Wallet and security
What it is
Your Backd wallet is a Polymarket deposit wallet on Polygon: a smart-contract wallet that holds your USDC and your shares. Backd creates it when you sign up, so you never have to install anything. It is the same kind of wallet Polymarket makes for its own users.
Who controls it
You do. The key that signs for the wallet is held on your device, protected by your login (a passkey where your device supports one). Backd's servers never see it. Nothing leaves the wallet, and no order is placed, without a signature from that key.
| Action | Needs your signature? |
|---|---|
| Deposit | No (anyone can send you money) |
| Back a call, sell early | Yes: each order is signed |
| Redeem winning shares at settlement | Pre-authorised once, at set-up, so wins land without you doing anything |
| Withdraw | Yes, every time |
| Backd moving money anywhere else | Not possible |
The approvals
The first time you open Wallet you approve Polymarket's exchange contracts: permission for the order book to take USDC for orders you sign and to deliver shares back. This is the standard Polymarket set-up, done once. Backd also gets a session credential to place the orders you sign; it expires when you log out.
Keeping it safe
- Turn on a passkey or two-factor on the email or account you sign in with. That's the door to your wallet.
- Backd will never ask for a seed phrase or private key. Anyone who does is not us.
- Check withdrawal addresses. Transfers on Polygon can't be reversed by anyone.
- Only fund what you're prepared to lose. Every call can lose its stake.
Taking it elsewhere
It's your wallet. You can withdraw everything to any Polygon address at any time, and you can export the key from Settings to use the wallet in other software. If Backd disappeared tomorrow, your money and positions would still be yours on Polymarket.