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How it works

It is essential that you want to know more about our wallet. Here we will provide you with the most vital information about Magnum.

Why is it so safe?

Magnum is a light wallet, hence we do not receive and store users’ private keys, backup files or personal information. A light wallet is the most reliable and safe way to operate coins and tokens. Users have full control over their private keys during the whole session. The private keys never leave your device. They are encrypted and stored in the browser’s local storage. All transactions with blockchain are controlled by encrypted SSL-connection.

What is a backup?

Magnum operates with a backup file which contains the encrypted private keys. It is necessary to download backup and keep it in a safe place. You can use backup to get an access to all your wallets via different devices or browsers. Users must enter the passphrase to decrypt backup. We cannot recover your backup file or private key if you lose or forget the passphrase. We will ask you to enter the passphrase each time you act with the private keys. This step is required if you want to create, delete or rename wallets and to perform a transaction.

What do you know about me?

Actually, we know nothing about users. We do not need, or want, any information about the identities of the people using our product. We never request and record any credentials, including Name, Surname, IP, etc.

Where do you get the information?

Magnum uses third-parties APIs to provide you with relevant information about cryptocurrency exchange rates (Exchange services), stock charts, the blockchain and the blocks (Block Explorer).