If you've never touched crypto before, "set up a wallet" can sound like a bigger job than it is. It's really just choosing where your funds live and understanding the one rule that actually matters: whoever holds the keys controls the money.
A crypto wallet isn't a physical thing holding coins — it's an app or account that manages the keys proving you own a given balance, and lets you send or receive funds using an address (a long string of letters and numbers, unique to you).
For most beginners just getting started, a well-known custodial exchange is the simpler entry point. Non-custodial wallets make more sense once you're comfortable with the basics and want direct control over your funds.
It depends on the offer. No-deposit bonuses generally only need an account and a username — a wallet only becomes relevant once you're depositing, withdrawing, or converting real crypto.
Neither is universally better — it's a trade-off. Custodial wallets (like an exchange account) are simpler and recover access if you forget your password, but the platform technically controls the funds. Non-custodial wallets give you full control, but if you lose your seed phrase, there's no customer support to call — it's gone for good.
With a non-custodial wallet, the seed phrase is the only way to recover your funds if you lose access to the device or app. There's no password reset option — losing it means losing access permanently. That's exactly why it needs to be written down and stored offline, not just remembered.
You don't need a wallet at all to claim most of our no-deposit bonuses — just a Discord account.
Browse current bonuses →This page is general information, not financial advice — Drop Cash doesn't recommend specific wallets or coins. Gambling and cryptocurrency both involve risk; only use funds you can afford to lose, and only on platforms available in your jurisdiction.