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The Importance of Wallet Back Up

Your step-by-step guide to safeguarding your crypto assets.

Updated over 2 weeks ago

This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.


The foundation of your wallet's security is your 12-word secret recovery phrase. It's the key to restoring your wallet and its assets on another device.

Importance of wallet backup

The backup process is simple yet vital. By writing down your 12-word secret recovery phrase and setting a strong password, you guarantee access to your assets at all times. This isn't just a one-time affair; it's your safety net. We advise conducting this backup privately, ensuring no prying eyes can glimpse your details. Steer clear of public Wi-Fi during the process.

Once you make a deposit, a reminder will notify you to start the backup process.

Switching devices? Here's what you need to know

Moving to a new device? No worries! Just reinstall the Magic Eden App and use your 12-word secret recovery phrase to regain access. Remember, the phrase isn't stored on any central server; it's device-generated. This means a new device will have its own unique phrase. Always jot down your phrase to guarantee continual access, no matter the device.

Password vs. 12-word secret recovery phrase

While they might seem similar, your password and recovery phrase serve distinct purposes. Your password is a gatekeeper, preventing unauthorized access to your wallet on a single device. However, the recovery phrase is the master key, able to restore your wallet across any device.

Backing up with Magic Eden App: Step-by-step guide

Profile

Within the Magic Eden App, click the Profile icon or name at the top left corner of the Home page

Access security settings

Once you are on the Accounts page, select the settings gear icon
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Access security settings

Click the security icon, then click on 'Back Up'.

View recovery phrase

You will see a warning message emphasizing the importance of keeping your recovery phrase safe and not sharing it with anyone. If you wish to continue, click the 'View Recovery Phrase' button.

Enter your passcode (Mobile)

You be asked to enter your passcode. Ensure no one can see your screen, as anyone with this phrase can steal any asset stored in this account.

Enter your password (Desktop)

If you are using the desktop app, you will need to enter your password. Please ensure no one can see your screen, as anyone with this phrase can steal any asset stored in this account.
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Reveal & back up

Click the 'Reveal' button to show the recovery phrase. Write it down with a pen and paper to back it up securely. Click 'Continue' to continue the Backup process.

Safe storage

Consider making multiple written copies stored in various safe locations to guard against unforeseen events.

Phrase verification

After noting down your phrase, click Next. Verify your phrase by selecting the given word, then click Next again.

Password creation

Set a strong password for your wallet. The interface will provide guidance on its strength. Once set, confirm your password.

Finalize setup

Re-enter your password to verify and click Get started.

Exporting your private key

While the 12-word secret recovery phrase is essential for backing up and restoring your entire wallet, you might want to back up or export the private key for a specific account or address. This process allows you to extract the private key for a particular account within your Magic Eden App. Here's a step-by-step guide:

Open the Magic Eden App

Follow the same steps as above to access the security settings and 'Back Up'

View private key

Instead of clicking the 'Reveal' button, click on the key icon πŸ”‘ in the top right corner.

Viewing your private key will only be available once you have completed the Back Up Recovery Phrase process described in the beginning of the article.

Select network

Choose the network for which you want the private key. Note that private key export for the Ordinals (Taproot) address is not currently available, but all other networks and addresses can be exported.

Securely back up your private key

After extracting the private key, ensure you store it in a secure location, similar to your 12-word secret recovery phrase. Avoid digital storage that could be hacked or accessed by others. Physical copies in a safe or encrypted storage devices are recommended.

Keep in mind that the private key grants full access to your wallet, so it's crucial to protect it.


Should you ever encounter challenges or have queries, remember that the Magic Eden support team is always here to assist.

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