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 Wallet 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 Wallet: Step-by-step guide
Profile
Within Magic Eden Wallet, click the Profile icon, followed by Security.
Initiate backup
Choose 'Back Up'.
Reveal & record
Click on 'Reveal' to view your 12-word secret recovery phrase. Carefully write it down, ensuring accuracy in both order and spelling.
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 Wallet. Here's a step-by-step guide:
Open the profile tab
Navigate to the bottom-right corner of your Magic Eden Wallet app or extension and click on the profile icon.
Access security settings
Once in the profile tab, click on Security, then select Back Up to access the backup options.
Locate the private key icon
Look for the key icon 🔑 at the top right corner of the extension or app. This is where you'll initiate the private key export.
Select the desired address
A list of wallet addresses will appear. Choose the specific address for which you wish to extract the private key.
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.