The DeFi wallet password protects your wallet keys and is the only way to access it. You will mainly be asked for it when:
- you change phone
- you reinstall the app
- you log back into the app
It does not match your Young Platform account password: these are two separate credentials and changing one does not change the other.
You can change it at any time from your wallet settings. The important thing is to keep it safe: if you happen to lose it, not even Young Platform can help you recover it.
Before you begin
- You need your current wallet password: without it you cannot set a new one.
- Choose a password different from your Young Platform account one and from those you use elsewhere.
- Have the place where you will save it ready: a password manager or a secure place outside your phone.
Steps to change your password
- From the DeFi wallet open More and tap Wallet password.
- Enter your Current password.
- Type your New password and repeat it in the Confirm password field. The green ticks confirm that the fields are filled in correctly.
- Tap Update password.
- Read the warning and save the password in the place you have chosen, select I have saved the password in a secure place and tap Continue.
At the end the Password changed message appears and you return to the DeFi wallet home. From that moment on, only the new password is valid.
Warning. If you use the DeFi wallet on multiple devices, the next time you open it you will be asked for the new password to unlock it.
Why the app insists on saving it
In the DeFi wallet the keys belong exclusively to you and remain stored on your device: this is precisely what makes it a self-custody wallet. Consequently, there is no recovery procedure similar to that of the Young Platform account, where an email is enough to reset the password.
If you should change phone, reinstall the application or encounter a wallet lock, the password will represent the only means to access it again. For this reason, before completing the change, you are asked to confirm that you have saved it: this is a fundamental step, not a mere formality.
Wallet password and account password
These are two separate protections for two different purposes. The Young Platform account password allows you to access the app and the Young Wallet (custodial) and can be easily recovered via email. On the contrary, the DeFi wallet password protects your self-custody wallet private keys and cannot be recovered by anyone. Changing one of the two passwords does not affect the other in any way.