Learn how Best Wallet interacts with your crypto in the Best Wallet app.

In short, Best Wallet does not hold your crypto funds, nor can it access or transact your crypto, even at your request — only you can do this through Best Wallet.

This is because Best Wallet is a fully decentralized, non-custodial crypto wallet, meaning only you can buy, swap, send, and sell your crypto.

The crypto you hold and your wallets are never stored in a Best Wallet server, meaning Best Wallet is fully decentralized. All Best Wallet offers is a means to seamlessly trade and securely hold your cryptocurrency.

Understanding where your crypto funds reside can be a bit of a surprise.

Contrary to what many might initially believe, your cryptocurrency does not reside within the Best Wallet app. Instead, your crypto assets are securely stored on their respective blockchain.

What Best Wallet provides is a secure gateway to these blockchains. This way you can safely and easily buy, hold, swap, and send any cryptocurrency on the supported blockchains in Best Wallet. Think of Best Wallet, and any other non-custodial, decentralized wallet, as a doorway to your crypto vault.

For example, say you want to own $500 of Ethereum (ETH). Through Best Wallet, you can directly buy $500 worth of ETH tokens and subsequently hold, swap, or send these tokens. However, your ETH tokens are still stored on the Ethereum blockchain, and it is through Best Wallet that you can access them.

So if your Best Wallet is just a gateway to accessing cryptocurrencies, how can you prove ownership of any crypto you buy?

Your wallet's private key is how you prove ownership of your crypto. If Best Wallet is the door to access your crypto vault, then your private key unlocks that door.

Your Best Wallet private key works as your unique signature to prove ownership and authorize transactions of your crypto.

Every time you buy crypto in Best Wallet, your newly bought crypto tokens will be attributed to your Best Wallet's private key. Additionally, every time you swap or send your crypto, Best Wallet will use your private key to authorize your transaction.

When you first sign up for Best Wallet, a set of private keys is generated for your first wallet. This private key set is unique to you and works as your Best Wallet crypto signature.

A private key is a long alphanumerical code and will look like this:

Note: This is a fake private key for educational purposes. You should never screenshot, share, or store a copy of your private key anywhere online. Anyone who gets access to your wallet's private key can access and take all your funds.

You should only access your wallet's private keys if you want to make a secure offline backup or import your wallet into another app.

This isn't necessary for any Multi-Chain Wallets you have in Best Wallet, as you can back up in-app via personal cloud storage. Read our step-by-step guide on how to back up your Multi-Chain Wallets.

For your EVM-Only Wallets, you will have to make offline backups of your wallet's private keys. Read our step-by-step guide on how to back up your EVM-Only Wallets securely.

Remember, never share your private key with anyone — it would be like sharing your online banking password.

Therefore, what the Best Wallet app offers is the infrastructure to generate, secure, and use your private key to hold and transact crypto. Without Best Wallet, you would have to manually enter your private key every time you wanted to swap or send your crypto.

This is why you can import your Best Wallet through your private key into another decentralized wallet to access your crypto. Your crypto is accessible through your private key, and wallets like Best Wallet provide the doorway.

No, Best Wallet cannot recover any of your crypto, lost or otherwise. Because Best Wallet is truly non-custodial, you are in full control of your crypto. Best Wallet can't access or have a record of your wallet's private keys or secret recovery phrase.

Only you can recover your crypto by using your private key or secret recovery phrase.

Let's delve into a practical scenario to show how easy it is.

You create a brand new wallet in the Best Wallet app and generate your secret recovery phrase. You write down this 12-word phrase on a piece of paper.

Initially, your new Best Wallet shows no transactions – it's a clean slate. You then use the Best Wallet Buy feature to purchase $500 worth of ETH. Your wallet now has $500 of ETH attributed to it.

You then lose your mobile device and access to your Best Wallet app.

But because you have a physical copy of your secret recovery phrase, you can easily recover your $500 worth of ETH lost in that wallet.

Just input your 12-word phrase into the Best Wallet app on a new device or another crypto wallet app to import your wallet and recover your lost crypto funds.

By importing your Best Wallet's secret recovery phrase into another wallet, you gain full access to your $500 worth of ETH tokens. You can then send, swap, or sell your crypto like normal. This is because the funds are associated with your wallet's private key and not the Best Wallet app.

In short, Best Wallet does not hold your funds nor can it recover any lost funds. This is true of all non-custodial crypto wallets.

Remember that the security of your cryptocurrency is entirely in your hands. Ensure you store your private key and secret recovery phrase securely and never share it with anyone.

If you're still confused about how Best Wallet interacts with your crypto, please email [email protected] and the support team will answer any questions you may have.

Important reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.