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Tokens and Wallets

Why do I need a wallet?

When using cryptocurrency, one of the things you need is to set up a “wallet” in order to hold your coins and use them. A wallet is simply software or hardware that enables you to take your cryptocurrency from an exchange (where you buy crypto) and transfer it to a place where it is usable. Using your own wallet instead of storing crypto on an exchange is important because it reduces your risk of losing funds from an exchange hack, and it allows you to deploy your crypto into Decentralized Finance (DeFi) applications like Osmosis DEX or stake (lock up your funds to secure the network to earn rewards) at higher rates. Exchange wallets are great for buying crypto, non-exchange wallets are better for just about everything else!
The Cosmos Ecosystem has a few compatible wallets, but one there are two that are extremely easy to use, Leap and Keplr. They come pre-installed with support for Cosmos, Osmosis, Secret Network, Akash, Crypto.org, Starname, Sifchain, Certik, Irisnet, Regen, Persistence, Sentinel, Kava, Cyber, and Straightedge. That’s a lot of options! But, in fact, you can actually add any Cosmos based token through a few extra steps. Follow the Leap or Keplr tutorial in this section.