Full Setup Tutorials
Never traded crypto before? Below is a detailed outline of the steps involved.
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Never traded crypto before? Below is a detailed outline of the steps involved.
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Was this helpful?
Exchanging cryptocurrency requires a few steps initially if you have never traded it before. Compare it to setting up a new bank account.
You may decide which wallet provider you'd like to use based on how you would like to sign up. Each provider has different requirements for recovery if you lose access. Types of wallets can be found here.
Below is an example of how to setup a MetaMask wallet.
When you create a wallet, a randomly generated string of case-sensitive letters and numbers, referred to as a public address or public key, is associated with the wallet.
Example of public address:
0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E
It might look scary, but this harmless little number sequence is unique to you, and can be seen as similar to an email address. Whenever you make a peer-to-peer trade on Mars Economy, you send and receive your money and shares from this public address.
If you lose your password, wallet options that log in with a piece of personal info (Email, phone number, Google sign-in) are recoverable with that info along with a private key and/or secure phrase. Web3 wallets are recoverable only with private key and/or secure phrase. You'll find your private key and passphrase within your wallet menu.
Example of private key:
8da4ef21b864d2cc526dbdb2a120bd2874c36c9d0a1fb7f8c
Similar to a bank account, wallets allow you to receive and send funds from it.🚩 However, unlike a bank account, if you lose your key to your wallet, there might be no way you can help you regain access to it 🚩 . Always keep your private key a secret and ensure that you have it safely backed up elsewhere.
In addition to your private key, you will be given a backup phrase that will help recover access to your wallet in the instance you lose access. The backup phrase is usually a string of twelve words. Store this securely!
Once you have chosen your wallet and secured it, you are ready to add funds! 🙌🙌