Setting up your first wallet takes about ten minutes and costs nothing. You install a trusted wallet app, it generates a recovery phrase, you write that phrase down on paper and store it safely, and then you add the network you plan to use. That is the whole job. The one step that actually matters is the backup: if you keep your recovery phrase safe and private, everything else is easy to fix, and if you lose it, no one can get your funds back.

A self-custody wallet means you hold your own keys - there is no company to call for a password reset, which is exactly why the backup step is the one to get right.

Step 1: Choose a wallet

Pick a well-known wallet with a long track record. For a browser-and-phone wallet, MetaMask and Coinbase Wallet are common starting points (note that Coinbase Wallet is self-custody and is separate from a Coinbase exchange account). Both are free. Download only from the official website or your phone's official app store, and double-check the address - fake wallet apps are a common scam.

Step 2: Install it and create a new wallet

Install the app or browser extension, open it, and choose "Create a new wallet." You will set a password, which unlocks the app on that one device. This password is not your recovery phrase and does not control your funds on its own - it only locks the app locally.

Step 3: Write down your recovery phrase

The wallet will now show you a seed phrase - usually 12 words in order. This phrase is the master backup of your private key; anyone who has it controls your wallet.

• Write the words on paper, in order. Do not screenshot it, email it, or save it in a notes app or photo library.
• Store the paper somewhere safe, ideally in two separate places.
• Never type the phrase into any website, and never share it with anyone - no legitimate service will ever ask for it.

The wallet will ask you to re-enter a few words to confirm you saved them. Do it carefully.

Step 4: Add the network you will use

A fresh wallet usually starts on Ethereum's main network. Most real-world-asset platforms run on a cheaper, faster network to keep gas fees low, and a common one is Base. Many wallets let you add Base with one tap from a network menu; if not, the platform you are using will show the exact settings to enter. You use the same wallet and the same recovery phrase across every network - you are just switching which one is active.

Step 5: Copy your public address and do a test

Your wallet has a public address - a long string starting with "0x" that you share to receive funds. It is safe to give out; it is the opposite of your recovery phrase. Copy it, and when you first receive anything, start with a tiny test amount before moving more. You can confirm the transfer landed on a block explorer, which lists every transaction publicly.

When should I consider a hardware wallet?

Once you hold a meaningful amount, consider a hardware wallet - a small physical device that keeps your keys offline, so they never touch an internet-connected computer. It plugs in only when you sign a transaction. For getting started and small amounts, a reputable phone or browser wallet is fine; upgrade as the stakes rise.

Where to go next

• Next: how to get USDC and keep it safe.
• The investor's side: wallets, custody and KYC for investors.
• Glossary: seed phrase.

Sources: MetaMask docs (metamask.io); Coinbase (coinbase.com), as of 2026.