The Exodus backup process and why it is crucial to store your 12-word secret recovery phrase safely and keep your password strong and unique.
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In this article:
What does my wallet's backup do?
In case something happens to your computer or phone (you lose it, it breaks, etc.), your wallet’s 12-word secret recovery phrase allows you to restore your wallet on another device. For this reason, only you should ever have access to your backup. No one at Exodus can recover a lost wallet or reset a password for you.
Exodus automatically updates your wallet settings and transaction metadata on our servers since this information is not stored on the blockchain. Your metadata is encrypted with your secret recovery phrase, so only the holder of this secret phrase can access the data.
If you ever lose access to your wallet, your 12-word secret recovery phrase will not only restore access to your funds on the blockchain, but also your exchange details and any personalized wallet settings you may have set.
With Exodus, you have full control over your secret recovery phrase and private keys. Exodus does not have access to your private keys, secret recovery phrase, or password.
Why create a backup?
Backing up your wallet is the most important thing you can do to protect your funds and make sure you will always have access to your crypto. You only need to back up once.
One of the reasons Bitcoin was created was to give control of money back to individuals. As it stands right now, when you deposit your money into a bank account or your crypto into an online exchange wallet, you are entrusting the bank or exchange to hold onto your funds.
On the other hand, Exodus gives you the tools (a wallet with an easy-to-use interface) to access the blockchain so that you can send and receive funds as you wish, putting individuals in full control of their wealth.
Exodus does not control nor have access to your funds. We do not store your secret recovery phrase and password and cannot retrieve or reset any of these items for you.
If you lose access to your wallet, we cannot help you recover it. You alone are in full control and responsible for creating a backup and keeping your secret recovery phrase safe.
This also means that if something goes wrong at Exodus (we get hacked, we shut down, etc.) you still have control over your assets. All you would have to do is import your secret recovery phrase into another similar solution.
Make sure to back up your wallet by writing down your secret recovery phrase on paper, so you can always access your funds.
You only have to back up once! Once you have your secret recovery phrase, you don’t have to worry about losing your funds if something happens to your device. Simply restore your wallet, and Exodus will gather all of your balances, transactions, and exchange history, so that you can pick up where you left off!
12-word secret recovery phrase
Your secret recovery phrase is the “master private key” to all of your assets.
Your private keys are mathematically derived from your secret recovery phrase, also known as the seed or secret phrase. In other words, the 12-word secret recovery phrase itself will give full access to all of your blockchain assets to anyone who has it!
Tips for keeping your secret recovery phrase safe and secure:
Write it on a piece of paper
Keep that piece of paper secret
Do not take any screenshots of it
Do not store your secret recovery phrase as an unencrypted digital copy
Make sure the words are spelled correctly and in the correct order
Your secret recovery phrase is meant to be kept hidden and used only as a last resort.
Your password is extremely important, too. It ensures that if anyone has access to your device, they won’t be able to access your wallet on your device without the password.
Use a random, strong, and unique password that you don't use anywhere else. A password manager is a great tool for creating and remembering passwords.
For tips on creating a good password, check out our article: How do I set a strong password?
Your password can't be recovered. If you lose your password, you'll have to use your 12-word secret recovery phrase to restore your wallet.
Email backup link (pre-version 19.2.1)
If you created an email backup, which was an option in earlier versions of Exodus (the backup link was only available prior to version 19.2.1, which was released in February 2019.), your password could also restore your wallet when combined with the backup link you received via email.
The backup link is a copy of your secret recovery phrase but encrypted with your password. This means that the link by itself is useless without the password to decrypt it. However, this also means that anyone with access to your email account and your password will have full control of your assets.
For this reason, you must secure your email with 2FA and use a random, strong, and unique password for your email account that you don't use anywhere else. Otherwise, if your email is breached, someone else might restore your wallet and gain access to your coins.
If you ever suspect that your password or email may have been compromised and you have created an email backup, you need to create a new wallet.
How to keep your wallet safe?
The Exodus Wallet is only as secure as the device it runs on, and on top of keeping your secret recovery phrase, password, and email account safe, you need to ensure your device is safe too.
Avoid any website, software, or app you do not fully trust or find suspicious. Never use pirated or cracked software or operating systems, because they have an increased chance of containing malicious software, viruses, and malware.
To learn more about how to secure your crypto, visit: How do I keep my money safe?
How is your metadata encrypted?
Exodus automatically updates your wallet settings and transaction metadata on our servers since this information is not stored on the blockchain. This includes things like your wallet settings, currency choice, skins, added devices (like a Trezor), exchanges etc.
Your metadata is encrypted with a key generated from your secret recovery phrase, so only the holder of this secret recovery phrase can access the data.
This means if you ever lose access to your wallet, your 12-word secret recovery phrase will not only restore access to your funds on the blockchain, but also your exchange details and any personalized wallet settings you may have set.