Last Updated May 2023
Is Family safe?
Yes, Family is safe. Your private keys are encrypted and stored locally on your device. This means that only you have access to your credentials and, consequently, your wallet and its assets. In addition, we employ several other security measures including requiring 2FA via biometrics for sensitive actions, such as signing transactions.
Who controls my wallet keys?
You have full control over your wallet keys. This means that the private keys, which grant access to your wallet, are stored on your device and not on a central server. You are the only one who has access to these keys, giving you complete control and responsibility over your assets. This is the main distinction between self-custody wallets and custodial wallets, where the private keys are held by a third party. Remember, it's crucial to securely store and never share your private keys or secret recovery phrase, as anyone with access to these can access your funds.
Can I switch from another wallet?
Yes, you can easily switch from another wallet to Family. If you're using a non-custodial wallet such as Trust Wallet or Rainbow and want to keep your current wallet addresses, you can import your existing wallet into Family by using your secret recovery phrase or private key.
Can I trade crypto within the wallet?
Absolutely, Family features a built-in decentralised exchange that allows you to trade between different tokens without having to leave the app. This function provides a seamless trading experience, enabling you to manage and diversify your crypto portfolio all from within our wallet. To trade, navigate to the ‘Swap’ section in the app, select the tokens you wish to trade from and to, input the amount, and confirm the transaction. The traded amount will then reflect in your wallet balance.
Are there any fees associated with the wallet?
Family does not charge any additional fees for using the wallet. However, standard network fees still apply. These fees are not collected by Family, but rather are integral to the Ethereum network, acting as compensation for validators who process and validate transactions. The specific transaction fee can vary depending on the intended transaction and the current network congestion.
If Family ever stopped existing, would I lose access to my wallet?
Nope, you would still be able to access your wallet and all of its assets and transaction history. This is because Family is a self-custody wallet, meaning you are in full control of your wallet keys rather than us. You can think of Family as a helpful visual interface to assist you in managing your Ethereum wallet. Your wallet itself exists on the Ethereum blockchain, which is fully decentralised and not going anywhere. As long as you keep your secret recovery phrase or private keys backed up safely, you’ll always be able to keep using your wallet with any other self-custody wallet app or interface, even if Family ceased to exist.