Atomars Exchange Introduces Decentralized Private Wallets for Users.
You may have noticed the Private Wallet column under the Wallet section:
Users are now able to store the funds outside of exchange wallets and take control into their own hands. Basically, we are talking about a Metamask-like feature integrated into Atomars exchange.
The exchange wallet is mainly used for the trading (quick buying and selling crypto assets) and storing of assets, with user wallets being under exchange management.
With private wallets, users will be able to transfer their funds outside of the exchange wallet and store them safely under their own control.
This is how it works:
Select the coin you would like to create the private wallet for (for now, this feature is only available for Bitcoin, Ethereum and Ethereum- based tokens) and click Create
The pop-up window will ask you to enable 2FA for security reasons and to protect access to your account (we recommend you enable both Email and Google App Authentication):
You may proceed without enabling both options, but the system will ask you to confirm your selection in such a case.
After that, there will be a window explaining that information about the private wallet being created will be stored in an encrypted manner in the local storage of your browser.
Please read the information carefully and confirm you understand and agree with the terms before proceeding to the next step.
At the next step, the system will show you a so-called mnemonic, which is a list of twelve randomly chosen words that will you need to copy (write down) and store in a secure place.
These words in the same exact order will be used as a key to retrieve lost access to your private wallet, as well as restore the wallet on your current device and other devices you will be using to access Atomars exchange.
After you click continue, a new form will appear asking you to insert the same exact words shown on a previous screen to confirm that you copied or wrote them down.
At this stage, if you press Cancel and restart the wallet creation, a new mnemonic phrase (list of twelve random words) will be generated.
Once you have input and confirmed your mnemonic and clicked Create, a private wallet will be created.
Now you may deposit and withdraw funds to your newly created wallet.
To delete the wallet, just click Delete and enter your mnemonic phrase and it will be automatically deleted from the system. In case you have any funds stored in your private wallet, before you delete it, the system will ask you to first transfer all your funds to another wallet (which can be the exchange wallet or any other personal wallet of the user). After you have done that, you may go back and delete the wallet from the system.
In the Deposit section, you will now see that a private wallet has been created.
Also, you will see an option to create other private wallets for the coins that support this feature.
When you select a private wallet as an option for deposit, you will be redirected to the section to make a deposit with the information of the wallet address.
You are also able to deposit to the exchange wallet right on the same page.
Here’s where you can confirm that your private wallet exists outside of the exchange and is recorded into the blockchain. Just copy the wallet address and use a proper blockchain scanner to check this information:
The withdrawal process is similar.
Just go to the Withdrawal section on the exchange, select Private Wallet if you have stored the funds there and go through the regular steps for withdrawal, except this time to confirm the withdrawal from the private wallet, you would need to use the mnemonic phrase to confirm it.
Please note that private wallets are external wallets and information about them is stored on the blockchain. When you make a withdrawal from the exchange wallet to a private wallet, you will need to go through the same exact withdrawal process, which includes standard confirmations. Fund transfer speeds from the exchange wallet to a private wallet is dependant on the current load of the blockchain network and may take up to minutes or hours depending on the blockchain.
Well, that’s pretty much it folks!
Enjoy your experience trading on Atomars exchange and stay tuned for further updates and announcements. We have more exciting news coming!