Parallel Wallet is the non-custodial, native wallet of Parallel Finance. The wallet mainly supports tokens used on Parallel finance, (tokens on Polkadot, Kusama, Heiko and Parallel chain).
This tutorial will go through the basics of setting up and using a Parallel wallet.
Setting up your wallet
Start by downloading the wallet extension from here. Parallel wallet is also available on Brave and Firefox too.
Once your wallet is downloaded, you can pin it to your browser.
Next, you’ll need to create an account for your wallet. To do this, click on the wallet icon in your browser followed by ‘get started’. After this, you’ll need to come up with a password for your wallet (must contain a number and a symbol). Click ‘confirm’.
On the following page, click ‘create new wallet.’
Note: at the time of writing, the option to create a wallet using a hardware device (e.g. Ledger) is not yet available.
Following this, you will be presented with your 12-word seed phrase. It’s extremely important to store this phrase safely and securely. If you lose access to your wallet, you’ll need this seed phrase to regain access. If someone gets a hold of your seed phrase, they’ll be able to access your wallet! It’s advised that you make at least two physical copies of your recovery phrase (i.e. do not store it online or on a hackable device).
Once you click ‘I have backed up my secret phrase,’ you’ll be all set up!
In order to receive/deposit assets into your Parallel wallet, you’ll need your wallet’s address. This can be easily retrieved by clicking the ‘receive ‘ button on the homepage.
When you click the ‘copy’ button next to the asset you want to receive, your wallet’s address for that asset will automatically be copied.
Start by clicking the ‘send’ button on your wallet’s homepage.
Next, select the asset you’ll want to send. On the following page, specify an amount and enter the address of the receiving wallet.
After you click the ‘review’ button, you’ll be presented with an overview of the transaction. Click ‘send’ to process the transaction.
Note that once transactions are submitted, they cannot be reversed.
Adding more accounts
Parallel wallet is a multi-wallet application, meaning that you can add and create additional accounts. To add an account, click on your wallet’s name at the top of the home screen.
On the following page, you’ll have the option to create a new account or import an existing account via seed phrase.
The settings menu can be found by clicking on the gear icon at the bottom of your wallet.
Here you’ll have the option to rename your wallet and access your wallet’s secret phrase.
You can also review all the decentralised apps (dApps) you’ve authorised to connect with your wallet by clicking on ‘connected apps’. To remove a dApp, all you have to do is click on the three dots, followed by ‘forget site’ next to the dApp.
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Disclaimer: THIS IS NOT FINANCIAL OR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make and only you are accountable for the results.