Backup, Restore, and Secure your Steakwallet

Here you can learn how to secure your Steakwallet through the proper management of your Secret Phrase.

Last updated on May 5, 2022

Where can I find my Secret Phrase in Steakwallet?
  1. Tap the ≡ Menu bar at the top-left corner.
  1. Select Secret Phrase.
  • Important: Make sure nobody else can see your screen while your Secret Phrase is exposed. Anyone who knows your Secret Phrase can gain access to your Steakwallet. Be extremely cautious when managing your 12-word phrase.
How do I backup my Secret Phrase?

For maximum security, handwrite your Secret Phrase and store it somewhere safe. You can also use a trusted password manager to backup your Secret Phrase, at your own discretion.  Make sure that you backup your Secret Phrase during the wallet setup process. If you put it off to a later time, you may forget to make a backup.

Be careful not to log out of your Steakwallet without having backed up your Secret Phrase. Never share your Secret Phrase with others. Anyone who knows your Secret Phrase can gain access to your Steakwallet. Be extremely cautious when managing your 12-word phrase.

How do I recover my wallet with my 12 word Secret Phrase?

To recover your Steakwallet, you simply input your Secret Phrase when logging into your account.

To start afresh, you can re-download the Steakwallet app (iOS, Android). Open the Steakwallet app and select I already have a wallet.   Input your Secret Phrase in the correct order > Next. Your wallet is restored!

Does Steakwallet support the backup of my Secret Phrase to cloud storage?

Steakwallet does not currently support the backup of your Secret Phrase to cloud storage. We encourage you to backup your Secret Phase on paper and store it in a safe location. This is the safest way to secure your Secret Phrase because it is easier to steal your Secret Phrase by hacking your storage account digitally.

How do I access my wallet if I forgot my Secret Phrase?

The only way to restore your wallet is through your Secret Phrase. It is extremely important that you backup your Secret Phrase - ideally during the wallet setup process.

Your Secret Phrase is the key to your Steakwallet. There is no way for Steakwallet to help you recover your Secret Phrase if you lose it. Please backup your 12 word phrase.

Why can't Steakwallet help me restore my wallet if I lose my Secret Phrase?

Steakwallet is self-custodial wallet. This means that no one except you has control over your assets. Your keys = Your crypto.

While it may seem convenient for Steakwallet to be able to restore your wallet in the event that you lose your Secret Phrase, non-custodial wallets don't require you to trust a third party with your information. Non-custodial wallets not only ensure that you are the only person who can access your assets, they also ensure that nobody can stop you from accessing your wallet.

In contrast, a custodial wallet is not owned by you. You have to trust the party owning it, just like you trust a traditional bank to hold your money. Many exchanges function this way to make their service more user friendly. Unfortunately, this means that you can be locked out of your wallet and assets at any time.

What is a non-custodial wallet?

A non-custodial wallet ensures that only you can access your crypto assets as only you own the wallet’s private keys. This also means that no one can stop you from accessing your wallet.  In contrast, a custodial wallet is not owned by you. You have to trust the party owning it, just like you trust a traditional bank to hold your money. Many exchanges function this way to make their service more user friendly. Unfortunately, this means that you can be locked out of your wallet and assets at any time.

At Steakwallet we pride ourselves in providing the most user-friendly experience to our users while also providing you with a non-custodial wallet, bringing you the best of both worlds 🥩

I received an Email/ Discord message from Steakwallet asking me to provide my Secret Phrase.

Steakwallet will NEVER ask you for your Secret Phrase. We will also never ask you for any personal information like your name or address.

Be aware of scams. To report any concerns, contact us through support@steakwallet.fi

 
 

 
This web page (including the articles contained herein), is for informational purposes only. Please do not construe any such information or other material contained on this web page as legal, tax, investment, financial, or other advice. This web page and the information contained herein is not a recommendation or endorsement of any digital asset, protocol, network, or project. However, Steakwallet (including its affiliates and/or employees) may have, or may in the future have, a significant financial interest in, and may receive compensation for services related to, one or more of the digital assets, protocols, networks, entities, projects, and/or ventures discussed herein.
The risk of loss in cryptocurrency, including staking, can be substantial and nothing herein is intended to be a guarantee against the possibility of loss. This web page and the content contained herein are based on information which is believed to be reliable and has been obtained from sources believed to be reliable, but steakwallet makes no representation or warranty, express or implied, as to the fairness, accuracy, adequacy, reasonableness, or completeness of such information. Steakwallet cannot be responsible, in any way whatsoever, for your use of the information contained in or linked from this web page. Do not rely upon any information found on blog.steakwallet.fi or support.steakwallet.fi without independent verification.
Did this answer your question?
😞
😐
🤩