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WAX Cloud Wallet – How Does This Cryptocurrency Wallet Work – Complete Guide

WAX Cloud Wallet is an NFT-focused wallet for use on the WAX blockchain. It can be used on desktop and mobile for collecting and trading NFTs easily. WAX (short for the Worldwide Asset eXchange) is a blockchain focusing on digital assets and collectibles.

NFTs, blockchain games, and collectibles are the main focus areas of this blockchain and the WAX Wallet is the solution for holding and trading them on the blockchain.

What is WAX Wallet?

Every blockchain needs a wallet for holding and trading digital assets on it. WAX blockchain is a purpose-built NFT blockchain that helps brand and developers launch their NFT collections from games, digital arts, and etc. for interacting with this blockchain and collecting the NFTs, you need a wallet. The best solution for that is the WAX Wallet that can run on both desktop and mobile interfaces.

The WAX blockchain makes it possible for developers to build pr upgrade their dApps, games, marketplaces, and many more blockchain-based projects. The WAX Cloud Wallet is the gateway for interacting with these products, too. This PoS blockchain makes it possible for users to participate in the governance mechanisms, too. There are governance tokens in the blockchain like WAXG tokens that can be managed in the WAX Wallet.

The WAX Cloud wallet is designed and developed by the team behind the WAX blockchain. It consists of many experts from EOS and Ethereum communities, among which the EOS Amsterdam community is the most popular.

There are three types of WAX tokens ins the blockchain that can be managed and used in different areas. WAXE, WAXP, and WAXG are the primary tokens in this blockchain. The blockchain has an integration with the Ethereum blockchain that makes it possible for participants to earn both Ethereum and WAXG tokens.

The main purpose of the WAX Wallet is to provide an easy-to-use interface for users to interact with the WAX blockchain. The interaction can be buying, collecting, and selling NFTs or interacting with dApps built on this blockchain.

Creating an account in this wallet is easy and can be done with familiar social networks like Facebook, Twitter, Google, Reddit, and many more. Besides, the WAX Cloud Wallet manages the private keys and somehow decreases the worry about them. The wallet is free to use.

How to Create an Account in WAX Cloud Wallet?

Creating an account in the WAX Wallet is very easy and can be done in many ways. You can create an account using your credentials from famous social platforms, Facebook, Twitter, Reddit, for example. Or simply create an account using an email and password. Follow the steps below to create an account in the WAX Wallet:

Go to the all-access website of the wallet: https://all-access.wax.io/

Click on one of the social media platforms’ icons and follow the steps to log in to your account on that platform. Don’t forget that this kind of account creation means you always have to log in using the account from the social platform.

You can also click on “Sign Up For Account” and fill the form. It just needs an Email address (your username), a password, and confirm the password.

wax wallet review

After entering your credentials for signing up, an email will be sent to confirm the registration. Click on the link in the Email and log in to your account from there. The first step of entering the account is accepting the Terms of Service.

create wallet wax

Check the boxes and click on “Accept and Continue”. Congratulations, you are now logged in to your WAX Wallet.

wax interface

How to use the WAX Cloud Wallet

After logging in to your WAX Wallet account, you see an interface like the picture above. In the top right corner, you see your WAX account name and address that always ends with “wam”. You can send and receive tokens from the menu on the right. In the middle, you see dApps that can be connected to the wallet.

The tokens are shown below that section. WAXP token that is an EOS token is shown first and you can manage holdings from that section. The left menu shows other services from the WAX blockchain as well as your WAX token balance (WAXP).

You need some WAXP tokens to be able to use the wallet easier. You can buy WAXP from various exchanges or directly with your credit card using Simplex or MoonPay services. Click on Buy WAXP in the top left corner of the dashboard. You see the list of available exchanges as well as a form to buy with credit cards.

buy wax

Another method of funding your WAX Wallet is receiving WAX tokens from another account. Click on the “Receive” link in the right menu and send your WAX account name to another account that wants to send you WAXP tokens.

Send and Receive Funds

Sending and receiving digital assets and funds is the main use-case of a wallet. It can be managed very easily in the WAX Wallet through the right menu in the dashboard.

For sending a transaction, click on the “Send” button. You see a pop-up that asks for the token name, amount, and the receiving address. First, choose the token you want to send. The final steps need an approvement to complete the transaction. After the completion, you receive a notification confirming the transaction.

waxp coin

WAX Wallet Dashboard

As mentioned above, the WAX Wallet dashboard has many tools and buttons that lead you to practical use-cases in the blockchain. Sending and receiving funds are the most obvious ones, but managing NFTs, connecting with dApps, staking, reading news, using an ETH bridge and DeFi use-cases are available in this cloud wallet, too.

NFT

The NFT menu (NFTs in the new dashboard) shows all of your collectibles in one place. You can search between your NFT collections and sort them in this dashboard. Managing and transacting NFTs is done in this dashboard, too.

wax nft inventory

dApps

The dApps menu in the WAX Wallet lets you connect to the available decentralized applications of the WAX blockchain. Many of them are blockchain games and some are marketplaces for digital assets. By clicking on every icon, a new page will be opened that directs you to the dApp’s main page. You can log in to those apps using your WAX Cloud WAllet.

wax dapps

Staking

The Staking Rewards menu in the dashboard is for staking the holdings in the WAX blockchain. You can stake all your assets or even vote for WAX Guilds. Voting for WAX Guild offers a better opportunity to earn more WAX Tokens.

wax staking

News

The WAX News section shows the latest news about the WAX blockchain, it consists of new projects launched on the platform or new NFT collections being available.

ETH Bridge

You can send and receive your tokens between the WAX and Ethereum blockchains in this section. You need to connect a MetaMask to the cloud wallet to be able to withdraw or deposit tokens to each blockchain.

wax eth bridge

DeFi

The DeFi section provides all of the necessary tools for benefiting from the DeFi opportunities in the WAX blockchain. You can swap tokens, stake or unstake them or even vote in the proposals from this section.

wax defi

Is WAX Cloud Wallet safe?

The WAX wallet is a cloud-based wallet that is different from many traditional ones. It can be accessed through the web on both desktop and mobile.

There is no private key backup in the process of signing up for an account in this wallet. You can sign in using your social media accounts.

These differences may worry you about the security in the WAX Wallet. But the WAX team says these are all designed to create an easy-to-use interface for interacting with NFT and DeFi services.

After all, the crucial steps of securing your account are mandatory here, too. You shouldn’t give your wallet password to anyone and don’t log in to your account from a public computer.

Conclusion

WAX Cloud Wallet is a web-based cryptocurrency wallet with numerous tools and features. It’s basically designed for managing and transacting NFTs in the WAX blockchain. But there are many other use-cases for this wallet like staking, interacting with dApps, and even voting in the DeFi projects.

The user-friendly interface is the biggest competitive advantage for this wallet that can become a reason for many newcomers to choose it for their daily cryptocurrency activities.

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