Before creating your Waves.Exchange account, take a look at different ways of accessing your funds on the exchange. There is no .dat file on Waves.Exchange to store your private keys. Instead, email, Software access, Ledger, or browser extension called Waves Keeper are used in order to either register or sign in to your account.
The account linked to email (Email-based account)
The most convenient and secure way to register an account at Waves.Exchange is to create an email account since it does not require storing and transferring neither a private key nor a SEED phrase (as is the case with an account created through Software way). Sending and storing your SEED (backup) phrase always carries the risk of being intercepted: in case any 3rd party gets access to your backup phrase, you are at risk of losing your funds. It is important to note that SEED accounts are not less secure compared to Email-based accounts, however, we advise using the Software way only for experienced users who are confident in the safety of their actions, understand what a SEED phrase stands for, and are well aware of how the blockchain network works.
Also, in order to add an additional layer of security to your Email-based account, you can attach your personal two-factor authentication (2FA) to it. This option is not possible for accounts created via SEED phrases (Software way). Two-factor authentication provides additional proof of account ownership by having a six-digit code generated by a third-party application (Google Authenticator, Microsoft Authenticator, etc).
IMPORTANT: Be sure to save a recovery key (approx. 50+ digits) while enabling your 2FA. By saving this key you will always be able to restore access to your account if your Authenticator or smartphone is lost.
IMPORTANT: In case you lose access to your email, you will not be able to either reset or change a password to your Email-based account if needed.
The account linked to a SEED (backup) phrase (Software)
One of the ways to register an account using Waves.Exchange is the Software access. This method means increased responsibility from the user’s side and assumes that the account owner is well-experienced in using cryptocurrency platforms and has a good knowledge of IT security rules.
When choosing this method of registering an account, the user must save and use a SEED (backup) phrase in order to get access to the account and to its balance. The backup phrase consists of 15 random English words with one space between them. When registering a SEED-based account, you will also be asked to set a local password for your account. The process of setting a password has two purposes:
- it encrypts a backup phrase locally;
- You don’t have to enter your backup phrase each time you log in.
IMPORTANT: the lost password can be reset and access to the account restored only if you have saved the seed phrase.
IMPORTANT: If you lose your SEED (backup) phrase which consists of 15 words, you won’t be able to restore access to your account and therefore, its funds.
We strongly recommend you write down your backup phrase on paper and keep it in a safe place. A SEED phrase, consisting of 15 English words, is one of the most secure solutions in terms of cryptography. Currently, there is no technology that can crack it - the probability that someone will be able to pick up a SEED generated automatically within the Waves.Exchange application is 1: 2048 ^ 15. Each SEED is tied to only one Waves address. Each character of a backup secret phrase takes part in the further generation of an address within the Waves network. In case you change just one symbol in your phrase, another Waves address will be generated.
The secret phrase cannot be changed in any way. If you accidentally revealed it to someone or something makes you think that your SEED phrase got compromised, immediately create a new Waves.Exchange wallet and transfer all funds from the old one to it. And don't forget to write down your new backup phrase!
The account linked to a Ledger device
Besides the above-mentioned ways, Waves.Exchange users can create an account using a Ledger device. Ledger is a hardware wallet for storing cryptocurrencies and confirming any actions manually. In case you are a Ledger owner and want to add an additional security layer, you can use Waves.Exchange with your Ledger in order to confirm any actions: placing an order, initiating a transfer, etc.
Ledger-based accounts do not have their own SEED (backup) phrases, but the Ledger device itself (24 English words) does. You will be able to restore access to your funds ONLY if you save your Ledger’s device SEED phrase which consists of 24 random words in case your Ledger device is either lost or broken.
IMPORTANT: if the user loses the seed, then it will be impossible to restore access to his account.
IMPORTANT: If a third party gets hold of the Ledger seed phrase, you may lose your funds.
Waves.Exchange Security Tips
- Do not forget to save your email address, your Waves.Exchange account’s password & the 2FA backup key (in case enabled);
- Do not forget to save your SEED (backup) phrase which belongs to your Waves.Exchange account created via the Software way. Put it in a safe place and don’t share with anyone;
- Do not enter your Email/backup phrase/private key/password which belongs to your Waves.Exchange account anywhere besides the official Waves.Exchange resources. The only legit Waves.Exchange website is: https://waves.exchange/;
- Do not share your Waves.Exchange account data, such as email & password or backup phrase with any 3rd party;
- Please use the official software on your PC / device. Do not install any kind of software from unknown sources or cracked programs.
- Don't open emails received from senders you are not aware of
- Do not log into the Waves.Exchange wallet using a public Wi-Fi network or from someone else's device.
If you have questions regarding Waves.Exchange, you can contact our support team anytime.
tags: account security backup secret seed phrase login create email key ledger