Okto is a secure and decentralized self custody wallet that operates on MPC (multi-party computation) technology. Unlike traditional wallets, Okto does not store the user's private keys, ensuring complete control of user funds and transactions.

Okto allows users to interact with a wide range of DeFi protocols and dApps with just one wallet. Users can manage their assets, swap tokens, and provide liquidity to liquidity pools, all without leaving the Okto DeFi wallet. With its user-friendly interface and robust security features, Okto is a one-stop solution to explore the world of Web3.

How do I create my Okto DeFi wallet?

Follow the steps below to create an account on Okto:

• Download the Official Okto app using the following link:
• Play Store
• App Store (App coming soon, you can join the iOS waitlist)
• Open the Okto app, and sign up using:
• Email, Gmail account, or CoinDCX account,
• Phone number
• Enter OTP sent to your email and phone number
• Setup your PIN
• Your Okto account will be created and wallet creation will begin after this

How do I sign up for Okto?

Follow the steps below to sign up for Okto using email ID:

• Download and open the official Okto App on Android or iOS to get started
• On the app home page, click “Sign Up with Email”
• Fill in all the details needed [Name / Email / Mobile number / Password]
• Complete the registration by verifying email and phone OTP

Follow the steps below to sign up for Okto using a Google account:

• Download and open the official Okto App on Android or iOS to get started
• On the app home page, click “Continue with Google”
• Select your Google account
• Enter your phone number and verify via OTP
• Complete your registration by setting up your login PIN

Read more on: How Okto DeFi wallet works?

Is there any fee for creating/maintaining an Okto wallet?

There are no fees associated with creating or maintaining an Okto wallet. Okto does not charge any fees for setting up your wallet, and there are no hidden charges or maintenance fees. You can use your wallet to store, send, and receive cryptocurrency without worrying about any extra costs.

Read more: Guide to Transfer crypto from other DeFi wallets to Okto

Taking a wallet backup and why is it important?

Okto is a self-custody wallet, meaning that the user has full control over their wallet's custody instead of Okto. The wallet's MPC key share is stored in a recovery file, which the user always has custody of.

In case you get logged out of the app or use a new device, backup helps you access your wallet. We use encryption that adds a layer of security to your funds.

However, it is important to note that if the user loses their recovery file (whether it be from the cloud or recovery phrase), Okto cannot recover their wallet for them since Okto doesn't have access to the recovery file. Therefore, it is highly recommended that users store their recovery file in a secure location.

Check out this video for more details:

How to take wallet backup?

In Okto Self custody wallet app, there are two options to take wallet recovery file backup:

1. Online/Cloud Backup

• After creating your wallet, you'll be prompted to take a wallet backup on the home screen.
• Else, you can find the Cloud backup option in the Accounts -> Security section.
• Then follow the following procedure and your recovery file will be stored on your Cloud

2. Offline Recovery Phrase

• In addition to cloud backup, users can opt for a secret 12-word recovery phrase.
• Go to Accounts Tab-> Security section -> Offline Recovery
• Then follow the following procedure and your recovery file will be stored on your Cloud

Important Note:

• To ensure user funds security, users aren't allowed to sign out of Okto unless they take a wallet backup
• Cloud backup is mandatory on Okto and Offline recovery phrase is optional in addition to Cloud backup
• Without cloud backup, users can't initiate a transaction
• Okto doesn't store your recovery file and Okto can't help the user to recover his wallet if the recovery file is lost/deleted.

Here is a video tutorial to help you backup your wallet:

How to restore/import my Okto wallet to a new device?

When you sign in to a new device using your Okto account, Okto will automatically look for the part of your wallet key that was backed up on your Drive or iCloud during the account creation process. If Okto successfully retrieves this information, you'll be signed in to your new device with the same account, and your wallet will be restored to its previous state.

In the event that you've created an offline secret recovery phrase for your recovery file, you can simply enter that 12-word recovery phrase during login to recover your wallet in Okto.

However, if you didn't back up your part of the key on Drive or iCloud, or if the key has been deleted by the user, and you can't find your secret recovery phrase then it won't be possible to restore your Okto wallet.

FAQs

1.How to install Okto?

Download Okto DeFi Wallet App for free via Play/App Store.

2. Can I use my CoinDCX account to access Okto?

Yes, you can use your existing CoinDCX account to use Okto.

3. Can I create multiple Okto wallets?

No, you can create only one Okto wallet for a given account.

4. Who can use an Okto wallet? Are there limitations based on Nationality?

All users across the globe can use Okto wallet, excluding a few FATF-blacklisted countries.

5. What KYC documents are required for using Okto?

Since Okto is purely self-custody, KYC is not required

6. How is the Okto wallet different from my CoinDCX wallet?

• Okto is a keyless, self-custody Web3 wallet that works on MPC technology, while CoinDCX wallet is a centralized wallet under the custody of CoinDCX.
• Okto is an on-chain wallet having its unique public address, while your CoinDCX wallet is not on-chain.

7. Can I change the email address linked with Okto Wallet?

No, you cannot change the email address linked to your Okto wallet.

8. What happens if I lose my PIN?

To reset your PIN, follow these simple steps:

• Go to [Account] and click [Security].
• Select [Create Login PIN] and [Continue].
• That’s it. It’s done!

9.What happens if I lose my password?

Follow the steps below to reset your Okto account password:

• Click [Forgot password] at the bottom of the login page.
• Provide the necessary details [Registered email/New password] and click [Submit]
• Provide the OTP received on the registered email and mobile number
• Your password will be reset successfully
  Note: For security reasons, withdrawals will be paused for 24 hours after changing your password.