How to Set up a Self-Custody Hot Wallet (required) - if you don’t already have one:

A self-custody hot wallet, such as MetaMask wallet or Phantom wallet, provides you with control over your cryptocurrency. Unlike custodial wallets, non-custodial wallets do not depend on a third party, or "custodian," to keep your assets secure. While they offer the software needed to store your crypto, it is important to note that the responsibility of remembering and protecting your password rests entirely on you. If you lose or forget your password—often referred to as a "private key" or "seed phrase"—you won't be able to access your crypto. Moreover, if someone else gains access to your private key, they can take control of your assets.

Why Choose a Non-Custodial Wallet?

A non-custodial wallet allows you to have full control over your crypto's security and participate in advanced crypto activities like yield farming, staking, lending, and borrowing. However, if your primary goal is to buy, sell, send, and receive crypto, a hosted wallet might be more convenient.

Setting Up a Non-Custodial Wallet:

1. Download a Wallet App: Popular choices include MetaMask and Phantom. (Be sure to download the application from a reputable, trusted source. You can download a browser extension for most common browsers such as Chrome and Brave, but again, just be sure you are installing them from a trusted source.)

2. Create Your Account: Unlike hosted wallets, non-custodial wallets do not require any personal information, not even an email address.

3. Secure Your Private Key: Write down your private key (twice; two different pieces of paper), which is usually a random 12-word phrase. Keep these words private and store them securely. Losing or forgetting this phrase means losing access to your crypto.

Transfer Crypto to Your Wallet: Since non-custodial wallets often don’t allow the purchase of crypto with traditional currencies, you will need to transfer crypto from another source.