This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.
Do I control my own wallet?
Magic Eden ensures that you have absolute authority over the funds stored in your wallet. Unlike conventional bank accounts, Magic Eden as a company doesn't retain any assets for you. It's designed as a self-custody wallet without any third-party risks. If, by any unforeseen circumstances, Magic Eden ceased to operate, you'd still maintain full access to your assets. The 12-word secret recovery phrase and private keys, generated upon wallet initiation, give you this autonomy.
The significance of the 12-word secret recovery phrase and private keys
The foundation of Magic Eden Wallet is built on the hierarchical deterministic (HD) framework. This entails a master key, symbolized by the 12-word secret recovery phrase, and individual private keys for each asset's address within the wallet.
Guarding your secret recovery phrase and private keys from prying eyes is crucial, as Magic Eden doesn't oversee your assets. This autonomy means the responsibility of security falls squarely on your shoulders.
Transparency of my transactions and balance
Magic Eden uses blockchain data pertinent to each asset to display your transaction history and wallet balance. However, while most blockchain networks offer transparency, linking transactions to specific individuals without advanced tracking remains challenging.
Distinguishing Magic Eden from conventional wallet exchanges
Unlike custodial wallets seen in platforms like Coinbase or Binance, Magic Eden champions your privacy by ensuring only you control your private keys. While custodial platforms might offer recovery solutions, they also hold the potential risk of freezing or even losing your assets.
Data management by Magic Eden
For a comprehensive understanding of the data accessed by Magic Eden, it's advisable to consult the Magic Eden Privacy Policy.
Data stored by Magic Eden support
Every interaction with Magic Eden Support is documented to ensure a seamless and holistic customer experience. This documentation includes email content and correspondence.
Navigating the Magic Eden website
Visiting the Magic Eden website might involve the storage of some data. For specific details, it's recommended to refer to the Magic Eden Privacy Policy.
Product usage and performance insights
Magic Eden aggregates data concerning product usage and performance. This collection aids in refining and enhancing the platform.
Magic Eden maintains a stance of independence, free from affiliations with third-party platforms or resources. This autonomy ensures that your interactions with Magic Eden are both transparent and secure.
Magic Eden Privacy Policy
Refer to the Magic Eden Privacy Policy.
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For any queries or additional support, feel free to reach out to the dedicated support team.