Wallet Security

Find the answers to a collection of our most frequently asked questions about wallet security.

Last updated on May 5, 2022

What is a Secret Phrase?

A secret phrase is a unique set of 12 or 24 words that make up the password of your wallet. When you log in to your Steakwallet, you must input your phrase of 12 secret words to access your account.

It is highly recommended that you write your secret phrase on paper and secure it in a safe location. Saving your secret phrase digitally on your device is not recommended as you could easily get hacked. Anyone who has your secret phrase will have access to your wallet. So, it is very important that you keep your secret phrase to yourself.

Learn more about the importance of Secret Phrase management.

Has Steakwallet been audited? Is there a way for me to see the report?

Steakwallet is currently wrapping up the audit process and awaiting our report from the award-winning security team at Halborn.

What would happened to my tokens in Steakwallet if my government bans non-hosted wallets?

Steakwallet is a self-custodial wallet, which means that Steakwallet does not have access to your tokens. Only you and anyone who knows your secret phrase can have access to your tokens. Even in the event that non-hosted wallets get banned in your territory, tokens will remain in your token address.

How does Steakwallet keep my Secret Phrase safe?

Only you have access to your Secret Phrase. Steakwallet is a self-custodial wallet, which means that we do not have access to your Secret Phrase. Instead, your Secret Phrase is stored locally on your device on an encrypted file.

To keep your Secret Phrase safe, follow the precautions below:

  • NEVER share your Secret Phrase. Anyone who knows your Secret Phrase instantly gets full access to your funds. It is very important that you keep your Secret Phrase to yourself. Note: Steakwallet will never ask you for your secret phrase for any support procedure.
  • Handwrite your Secret phrase and store it safely instead of saving it digitally. Saving your secret phrase digitally means hackers or someone who has access to your phone could acquire your phrase.
Why don’t I need a password to access my wallet?

Right now, Steakwallet uses device-based authentication to authorize access. We recognize the limitations of this approach and will be adding more options to accommodate to users’ choices.

Can I enable an additional 2FA security layer for my wallet?

Right now, that is not an option in the app. Steakwallet highly prioritizes providing users with privacy and security features for their wallet. We are working to expand this functionality to allow our users more customization and choices for privacy and wallet security.

 
 

 
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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.
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