What is Polkadot Wallet? How to use a Polkadot Wallet (2023)

Polkadot is a layer 0 platform that connects layer 1 platforms together. Polkadot allows blockchains to connect with each other to share data and form a decentralized network.

To be able to skin in this blockchain, of course, you will need a Polkadot Wallet. In today's article, I will show you the details on how to create a Polkadot Wallet.

What is Polkadot Wallet?

The Polkadot wallet is where DOT tokens are stored on the Polkadot blockchain. You can send and receive DOT tokens as well as interact with applications on the Polkadot platform.

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

What is included in a Polkadot Wallet address?

A Polkadot Wallet has 2 extremely important pieces of information you must note:

• Wallet address: A sequence of numbers and characters used to send assets to the Polkadot wallet. Others can transfer coins to you through the wallet address you provide. A Polkadot (DOT) wallet address will have the following format: 16FuasKqTX5WLaLsWCnrXC4i3KWm717k2bBHJgK3fw4ZY5qn.
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: entire annual slow album wisdom snow slice reject pony flower middle under.

To visualize, you can imagine that the Polkadot wallet is a bank account, the wallet address is the account number and the passphrase is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Polkadot wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Polkadot Wallet Review

There are many wallets on the market that support creating the Polkadot blockchain. Let's take a look at some outstanding Polkadot wallets in the crypto world.

Coin98 Super App

Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...  

Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing DOT tokens here.

Learn more: What is Coin98 Super App?

Polkawallet

Polkawallet is a multi-wallet for parachain like Polkadot, Acala, Kusama or many other blockchain. Polkawallet provides asset one-stop management, convenient staking, governance, and multiple DeFi services in mobile app.

Create an Polkawallet here: polkawallet.io

Trust Wallet

Trust Wallet is Binance's electronic wallet with 5 million active users, is one of the most popular wallets on the market. Trust Wallet allows users to store assets on a variety of platforms and connect their wallets to Dapps, allowing them to freely study and trade on the Trust Wallet app.

Create the Trust Wallet here: trustwallet.com

How to create a Polkadot Wallet

This tutorial will guide you on how to create a new Polkadot wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.

Coin98 Super App

Download and access the app

Polkadot wallet is now available on the Coin98 Super App for both iOS and Android users:

• iOS: ios.coin98.com
• Android: android.coin98.com

After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.

Create the Polkadot wallet

Step 1: Open the application, at the homepage click the Wallet icon → Manage.

Step 2: Click Add Wallet and click on the Polkadot (DOT) icon to create a Polkadot Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create. 

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next. 

Step 4: Back up the Passphrase in a safe place.

Note: These are CRUCIAL information that directly affects control over your assets.

• Copy and paste the Passphrase into the Confirmation box.
• Tick ​​the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
• Tick ​​the two remaining boxes to confirm that you understand the risks if you lose your Passphrase.

Select Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Polkadot wallet. 

Coin98 Extension Wallet

Installation instructions

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.

Create the Polkadot wallet (DOT)  

‌Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface click Manage. Click Add Wallet.

‌Step 2: Select the Polkadot icon → Create Wallet.

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.

Step 4: Backup the Passphrase/Private key in a safe place.

Select Create Wallet.

After that, you can also go to Manage → Manage All Wallets to check the newly created Polkadot wallet.

How to use Polkadot Wallet

Add DOT tokens to Polkadot Wallet

This process is similar on both the mobile version and the extension, so you can follow these steps for both.

Option 1

Step 1: Click the Polkadot wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address and send your assets to this address.

Option 2

Step 1: Click the search icon on the main screen.

Step 2: Enter DOT token in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.

You can send DOTtokens to the address copied in step 3.

Send DOT tokens

This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send DOT stored in the mobile wallet.

Step 1: Click the Polkadot wallet.

Step 2: Choose Send.

Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm. 

In addition, you can also go to the Send section in the main interface, select the Polkadot wallet you want to send from.

Note:

• The gas fee for each transaction is paid with DOT, approximately 0.016 DOT 
• The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Using the Polkadot Wallet Explorer to check the transaction history

Polkadot Wallet Explorer is the Polkadot ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.

Polkadot Explorers that are commonly used by many users include:

• Polkadotscan: explorer.polkascan.io/
• Subscan: polkadot.subscan.io

Some notes when using the Polkadot wallet

Is it safe to store DOT tokens on the Polkadot wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.

Is there a fee to transfer DOT tokens?

Sending DOT tokens from a Polkadot Wallet will cost the blockchain platform fee in DOT.  

Is it possible to create multiple Polkadot wallets?

Yes!  You can create as many Polkadot wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Polkadot wallets. 

Can Polkadot wallet store other coins?

Polkadot wallet can store DOT tokens supported by the Polkadot blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Polkadot wallet if you do not want to lose your assets

What is the best Polkadot wallet app?

For those who mainly interact with the Polkadot or Kusama, Polkawallet will be one of the options worth considering.

For those who use a lot of blockchain platforms and Solana is among them, the Coin98 Super App or Trust Wallet is a great choice for you.

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on DOT Chain. Hope the tutorial can help you to easily create and use the Polkadot (DOT) Wallet on Coin98.

If you have any questions regarding this tutorial, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible! See you in our future posts!