How to

Learn how to use Edge Wallet, the forgettable multi-currency wallet

In general, when creating a cryptocurrency portfolio, we must take a vitally important step: generate recovery seeds. This tool will allow us to access our assets from another device and, therefore, enjoy full control over them. But, in Edge Wallet the seed generation process happens a little differently than in most wallets.

This wallet seeks to simplify the way we use cryptocurrency wallets. One of the properties that attracts the most attention Edge Wallet es that we will use the username and password to create the wallet. That is, this will be the only thing needed to back up the wallet.

On the other hand, if you are wondering if you will have access to recovery seeds and absolute control over your funds, the answer is yes. Each wallet we use within the Edge Wallet, being a multi-currency wallet, will have an individual recovery seed (also called a master key) or private key. This gives us full access and control over our crypto assets. Later you will see an explanation of how to access them.

As for the username and password, this data is encrypted so that no one but us can access it. however, we are responsible for protecting this data; because as portfolio creators, we will be the only ones who know about them. The account can generally be recovered through the security question configuration process.

In short, we are faced with a portfolio that offers a fresh, modern and, above all, minimalist design. Added to this is the fact that portfolio creation is much faster than in other applications. Although it should be noted that there is nothing wrong with the portfolio creation process that forces us to copy our recovery seed, as this is vital when using any wallet.

On the other hand, it is important to remember that we find an exclusive wallet for Android and iOS. So if we don’t have a device that has one of these operating systems, we won’t be able to use it.

Downloading and setting up an Edge wallet

The first thing we’re going to do is install the app. Since it works on both Android and iOS, we can look for Edge Wallet in the Play Store or App Store. Although, since director of the portal also we can directly download the app installer (only if it’s an Android device).

Edge Wallet home page with links to Android and iOS app stores, as well as a direct download link for Android devices. Source: Edge Wallet.

After installation, we can see the home screen of Edge Wallet, as shown below:

Source: Edge Wallet.

Here we will find options that allow you to create a new account or log in from an already created account. Let’s keep that in mind What we will need to log in is just a username and password.

Let’s create a new account by clicking on Create account.

Source: Edge Wallet.

What we see is a bit of information about the function that the username and password perform in the Edge wallet. Traditionally, deterministic wallets use a seed or recovery phrase that allows private keys to be generated from it. In the case of Edge Wallet, we can create a backup using the username and password, without the need to use a backup phrase.

As for the latter, Edge does not deprive itself of the use of spare seeds (we’ll know how to see them later), but it’s not the main media used when creating backups.

This data, in addition to being encrypted, is stored on redundant servers, where even the Edge development team cannot see it. So, we’ll be calm about that.

Before starting, it is crucial to note that an internet connection will be required to create an account within Edge Wallet; Otherwise, we will not be able to register. This is because the application needs to check that the selected username is not already registered on the servers.

With this information, press Start:

Username must be unique. Source: Edge Wallet.

The first step is to choose a username. This must be unique and, recommended, not used on social networks. That is, we do not use the username or pseudonym that we use on Twitter or Instagram, because there is a possibility of compromising the integrity and security of our cryptocurrencies.

After a valid username is selected, click Next.

Source: Edge Wallet.

The next step is to define a password. When writing, we will see a message telling us that our password must contain (at least): 10 characters, 1 lowercase letter, 1 uppercase letter, 1 number. Therefore, we must meet these requirements in order to move to the next step.

Source: Edge Wallet.

The last thing we’ll need is assign a security PIN. This allows you to protect the application; since, every time we want to enter it, we will be asked for the specified code. If our device has a fingerprint reader, the application’s biometric security configuration will use previously registered fingerprints.

Finally, all we have to do is press Next and wait for our wallet to finish setting up.

Source: Edge Wallet.

What we have here is a summary of the account information we just created. It is extremely important to consider how important it is to protect this data very jealously. Preferably, in the same way as we did with the spare seeds, i.e. write them down on a piece of paper and keep them in a safe place.

Source: Edge Wallet.

This review will be the last step before using the Edge wallet. Here we will have a checklist where we need to confirm that we understand a number of important points about how Edge Wallet works. First, asset security is provided by our device, not the Edge servers. This means in translation we are responsible for protecting our device and security keys, because Edge doesn’t have a backup of them. Second, in case the device is lost or the app is uninstalled, the only way to recover is through a username and password.

Finally, we need to confirm that we understand that if an Edge user is lost or forgotten, the company will not be able to recover it. However, it is possible to configure account recovery steps, which is the only way to perform this process.

With all of these checked, we’ll select Confirm and finish.

Source: Edge Wallet.

At the beginning, we will find a brief tour of some of the main features of Edge Wallet.

Source: Edge Wallet.

At this point, we have already configured the main aspects of our portfolio and it is ready to use.

Edge Wallet security settings

Before we start using the wallet, it is recommended to configure a few things that allow us to increase the security we provide to the funds.

The first thing will be the account recovery process. To do this, let’s start by selecting the icon in the upper right corner which will bring up the side menu.

Source: Edge Wallet.

In this menu, we will select the Configuration option.

Source: Edge Wallet.

In the first part, there are parts concerning the security scope of the portfolio. These, by default, remain blocked. To unlock them, we have to click on the option Tap to unlock account settingsand add our account password.

The next thing will be to select Configure Password Recovery.

It is recommended to write down these questions and answers on paper. Source: Edge Wallet.

The account recovery process is based on selecting 2 questions from the list and defining their answers. They must be composed of at least 4 characters. Currently these questions are in English.

With 2 questions defined, all you need to do is select Done to display the previously entered data and thus confirm it.

Source: Edge Wallet.

The last step is to enter the email address to which a token will be sent, which will allow us, together with the user, to recover our account.

The next thing will be support the seeds of recovery every wallet we use. This is to have an alternative in case we want to use our wallet, be it bitcoin (BTC), ether (ETH) or any other cryptocurrency, in some other application that is compatible with the use of these seeds.

To do this, the first thing we will do is go to the main menu again and select the icon with 3 vertical dots on the wallet we want to create a backup copy of.

Source: Edge Wallet.

We have to select an option from the list that will be displayed The master private key. This will show us a box where we have to enter our password.

This seed must be guarded very jealously, because on the contrary, we can endanger our means. Source: Edge Wallet.

What we see is the seed of recovery. This seed has 24 words in a specific order and gives us full power over our funds, since we can enter it into any wallet compatible with this initial format and have access to our funds again.

The wallets of some crypto assets will not show us the recovery seed, but a private key that, like the seed, allows for a backup of the assets.

In short, we can say that Edge Wallet does not own our funds, it just allows us to manage them.

Explorando Edge wallet

Now that our wallet is configured and backed up, it’s time to explore what sections Edge has to offer. Let’s start with different wallets.

Source: Edge Wallet.

At the beginning we will find 3 different wallets: bitcoin (BTC), ether (ETH) and bitcoin cash (BCH). They are configured by default, but they are not the only ones we can use. We have the option to add more by selecting the “+” symbol at the top.

These will be some of the cryptocurrencies we can add to Edge. Source: Edge Wallet.

Similarly, we also have the option of adding ERC20 tokens. This is possible by going to the Ethereum wallet and displaying the options menu.

Source: Edge Wallet.

In this menu, we will select the option Add / Edit tokens.

There are tokens that don’t necessarily run on Ethereum, such as Tether (USDT). Source: Edge Wallet.

From here we can add either a token from the list found in the previous image or add a custom token by entering the Add option. This allows you to enter data related to a specific token.

Returning to the main menu, we can see the details of each portfolio by entering each one.

Source: Edge Wallet.

What we see in this section are details regarding our BTC portfolio. You can obviously switch between portfolios and see individual details of each one.

By default, BTC balances will be expressed in bits. One bit is equivalent to 0.000001 BTC. This can be changed from settings. On the other hand, we have to balances in fiat currency are expressed in euros; which is also configured by default but cannot be changed.

Receive funds

Receiving funds in Edge is the same as in other wallets. But for those who are new to this world, the following step by step explanation may be useful to learn how to receive funds inside this wallet.

First, let’s go to the Application section in the bottom menu.

Source: Edge Wallet.

First, Let us remind you that we are dealing with a multi-currency portfolio, so we need to be careful about the type of address we will generate when receiving payment. Especially when it comes to cryptocurrencies that have very similar addresses.

We have to look at the top of the screen, where it will tell us which wallet we are using. In this case it is BTC.

In the central part, we will have the address of the wallet and its abstraction in a QR code, which we will share.

On the other side as well we can generate a QR code that allows us to receive a certain amount. For that, we will see two fields at the top, where we will indicate the amount we want to receive. Here we have to be careful with something: If we have not yet configured the amount in which the balance will be expressed in BTC, we have to express it in bits.

After entering the amount, we will see how the QR code will change depending on the unit we set. Now just share and wait for funds confirmation.

Sweep private key

There is another option that allows you to get funds. Approximately clear the private key. Clearing a private key is the act of transferring the funds stored in the private key to our Edge wallet. This means that a transaction is included that will generate a mining cost; so part of the transferred balance will be used to pay the commission.

Likewise, when scanning a private key, we can scan the QR code generated from the private key or enter the private key manually.

To begin with, we need to show the side menu again and select the Clear Private Key option. Which will immediately take us to the Scan section, so, for redundancy, scan the QR code or enter the private key manually by selecting the Address option.

After this just confirm the transaction and that’s it, the funds will be transferred to our wallet. After this process is recommended discard the private key we clean.

Send funds

Sending funds is done through the Scan option in the bottom menu, but, as happens when receiving, we must pay attention to the wallet selected for sending. To make sure that we are using the correct wallet, we can see the screen at the top, which shows us the wallet from which we will send the funds.

Source: Edge Wallet.

Right now The camera of our device will open immediately. If this is the first time, we will need to grant some permissions (in the case of Android devices) in order for the camera to work. This allows us to scan the QR code derived from the wallet address.

If we only have an address as such, we have to click on the Address option, which will open a small box where we can write it.

Source: Edge Wallet.

The next step is to indicate the amount to send, which can be expressed in cryptocurrency or fiat currency. Let’s remember at this point that we have to be careful when putting the amount in BTC, because by default the amounts are expressed in bits and each unit is equivalent to 0.000001 BTC.

We will complete the process by sliding where indicated and confirming the shipment.

Cryptocurrency exchange

An additional option that Edge Wallet offers is the ability to exchange between different cryptoassets that we manage within the wallet.

For this, let’s start by going to the section Currency exchange.

Source: Edge Wallet.

What we see in the previous image is the interface of the Exchange House section. We will place the source exchange account in the upper box and the destination account in the lower box. We must be clear that any cryptocurrency we wish to exchange is You must have a wallet created within Edge Wallet. Otherwise, it will not allow us to make said exchange.

Source: Edge Wallet.

The rate calculated for the exchange is Edge Wallet’s own and, unfortunately, does not state the source; Therefore, it will be up to each user whether he wants to use this tool, in case he finds that a fair price is offered.

Buy cryptocurrencies

Finally, we find the ability to purchase cryptocurrencies using our credit or debit cards through the Simplex service. We will do this by entering the section Buy cryptocurrencies from the side menu.

Source: Edge Wallet.

While we’re here, we’ll choose the Simplex option.

Source: Edge Wallet.

In the previous picture we see a summary of how the purchase system works. The most important thing is to highlight the commissions they entail 1% for Edge and 5% for Simplex of every crypto asset purchase we make.

The next step is to press Next.

Source: Edge Wallet.

Then we choose the quantity to buy. Here we will be shown the exchange rate at the time of purchase. After that, we will need to provide billing information and those related to our card. The process takes an average of 30 minutes.

Edge wallet conclusions

In short, Edge seems to be a very complete wallet that, despite the implementation of a new backup system, does not leave aside a very reliable initial recovery system, which allows you to have full control over your funds.

Simple interface and fluidity are other attractions that can attract the attention of its users. It’s pretty simple and intuitive and it is recommended for new users.

As for the negative, the worst thing is the fact that when we create a wallet, we will have 3 already generated wallets (Bitcoin, Bitcoin cash and Ethereum) that are defined by default to use the exchange in Euros, and there doesn’t seem to be any way to change this.

In addition, there is a point of exchange rates indicated in the Exchange tool. This is not a negative note, but rather, due to a lack of information, it was not possible during the preparation of this guide to obtain the source(s) from which Edge bases the value of each crypto asset for its exchange. However, it clearly does not use services like ShapeShift.

Below is a tutorial on our YouTube channel:

Featured image by: edge.app

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