Is OKX wallet noncustododial? | Bitcointalksearch.org

webtricks

legendary

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Quote from: _act_ on June 09, 2022, 02:28:52 AM

But it is indicated that the wallet is decentralized but I am not sure.

Has anyone used this wallet before, is it truly decentralized and it will generate seed phrase? Or it is just centralized like Coinbase.com?

With the increasing trend of NFT and metaverse, Okx launched their Web3 wallet, MetaX along with the whole portal for dApps and NFT, but weird that they branded it as 'wallet'.

Yes, they generate client-side seed phrase and you can see it while doing back-up of the wallet. Also, they claim to be truly decentralized (100% client-side wallet) however, they failed to incorporate one important feature which somewhat loosens the claim. Most of the web-based non-custodial wallets (such as MetaMask) allow the users to generate seed and derive keys and addresses from it in the offline-mode. Only sending transactions requires network connection. However, OKX wallet requires the internet connection to initialize the wallet. This may be due to a poor app design which requires APIs to retrieve the price data before wallet could be loaded but is surely a big red alert.

The Cryptovator

legendary

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I think this is somehow similar to blockchain. I haven't used them nor have any intentions to use them. If not fully open-source whether they create a seed or not still I won't use it since there are more trusted wallets that exist. I am not saying they aren't legit, but I am expressing my thoughts. I have been using a hardware wallet which is safer than any other wallet software or extension. Just leave that and see the feedback those have been using.

BitMaxz

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Since the wallet is on their website when generating a wallet with seed it is still not safe to use unless if they can prove that it is safe and can be run offline or like the above said if it is open-source.

There is no difference between this wallet with Metamask why not use Metamask instead?
If your purpose is to use OKC mainnet then you can manually add the OKC mainnet to Metamask you can follow the guide from this link.

noorman0

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Quote from: _act_ on June 10, 2022, 04:14:41 AM

-snip-
But I just know that it is not worth it to still use the wallet because OKX may be able to link the wallet to your identity if you are verified on the exchange.

That may be the case, but you can also connect the wallet to their web3 service without logging in to an okx account. If you decide to use this wallet, just install the wallet extension in a separate browser (which never accesses the exchange's personal account).

_act_

legendary

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Quote from: OmegaStarScream on June 09, 2022, 02:36:53 AM

OKEX's is also non-custodial apparently[1] and from the look of it, I'm guessing its forked from mm but just like Coinbase's wallet, it's not possible to know for sure if they also have access to your private keys or not, since the wallets are not open source.

Sorry that I edited the OP to 'del' almost immediately that I posted it, I was surprised you were able to know the OP content. I deleted it because I later got a link on OKX exchange to learn more about the wallet, immediately I saw seed phrase when I clicked on the link, I noticed it is a noncustododial wallet. I was about to report this list now to the moderator to delete it and I saw your reply, I highly appropriate your reply which is the reason I edited the post back to the original post. But I just know that it is not worth it to still use the wallet because OKX may be able to link the wallet to your identity if you are verified on the exchange.

OmegaStarScream

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Coinbase does have a non-custodial wallet (which they acquired from Toshi[1]).

OKEX's is also non-custodial apparently[1] and from the look of it, I'm guessing its forked from mm but just like Coinbase's wallet, it's not possible to know for sure if they also have access to your private keys or not, since the wallets are not open source.

[1] https://blog.coinbase.com/goodbye-toshi-hello-coinbase-wallet-the-easiest-and-most-secure-crypto-wallet-and-browser-4ba6e52e4913
[2] https://www.okx.com/academy/en/how-to-create-an-okx-wallet

_act_

legendary

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Lightning network is good with small amount of BTC

On OKX exchange, I saw exchange and wallet, it got my attention today that the wallet aspect will mean normal wallet and not exchange, but I was thinking it wiukd be like Coinbase.com which are not noncustododial wallet. I clicked on wallet and I saw this image I have

But it is indicated that the wallet is decentralized but I am not sure.

Has anyone used this wallet before, is it truly decentralized and it will generate seed phrase? Or it is just centralized like Coinbase.com?

Topic: Is OKX wallet noncustododial? (Read 117 times)