How to set up a crypto wallet to accept payments
Everything a business owner needs to know before taking their first crypto payment — what a wallet is, which one to choose, and how to keep your funds safe forever.
To accept cryptocurrency payments with a non-custodial gateway like Crypto IPG, you need one thing first: your own crypto wallet. Because payments go straight to you — not through a middleman — the wallet you control is where every payment lands. This guide walks you through choosing, setting up, and securing that wallet, even if you've never touched crypto before.
What is a crypto wallet?
A crypto wallet is a tool that lets you receive, store, and send cryptocurrency. Despite the name, a wallet doesn't actually "hold" coins the way a physical wallet holds cash. Your coins live on the blockchain; the wallet holds the keys that prove the coins are yours and let you spend them.
Every wallet has two parts:
- A public address — like an account number or email address. You share this so people (and Crypto IPG) can send you funds. It looks something like
bc1q…for Bitcoin or0x…for Ethereum. - A private key (and its human-readable form, the recovery phrase) — like the password to your safe. Whoever has this controls the funds. You never share it with anyone.
Custodial vs. non-custodial wallets
This is the single most important distinction to understand.
Custodial wallets
A third party (usually an exchange like Binance or Coinbase) holds your private keys for you. It's convenient — if you forget your password you can reset it — but you don't truly control the funds. The company can freeze your account, impose withdrawal limits, or be hacked. "Not your keys, not your coins" refers to this trade-off.
Non-custodial wallets
You hold your own keys. No company can freeze or block your money, and funds arrive instantly with no payout schedule. The responsibility is also yours: if you lose your recovery phrase, no one can restore it for you. For accepting business payments, non-custodial is usually the right choice — it's the whole point of a non-custodial gateway.
Types of wallets
- Mobile / software wallets — apps on your phone or computer. Free, easy, great for everyday use. (Trust Wallet, Exodus.)
- Browser-extension wallets — live in your web browser, ideal for interacting with websites and tokens. (MetaMask.)
- Hardware wallets — a physical device that keeps keys offline. The most secure option for large balances. (Ledger, Trezor.)
- Exchange wallets — the balance on an exchange account. Custodial; convenient but least control.
The best crypto wallets compared
Here are widely used, reputable wallets. The right one depends on which coins you want to accept.
| Wallet | Type | Best for | Good to know |
|---|---|---|---|
| Trust Wallet | Mobile | Beginners; many coins | Supports Bitcoin, Ethereum, Tron, BNB and thousands of tokens including USDT/USDC. Simple and popular. |
| MetaMask | Browser + mobile | Ethereum & ERC-20 | The standard for Ethereum and tokens like USDT/USDC on Ethereum. Does not support Bitcoin. |
| Exodus | Desktop + mobile | A clean multi-coin wallet | Friendly interface, supports many major coins. Good all-rounder. |
| TronLink | Browser + mobile | Tron (TRX, USDT-TRC20) | Best for accepting USDT on Tron, which has very low fees — a favourite for stablecoin payments. |
| Coinbase Wallet | Mobile + browser | Self-custody from a known brand | Separate from the Coinbase exchange account — this one is non-custodial (you hold the keys). |
| Ledger / Trezor | Hardware | Maximum security | Keeps keys offline on a physical device. Worth it once you're holding meaningful amounts. |
How to set up a wallet, step by step
The process is similar for almost every non-custodial wallet:
- Download from the official source. Always get the app from the wallet's official website or your device's official app store. Fake wallet apps are a common scam — double-check the developer name and reviews.
- Create a new wallet. Open the app and choose "Create a new wallet".
- Write down your recovery phrase. The wallet shows you 12 or 24 words. Write them on paper, in order. Do not screenshot them. (More on this below — it's the most important step.)
- Confirm the phrase. The app asks you to re-enter some words to prove you saved them.
- Set a device PIN or password. This protects the app on your device.
- Find your receiving address. Tap "Receive", pick the coin, and you'll see your public address and a QR code. That address is what you'll give to Crypto IPG.
Your recovery phrase — the most important part
When you create a non-custodial wallet, you're given a recovery phrase (also called a seed phrase or backup phrase): a list of 12 or 24 simple words. This phrase is your wallet. Anyone who has it can access your funds from anywhere — and if you lose it, your funds are gone forever, with no "forgot password" option.
⚠️ Read this twice
- Write it down on paper and store it somewhere safe (ideally two separate physical locations). Consider a fireproof/waterproof backup.
- Never store it digitally — no screenshots, no photos, no notes app, no email, no cloud drive. Malware and hacks target exactly these.
- Never share it with anyone. No legitimate person, wallet, exchange, or "support agent" will ever ask for it. Anyone who does is trying to rob you.
- Never type it into a website. You only ever enter it back into a wallet app when restoring a wallet.
How restoring works
If your phone is lost, stolen, or broken, you don't lose your crypto — as long as you have your recovery phrase. Install the wallet app on a new device, choose "Restore" or "Import an existing wallet", and type your phrase in the correct order. Your address and balance reappear exactly as before, because the coins were always on the blockchain — the phrase simply re-derives your keys. This is why the phrase matters more than the device itself.
Security best practices
- Keep the bulk of your funds in a hardware wallet once balances grow; use a mobile wallet for day-to-day receiving.
- Enable a PIN, password, or biometric lock on the wallet app.
- Double-check addresses before sending — malware can swap a copied address. Verify the first and last few characters.
- Beware phishing: bookmark official sites, and never click wallet links from emails or DMs.
- Keep your recovery phrase offline and private. This one rule prevents the vast majority of losses.
Getting your wallet address for Crypto IPG
Once your wallet is set up, connecting it to Crypto IPG takes a minute:
- In your wallet, tap Receive and select the coin (e.g. USDT on Tron).
- Copy your public receiving address (or scan its QR code).
- In your Crypto IPG dashboard, open your website and go to Wallets.
- Paste the address for that coin and save. Repeat for each coin you want to accept.
- Send one small test payment and confirm it's detected before going live.
Frequently asked questions
Do I need a different wallet for each coin?
Not necessarily. Multi-coin wallets like Trust Wallet or Exodus hold many coins at once. But each coin has its own address — always use the correct address for the correct coin, or funds can be lost.
Is a crypto wallet free?
Software and mobile wallets are free to download and use. You only pay small network fees when you send crypto. Hardware wallets cost money to buy the device.
What happens if I lose my phone?
Your funds are safe as long as you have your recovery phrase. Install the wallet on a new device and restore using the phrase.
Which coin is cheapest to accept?
Stablecoins on Tron (USDT-TRC20) and coins like Litecoin have very low fees and fast confirmations, which is why many merchants start there.
Can I use my exchange account instead?
You can paste an exchange deposit address, but it's custodial and exchanges sometimes change or expire deposit addresses. A wallet you control is safer and more reliable for receiving business payments.