In the world of cryptocurrencies, setting up a new wallet is not just about creating an online account where you can store your digital assets; it's about safeguarding a part of your wealth in one of the most volatile markets known to mankind. The decision on which wallet to choose involves critical factors such as security, usability, and adherence to regulatory norms, making the process both daunting and pivotal for cryptocurrency users.

Let's embark on the journey of creating a new wallet, focusing on two prominent platforms - Coinbase and MyEtherWallet (MEW). While Coinbase is an omnipresent platform that offers ease of use in exchange for somewhat less flexibility, MEW, being an open-source Ethereum wallet, offers unparalleled security with a steeper learning curve.

First off, let's dive into setting up a new wallet on Coinbase, one of the most popular platforms due to its user-friendly interface and strong regulatory compliance. When using Coinbase for creating a new wallet, users are advised to start by choosing a platform they can trust without any hesitation. The primary considerations here should revolve around security, ensuring your digital assets are safe from hackers or phishing attempts, ease of use, allowing you to manage your funds with minimal effort, and compliance with government and financial regulations, ensuring you're not stepping into legal grey zones.

The process on Coinbase begins by creating an account. This requires providing basic information like your name, email address, phone number, and a secure password. After this, the platform guides users through setting up their wallet. Coinbase offers both a web wallet and mobile wallets, making it accessible across different devices. The platform's user interface is straightforward, with clear instructions on how to deposit cryptocurrencies into your account from sources like bank transfer or credit card payment.

Once the crypto funds are in place, users can start transacting with ease, whether buying, selling, or exchanging currencies. Security measures here include two-factor authentication (2FA) and PIN codes, ensuring that unauthorized access is highly unlikely. Compliance with regulatory norms means you're not only safeguarding your digital assets but also adhering to the laws of your country while participating in global markets.

Moving on to MyEtherWallet (MEW), it stands out as the first and best open-source Ethereum wallet trusted by millions of users worldwide. Unlike Coinbase, MEW offers unparalleled security with a steeper learning curve, appealing to those who prioritize privacy and control over their assets. The platform is open-source, which means anyone can view the code and trust that it's not malicious or backdoored.

Creating a new wallet on MEW involves downloading the software from the official website and following installation instructions. Once installed, users are prompted to create a unique 12-word recovery phrase - a safeguard against losing access to your funds even if you delete the wallet. After this, you're ready to start creating your wallet. The process requires more technical expertise as you need to understand concepts like gas fees and transaction confirmation times.

MEW is designed for users who are not only interested in buying or selling Ethereum but also those looking into staking Ether, participating in DeFi (Decentralized Finance) applications, or using smart contracts on the Ethereum network. The platform offers a full suite of tools catering to these diverse needs, with each tool requiring a bit more research and understanding than what Coinbase provides.

In conclusion, both Coinbase and MyEtherWallet offer wallets that cater to different user requirements, from those looking for ease of use and regulatory compliance to those seeking maximum security and control over their assets. The choice between the two ultimately depends on your trading habits, risk tolerance, and understanding of cryptocurrency transactions. Creating a new wallet is not just about setting up an account; it's making a commitment to safeguard your digital wealth in one of the most dynamic markets in history. So, whether you choose the tried-and-tested Coinbase for its user-friendly interface or opt for the robust security offered by MEW, remember that what truly matters is that you have control over your assets and are aware of how best to protect them.