How to set up a Safex wallet
Quite possibly one of the best cryptocurrency wallets out there.
This guide will explain the following:
- Where to download and install the Safex wallet software
- How to create your first Safex wallet and address
- How to back up and secure your Safex address
- How to import an existing Safex address
- A secure computer with an up-to-date operating system, internet browser, and anti-virus software. Ensure your computer and all devices connected to the computer’s network aren’t compromised.
- An internet connection
- A USB stick (optional, for backing up your wallet files)
Step 1: Download and install the wallet software from https://safex.io/migrationwallet
Once downloaded, install the wallet software and execute it.
Step 2: Create a new wallet file
In a fresh installation, you will be faced with this screen. Click New Wallet to proceed.
You will be asked to type in a password.
Make this password memorable yet secure. Follow good password practices when choosing your password.
If you forget your password you will not be able to access your wallet in the future. Ensure you make a secure note of this password as you will require it in the future whenever you access your Safex wallet.
Getting familiar with the Safex wallet
If you’re unfamiliar with cryptocurrency wallets, it may seem a little daunting at first. Let’s face it — we’re interacting with cutting-edge technology.
Let’s familiarise ourselves with the interface:
Safex Address — this is your public address. If someone was to send you some Safe Exchange Coins or Bitcoin, you would give them this address.
Safex Balance — this is how many Safe Exchange Coins are in your address. It will update periodically and display when you have any Safe Exchange Coins on the way. It also shows you the USD value of your Safex balance based on average market rates.
Network Status — your wallet needs to interact with a blockchain node. If you’re having internet connectivity issues, you will be unable to update your Safex balance. Checking the status of the wallet is an easy way to diagnose any balance display issues.
Private Key Import — here you can paste the private key of another Safex address and import it into your wallet. More on this later.
Receiving Safe Exchange Coins
If someone wishes to send you some Safe Exchange Coins, simply send them your public Safex address.
It’s the 34 character string of letters and numbers, similar to this: 1MQM2hzX8B9LxqSvYSbcRRsdrTQUKUfMaj
This address is unique to you.
Don’t worry though, nobody will be able to take any of your Safe Exchange Coins or Bitcoin if they know your public address.
Backing up your address
It’s incredibly important that you make a secure backup of each of your Safe Exchange Coin address’ private keys.
If your hard drive breaks, or something irreversible happens to your computer, you can use these private keys to recover your funds.
Simply click on the “show private” button under your address, and make a copy of the long 51 character string shown.
This is your private key and is unique to you. Keep this secure and private as anybody would be able gain address to your Safe Exchange Coins and Bitcoins if they had this key.
There are many ways you can make a back-up of this key.
- Written in permanent ink on thick card paper
- On a secure USB drive
- Inscribed on a stainless steel tag
You can be creative in how you keep a backup of this private key. The important thing to take note is to keep it secure, and unaccessible to other people.
Recovering/Importing an existing address
You’ve been given a Safex private key as a gift, or you’ve got a new computer and want to import your existing addresses into your newly installed wallet.
The process of importing a private key is simple.In the main interface at the bottom, there is a text box labelled “Paste your private key”.
Carefully type or paste your private key into this box and press the IMPORT button.
You will be given the option to label this address — do so if you want to distinguish between addresses.
Congratulations! You’ve successfully imported and recovered your Safe Exchange Coin address.