HOMEFAQPrivate and Market wallets. What are they for and what is the difference between them?

Private and Market wallets. What are they for and what is the difference between them?

Signing up for Savl grants you access to two separate wallets: Market and Private. You can switch between them at any time by tapping on the home screen of the Savl app. 

Private wallet 

The Private wallet is used for transactions involving external blockchains outside of the Savl ecosystem. The Private wallet can be used for in-app transactions; however, a fee that corresponds to the selected blockchain (e.g. Bitcoin) is assessed on the transaction. Take note of transaction priority when using your Private wallet — the higher the transaction priority, the faster the payment speed and the higher the transaction fee. Use Private wallet to transfer by address, QR code, or to another Savl user. 

  • Non-custodial wallet for transfers outside the Savl ecosystem
  • Operations take time
  • Network fee is charged (the higher the priority, the higher the fee)
  • Can be topped up from external wallets
  • Can be used to buy goods and services for cryptocurrency, send digital assets outside the Savl ecosystem and interact with the Market wallet

Market wallet 

The Market wallet for use within the Savl ecosystem. There are no fees for Market wallet transactions and all transfers are instant. The Market wallet can be topped up via the Savl market, the Private wallet, or by a wire transfer from any other Savl user. You can use funds from this wallet for any operation within the Savl ecosystem. 

  • Dedicated wallet of the Savl ecosystem
  • Any operations are carried out instantly
  • No fee for transfers within the system
  • Can be topped up via the Savl Market, the Private wallet or by receiving cryptocurrency transfer from another Savl user
  • Can be used for all types of operations within the Savl ecosystem
     

Important: Your Savl wallet can only be accessed from your device by using a recovery (seed) phrase generated at registration. It is important to remember these words and safeguard this code in case of an emergency. The Savl team does not have access to your code and cannot help you to recover access to your funds if you forget your recovery phrase.