TLDR The Easy Crypto Wallet puts users in control of their funds. This means the access keys to your crypto are stored on your device. If you should lose access to your phone, a backup is the only way to recover your funds. Easy Crypto cannot recover the funds on your behalf. That’s why backing up is crucial. Up until now, backups were strongly encouraged but not enforced. We believe that by making backups mandatory, we will stay true to our values of having your back and helping you keep your funds safe in the process.

You can find out more about these changes in the FAQs.

Why do I need to backup my wallet?

Easy Crypto's wallet is self-custodial, which means that creating a backup is crucial for safeguarding your digital assets. If you lose access to your wallet (due to device loss or malfunction for example), a backup will be the only way to retrieve your cryptocurrencies.

Backing up the Easy Crypto wallet ensures that you can still access your crypto assets if you lose your device or it gets stolen. We have an easy to follow backup process in the app.

Do I need to backup?

Yes. Backing up is the only way to recover your funds if you should lose access to your wallet.

Does Easy Crypto have the ability to recover my wallet if I lose my phone?

Easy Crypto does not hold access to your back up key therefore we can't access your wallet for you if you lose it, that's why we strongly recommend completing the backup process.

How does backing up work?

The Easy Crypto wallet stores a recovery file in your cloud drive. In case you need to recover your wallet, this recovery file combined with your logins and a security code sent to your phone number, allows you to restore your wallet on a new device.

What do I need to recover my wallet?

In case you lose your device, a malfunction or if you want to install the wallet on a new device, you will need:

What is a recovery file?

The Easy Crypto Wallet creates a unique recovery file for you which is used to encrypt your backup. This file is not a private key.

Is backing up to the cloud safe?

Yes. Even if an attacker were to gain access to your recovery file in your cloud account, your wallet would still be protected by your logins and an additional security factor such as a security code sent to your phone number.

Where is the recovery file stored?

The recovery file is securely stored in your cloud storage, to ensure that you can recover your wallet even if you should lose your device. The file is stored in the root folder of your cloud storage, iCloud or Google Drive.

Can I store the recovery file in another location?

The file is stored in the root folder of your cloud storage, iCloud or Google Drive. You can copy or move the file to another, secure location. However, you will need to move the file back into the same folder before attempting a recovery.

Can Easy Crypto gain access to my backup?

No. Your recovery file is used to encrypt your backup. Only you hold the file. Meaning Easy Crypto can’t decrypt your backup.

Can I move the recovery file?

If you move the recovery file out of the root folder of you're iCloud or Google Drive, you won't be able to initiate a recovery until you move the file back. We do not recommend moving your recovery file. However, we encourage storing copies in additional locations such as other devices or other cloud storage providers for peace of mind.

What if I don’t want to backup?

Existing customers can skip backup up to 3 times before it is mandatory. If you don’t want to backup, we recommend moving your funds out of your wallet.