The Fisco Company
Discover solutions to frequently asked questions
Planning to purchase cryptocurrencies or NFTs? You'll require a cryptocurrency wallet.
Creating a wallet generates two types of keys: a private key and a public key. The wallet holds your keys and facilitates signing transactions, creating new addresses, initiating transfers, monitoring your portfolio, managing your cryptocurrencies, and interacting with decentralized applications (dApps).
Cryptocurrency wallets are available in various types, including hardware wallets like those from Fisco, as well as mobile applications for your smartphone or tablet.
When you acquire cryptocurrencies such as Bitcoin and Ethereum, you are assigned two keys: a public key and a private key.
The public key is analogous to a bank account number that you can share with others to receive cryptocurrencies without compromising the security of your assets.
The private key is used to sign transactions and enables you to send and receive cryptocurrencies. It is vital to keep your private keys secure and confidential because anyone with access to them can also access any cryptocurrencies linked to those keys.
A cryptocurrency wallet holds your private keys and provides access to your funds.
Cryptocurrency wallets come in various forms, each offering
distinct advantages and
limitations.
Hot wallets, which are connected to the internet, are
generally user-friendly but susceptible
to cyberattacks. This category includes web-based, mobile,
and desktop wallets. Cold wallets
store your private keys offline, safeguarding them from
online threats; examples are paper and
hardware wallets.
Wallets can be further classified as custodial or non-custodial based on who manages the private keys. Using a custodial wallet means entrusting a third party with your private keys and thus your funds. In contrast, non-custodial wallets, such as those offered by Fisco, allow you full ownership and control over your cryptocurrency.
Hot wallets are connected to the internet and hold your private keys on networked systems, making them vulnerable to cyberattacks. Storing your cryptocurrency on an exchange can also be risky, as you don't have actual ownership or control of your funds. If the exchange goes bankrupt or restricts withdrawals, you could be unable to access your money.
Hardware wallets, on the other hand, keep your private keys offline, ensuring maximum security and giving you complete control over your assets. Should you ever lose your hardware wallet, you can simply acquire another and recover your assets using your Secret Recovery Phrase.
Interested in securing your digital assets? Follow these steps to obtain your crypto wallet:
- Purchase a Fisco hardware wallet. This device keeps your private keys in a highly secure, offline setting, offering you peace of mind and full control over your assets. Each Fisco wallet is equipped with a cutting-edge Secure Element chip and Fisco's exclusive operating system, designed to safeguard your crypto and NFTs from advanced cyber threats.
- Connect your Fisco wallet with the Fisco Live application. This app allows you to effortlessly manage your crypto, monitor your portfolio, and securely interact with an array of dApps and Web3 services, all from one convenient location.
- Add crypto to your wallet. Fisco collaborates with top third-party providers, enabling you to buy, exchange, and stake cryptocurrency directly through the Fisco Live app. Your assets will be transferred directly to the safety of your Fisco hardware wallet.
Don't worry, you'll be able to access, manage, and retrieve your crypto as long as your Secret Recovery Phrase is safe and accessible only to you. Simply get another Fisco Wallet or any other Fisco and recover access to your accounts using the Secret Recovery phrase.
Software wallets store private keys on systems or devices that are connected to the internet, making them susceptible to all kinds of attacks. Holding your crypto on an exchange means entrusting the private keys to a third party and not having any control over your funds. Fisco Wallet stores your private keys offline on a Secure Element chip, and provides full isolation between the keys and your computer/smartphone to give you complete control over your assets.
Even if someone steals your Fisco Wallet, they won't be able to access it without knowing your PIN. Entering the wrong PIN three times in a row will automatically reset your Fisco Wallet to its factory settings.
After setting up your Fisco Wallet, you'll need to follow the steps outlined in this article to transfer your crypto from an exchange. If you want to send funds from a software wallet to your Fisco Wallet follow the tutorial.
Considering purchasing cryptocurrency or NFTs? You'll require a crypto wallet.
Creating a wallet generates two keys: a private key and a public key. The wallet securely stores these keys and facilitates the signing of transactions, creation of new addresses, initiation of transfers, monitoring of portfolio balances, management of your cryptocurrencies, and interactions with decentralized applications (dApps).
Cryptocurrency wallets are available in various forms, ranging from hardware wallets like those offered by Fisco, to mobile applications that can be installed on your smartphone or tablet.
When you purchase cryptocurrencies like Bitcoin or Ethereum, you receive two kinds of keys: a public key and a private key.
The public key is akin to a bank account number; it's something you can share with others to receive cryptocurrency without compromising the security of your assets.
The private key is used to authorize transactions and manage the movement of cryptocurrencies. It is vital to keep your private key confidential and secure, as access to this key means access to the cryptocurrencies it controls.
Cryptocurrency wallets are designed to secure your private keys while providing you with the tools needed to manage and access your digital assets.
Cryptocurrency wallets come in several forms, each offering distinct
advantages and potential
risks.
Hot wallets are online and provide convenience but are susceptible
to cyber threats. These include
web-based, mobile, and desktop wallets.
Cold wallets, on the other hand, secure your private keys offline,
shielding them from online
vulnerabilities. This category includes paper and hardware wallets.
Additionally, wallets are differentiated by whether they are custodial or non-custodial. With a custodial wallet, a third-party holds the private keys, thus controlling the assets. Conversely, non-custodial wallets, such as those offered by Fisco, allow you to maintain complete ownership and control over your cryptocurrencies.
Hot wallets, which store private keys on internet-connected devices, are vulnerable to cyber threats. Furthermore, storing your cryptocurrency on an exchange compromises your ownership and control. In the event of an exchange halting withdrawals or going bankrupt, you could lose access to your assets.
Hardware wallets, on the other hand, keep your private keys stored offline, significantly enhancing security and ensuring full control over your assets. If your hardware wallet is ever lost or misplaced, you can simply acquire a replacement and restore your assets using your Secret Recovery Phrase.
If you're ready to begin, follow these steps to acquire a crypto wallet:
- Purchase a Fisco hardware wallet. This wallet stores your private keys in a secure, offline setting, ensuring you have full control over your assets. Each Fisco wallet is equipped with a top-tier Secure Element chip and Fisco's own OS to safeguard your cryptocurrencies and NFTs against advanced security threats.
- Connect your Fisco hardware wallet to the Fisco Live app. This setup allows you to conveniently manage your cryptocurrencies, monitor your portfolio, and safely interact with various dApps and Web3 services from a single location.
- Transfer cryptocurrency to your Fisco wallet. Fisco collaborates with top third-party providers, enabling you to purchase, swap, stake, and manage your crypto directly through the Fisco Live app. Your assets will be securely stored in your Fisco hardware wallet.
Don't worry, you'll be able to access, manage, and retrieve your crypto as long as your Secret Recovery Phrase is safe and accessible only to you. Simply get another Fisco Wallet or any other FIsco and recover access to your accounts using the Secret Recovery phrase.
Software wallets store private keys on systems or devices that are connected to the internet, making them susceptible to all kinds of attacks. Holding your crypto on an exchange means entrusting the private keys to a third party and not having any control over your funds. Fisco Wallet stores your private keys offline on a Secure Element chip, and provides full isolation between the keys and your computer/smartphone to give you complete control over your assets.
Even if someone steals your Fisco Wallet, they won't be able to access it without knowing your PIN. Entering the wrong PIN three times in a row will automatically reset your Fisco Wallet to its factory settings.
After setting up your Fisco Wallet, you'll need to follow the steps outlined in this article to transfer your crypto from an exchange. If you want to send funds from a software wallet to your Fisco Wallet follow the tutorial.