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Academy Beginners Tutorial Article

How to create and manage your OKEx Wallet

2021.09.03 Rick Delaney

Step-by-step instructions to set up, use and restore your decentralized wallet by OKEx

DeFi wallet

As one of the planet's leading cryptocurrency ecosystems, OKEx equips you with the tools needed to leap into the world of decentralized finance, GameFi, metaverses and NFT trading. 

Your journey begins with your decentralized, Web 3.0 wallet — sometimes also referred to as a DeFi wallet. It'll serve as your gateway to the OKEx DeFi Hub — including NFT Marketplace — and many other decentralized protocols and DApps across multiple blockchain networks. 

This tutorial will explain how to create and manage an OKEx Wallet, a decentralized, noncustodial wallet, currently available with full functionality as a browser extension in Chrome and Firefox browsers.This guide will provide detailed walkthroughs on creating your first wallet and restoring or accessing a wallet once you've created it.  

Table of contents

What is OKEx wallet?

OKEx Wallet is a noncustodial, multichain digital asset storage and management tool. Noncustodial means that OKEx has no control over your wallet or the assets stored in it, and cannot access any of its details. You as the wallet's creator and owner take full custody of the assets held within the wallet, and no other network participant — OKEx included — can prevent the transfer of funds on any supported network. 

OKEx Wallet currently supports 8 major blockchain networks and sidechains, plus you can custom add other networks. Default-supported networks include OEC, Ethereum, BSC, xDAI, Polygon and FANTOM. 

OKEx offers two different decentralized wallet applications. The first is our Web 3.0 browser extension, and the second is within the OKEx mobile app. Both provide access to hundreds of decentralized protocols and secure storage for many digital assets in one convenient location. 

How to create a new OKEx Wallet

When you first set up a new cryptocurrency wallet, the software generates a private key and derives a public key from it. You can learn more about cryptographic key pairs in this detailed beginner guide to understanding cryptocurrency wallets and keys. However, for now, it's important to know that the private and public key pair itself is the wallet. The wallet software — for example, OKEx Wallet in your browser, or any third-party wallet (including hardware wallets) — uses the keys to interact with the relevant blockchain network. 

The main point to take away here is that you can enter your list of seed words representing your private key (which you get when you create a new wallet) into any compatible wallet software to restore/access your wallet. You can also access the same wallet from multiple devices. For example, you could create your wallet in the OKEx Web 3.0 browser wallet on one device and restore it on a different one. You would then be able to access your assets from either device. Should one of the devices be lost or stolen, you can restore the wallet on another device to regain access to your funds. 

Note on private key/seed phrase security

The seed phrase or private key is the single most important piece of information from your wallet. It is often all you or anyone else needs to transact any of the assets associated with it. Therefore, it is vital that you protect your wallet information but do so in a way that lets you always recover it — meaning don't lost the seed phrase! 

Our dedicated private key guide goes into greater detail, but consider taking the following precautions to protect your private key or seed phrase, particularly if your wallet holds significant value: 

  • Never save a digital copy of your seed words — avoid taking a photo with a smartphone or saving it as a text file on an online device. 
  • Record the details on a durable medium to protect from fire or water damage — engraving seed words into a sheet of metal is a popular choice. 
  • Store a backup seed phrase in a different but equally secure location.
  • Avoid overcomplicating storage — if you lose access to your keys, you lose access to your assets. 

OKEx Wallet Web 3.0 browser extension

To create your OKEx Wallet via browser extension, follow these steps. 

First, install the OKEx Wallet browser extension. Again, the OKEx Wallet browser extension is currently available to download in both Chrome and Firefox. For this example, we'll be using Chrome.

In the Chrome web store, click Add to Chrome. On the following popup, check the permissions and click Add extension.

On the OKEx Wallet setup page, you will see two options — one to create a new wallet and one to import an existing wallet using its seed words. For this demonstration, we'll choose the first option. Click Create wallet below the list of supported networks to continue. 

On the next screen, enter a password for your wallet. This will protect the wallet at the application layer, not the network layer. If you ever forget your password, you can restore your wallet with your seed phrase and set a new password.

This application layer password is not to be confused with the optional BIP-39 passphrase supported by some wallets, as discussed in our crypto wallet guide. Losing a BIP-39 passphrase permanently locks the user out of the wallet. 

When you've entered and confirmed your password, click Create to proceed.

The next screen presents your "Backup Phrase" — also known as seed phrase or mnemonic phrase — for the first time. There is the option to download the seed phrase or record it yourself. We recommend opting for the latter and recording your seed words using a paper and pen or some other non-digital means. 

Click the box to reveal the seed words and record them carefully. You will only be permitted to click Next after opening the word list. 

Since the Backup Phrase is the most important part of your wallet, the next screen confirms that you recorded it correctly. Click the words in the order in which they appeared in the "Backup Phrase." The Confirm button will be activated when the seed phrase is entered correctly. Click it to continue. 

The next popup will confirm the creation of your new Web 3.0 wallet. It will also stress the importance of protecting your Secret Backup Phrase again. Click All done to complete the process. 

It's also a good idea to pin the extension to your browser's toolbar, particularly if you plan to use it a lot. Most browsers have the option to pin an extension within the extensions section of their settings. 

You can select the network your wallet connects to using the dropdown menu at the top of the wallet window. To receive cryptocurrency to your new wallet, copy the address from the highlighted field below and paste it into the funding wallet's "send" field.

How to restore your OKEx Wallet

Restoring a wallet if you lose a device, forget your password or just want to use the wallet on another device or browser is very easy. For this demonstration, we're restoring our Web 3.0 wallet from a seed phrase. However, the process is very similar for the wallet application and just about every noncustodial cryptocurrency wallet. 

First, follow the steps outlined above to download OKEx Wallet as a browser extension from your browser's application store.

Next, click Import wallet.

On the next screen, enter the seed words from the wallet you want to restore and select a new password. When you've confirmed your password, click Import. You can then use your wallet to send and receive cryptocurrencies, and interact with Web 3.0 applications, such as decentralized exchanges and other DeFi protocols. 

Use your OKEx Wallet to access the NFT Marketplace and discover the world of digital collectibles.

Follow OKEx

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Website: https://www.okex.com

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.