How to Use the BlockEQ Wallet in 5 Steps

BlockEQ is a private Stellar wallet where you can create an account with a recovery phrase that only you control. With BlockEQ you can send, receive, and trade Lumens (XLM) and Stellar Tokens on a decentralized exchange.

  1. Download your wallet at https://www.blockeq.com/
  2. Select “Create Wallet” — If you already have a 12–24 word phrase or secret key you can select “Recover Wallet”
  3. You will then see a list of 24 words or on mobile you can choose a 12 or 24 word phrase. This recovery phrase is your private key. Anyone with access to these words will be able to spend your funds. If you delete the app or lose your phone the only way to recover your account is with your recovery phrase. It is very important that you write down your phrase and store it in a safe place. We do not recommend taking a screenshot of your phrase, we have disabled screenshots and screen-sharing of the desktop wallet for better security. If you have an iPhone you are also able to save your recovery phrase to your keychain or 1Password.
  4. Create a 4 digit PIN
  5. In your wallet, click “Receive” and send at least 1 XLM to your address in order to activate your account. If you don’t have XLM you can get some by trading BTC or ETH at an exchange (ex: Binance).

Congratulations you now have an active Stellar Address!

Once activated you can send and receive amounts as low as 0.0000001 XLM, but each transaction & trade costs a small transaction fee of 0.00001 XLM by the network. There are a few concepts below which should help you better understand Stellar and how to use the BlockEQ wallet.

Sending & Receiving

Our mobile wallets have QR Code display and scanning which allow you to more easily send to other Stellar addresses. We’ve included an optional memo field which supports both Memo ID (numbers only) and Memo Text (alphanumeric). Many exchanges that support Lumens (XLM) have one pooled address for all customer accounts and use Memo ID or Memo Text to identify each account. When you try sending to an exchange’s address, our wallets may recognize the address and identify whether you need to enter a Memo ID or Memo Text field.

Minimum Balance

Your account has a minimum balance required by the Stellar Network. You can see your balance summary in your Stellar Wallet by clicking “Learn more” on mobile or the arrow on desktop. The required minimum balance starts at 1 XLM. Each asset you add and each open trade offer will increase your minimum balance by 0.5 XLM. Additional signers will also increase the minimum by 0.5 XLM. The balance summary view will display a nice breakdown of how your minimum balance is calculated.

Adding & Removing

In the Wallet View, you can add any Stellar token by clicking “Add Asset” and entering the asset code and issuer address. For example, the asset code for BlockPoints (PTS) is below:

PTS GBPG7KRYC3PTKHBXQGRD3GMZ5DB4C3D553ZN2ZLH57LBAQIULVY46Z5F

Please be careful when manually adding Stellar Tokens. There are many scam tokens on the network which are not verified. You can remove assets by clicking the ‘x’ as long as you don’t have a balance of the asset.

Trading on Stellar’s Decentralized Exchange

In the trading view we display the best exchange rate available for your selected trading pair. You can select which asset you would like to offer, and which asset you would like to receive. You can also view the order book which displays the top 5 buy and sell offers for the trading pair. We display quick trade buttons of 10% to 100% of your available balance for the asset being offered. Once you enter an offer, the amount that you would receive is calculated allowing you to trade at market rate. Alternatively you can select “Limit” and enter your desired amount to be posted as an open order. Under “Open Orders” you can view and cancel these unsettled trades. In the History view you can see a full receipt of all your trades.

Settings

Under settings you can reset your 4 digit PIN, view your recovery phrase (PIN required), and delete your wallet (PIN required). You can also toggle whether you want to require your PIN to be entered when sending launching the app, sending transactions, or sending trades. Note: if someone has your recovery phrase they do not need your PIN to send transactions!

Recover Wallet

In order to recover your wallet you must enter your 12-24 word recovery phrase or secret key. We’ve made it easier to enter your phrase by recognizing and auto-suggesting your word as you type. Make sure that no letters are capitalized and words are separated by one space. Once you’ve entered your phrase correctly you will be able to access your account. Unfortunately if you lose your phrase you will not be able to recover your account.

If you have any feedback or suggestions for new features or how we can improve, message us on twitter @block_eq or email us at hello@blockeq.com