What is a software wallet?
Storage for crypto-currency that exists purely as software files on a computer. Creating a wallet means you have already created an address which represents your “ID”. You can use your address to receive cryptocurrency.
There are many software wallet providers online, one of the most reputable ones is blockchain.info for Bitcoin and MyEthereumWallet for Ethereum based tokens. While software wallets are convenient for users, they still represent a security risk as malware can be introduced to the computer which runs the software wallet, leading to a potential hack and loss of coins. Hardware wallets are preferred for enhanced security.