We’ve covered setting up a personal trading server and the benefits of doing so. Now it is time for ‘The Money Talk’.
How your wallet works on SIBEX
Once you have finished setting up your trading server and logged into otc.sibex.io, your wallet (SIBEX ID) is automatically generated. This non-custodial wallet allows you to store, manage, and to trade your bitcoin and any ERC20 tokens on the SIBEX platform.
This wallet is YOURS. It is your wallet, connected to SIBEX via your personal trading server.
Non-custodial: Only you can access your wallet
At SIBEX, we never store your crypto assets, we are only providing you with the software you need to store them yourself on AWS server. Your wallet is unlocked on your server using your password. The password acts as your decryption key to lock and unlock your wallet — without it, you cannot access your wallet. Since we don’t know and don’t store your password, only you can unlock your wallet.
Access your wallet anytime, anywhere
We made this happen because your wallet is on the AWS server created by yourself 24/7. Storing your wallet securely on AWS servers ensures that your wallet can be accessed from anytime, anywhere, and from any of your devices.
Secure, Private, & Safe
When you access your wallet using your SIBEX username, password, and server hostname, your browser uses our API to access your wallet from your own AWS server, which is then securely shown on your device.
Can I recover my wallet?
If you have your wallet files, you have your private keys.
Your SIBEX credentials are stored in your own AWS server which we have no control at all (it’s your own server). If you lose your SIBEX credentials, you lose access to your crypto, so take measures (e.g a password manager) to securely store your SIBEX credentials.
“Not your keys, not your bitcoins” is a common understanding of crypto ownership, but in SIBEX we get this to another level: “If it’s not your keys and your own server, it’s not your bitcoin!” Keep full ownership of your crypto assets when trading on SIBEX.
P.S. If you are tech-savvy and don’t want to set up your AWS server, alternatively you can create your own server on your own hardware.
That’s it for today. Follow us for more updates, and join our Telegram group for SIBEX Announcements — http://t.me/sibexltd
