Our product vision
Magma will make interacting with Tezos easy, secure, and commonplace.
Safety and security are our highest priorities. Your funds are safe with Magma, and we place power and control of your assets directly in your hands. Design and user experience are also essential to our philosophy. We want your interactions with Magma to be smooth and intuitive, and our app a pleasure to use. Our roadmap includes many exciting and useful features that will highlight the possibilities of Tezos and open, decentralized finance.
Founder & CEO
Senior Product Manager
Lead Blockchain Developer
Lead Android Developer
Lead iOS Developer
Blockchain & DevOps
No, currently you will have to purchase Tezos from a centralized exchange such as Coinbase, Kraken, or Binance, and then send funds to your Magma wallet. We plan to incorporate direct purchase of Tezos with local currencies as soon as possible.
When you create a new wallet with Magma - similar to many cryptocurrency wallets - you will receive what is called a Recovery Phrase. This is also sometimes called a seed phrase. Your recovery phrase is not the same as a password, though it is similar - you'll want to keep it secret, and you will need it to restore access to your wallet if you uninstall Magma, lose your phone, or otherwise lose access to your wallet. If you lose your recovery phrase and lose access to your wallet, it is impossible to restore access to your wallet and your funds.
Magma will provide you with a recovery phrase that is 12 words long, and all 12 words need to be entered in the correct order if you ever need to restore access to your wallet; other Tezos wallets sometimes use 24-word recovery phrases, and Magma can import wallets with these recovery phrases, as well. Restoring access to your wallet is also sometimes called Recovery or Import.
Begin by opening Magma and tapping the 'Receive' button in the top-right corner of your wallet screen (the one that looks like a down arrow) to show your wallet address as plain text (it starts with 'tz1') and in the form of a QR code. If you are transferring funds from another app on the same device or web wallet, tap the ‘Share…’ button or 'Copy to clipboard' link to copy your Magma wallet address, and paste it as the recipient address in the sending application. If you are sending funds from an app on a different mobile device, you can use the sending app’s QR code scanner feature to scan your Magma wallet address QR code as the recipient.
The transfer of funds will take a few minutes to complete and be confirmed on the Tezos network. You can refresh your Magma wallet balance by "pulling" the wallet screen down to refresh, similar to other mobile apps like Facebook or Twitter. You will see the funds appear in your wallet when the operation is complete. If you do not see the funds, wait a few more minutes and try again. You can also check the sending application to see the status of your transaction.
Tezos is a proof-of-stake blockchain that uses a global network of computing nodes called “Bakers” to validate transactions. Any holder of Tezos (XTZ) may delegate their XTZ to a Baker to receive a share of XTZ rewards that bakers earn for providing this service; this is sometimes also called staking. You still have full control over your assets while they are delegated to a baker. Learn more from TQTezos.
We periodically refresh a list of all Tezos bakers from Baking Bad to identify those that are active, stable, precise, open for delegation, and offer 5% or greater rewards rate and a fee of less than 16%.
The Tezos network charges various fees to help power the network. Most fees are small transaction fees that provide bakers with a small XTZ reward for every block they validate on the blockchain. These fees usually amount to less than 0.01 XTZ per transaction. New Tezos wallets also have to pay a ‘Network reveal fee’ the first time they send or exchange funds in order to confirm their address on the network; this fee discourages mass creation of junk wallet addresses. Occasionally a sender may also have to pay an ‘Allocation fee’ or ‘Burn fee’ if the recipient wallet address has been previously revealed on the network but holds a zero balance; this fee serves a similar purpose as the network reveal fee.
You may notice a liquidity fee is charged when you exchange Tezos tokens. The Dexter exchange used by Magma relies upon "liquidity providers" to deposit their funds into Dexter smart contracts in order to provide liquidity on the exchange. The liquidity fee charged and distributed proportionally to all liquidity providers is 0.3%. Anyone can provide liquidity. You can, too, with the Dexter exchange on the web! (Support for adding liquidity is coming soon to the Magma wallet, as well.)
Price slippage is the difference between the expected price of a trade and the actual price at which the trade is executed. The larger a trade is relative to the size of the liquidity pool, the more slippage there will be. Magma will show you the expected slippage due to the size of your trade, and also allows you to set a maximum slippage percentage. By limiting additional slippage you can protect your trade from poor price execution, which may occur due to price fluctuations from other trades executed before your trade.
No. Magma does not support rooted or jailbroken devices for iOS or Android.