, where they can engage in a range

of functions such as trade, swap, peer-to-peer (P2P) transfer, buy cryptocurrencies and many more.