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Getting started with Sock
Getting started with Sock

Create your account, fund it, and backup your Sock Account

Bryan Levine avatar
Written by Bryan Levine
Updated over a week ago

Welcome to Sock, the simplest way to build wealth with crypto safely! We're thankful that you're here. We've created this guide to help you with the basics of using your Sock account. If you have any questions along the way, please connect with us at anytime at support@sock.app.


Creating your Sock account

To create your Sock account, simply download and install the app. When you open it, tap on the "Join" button:

Once you tap on "Join", you can sign up using an email and password, or you can choose from a variety of social logins including Google, Apple, Twitter (X), or Discord:

Sign up as you would for any app or website, and then create your username once you're done. Your username will help your friends find you in Sock so that you can send and receive crypto to one another.

Now that your account is created, you can fund your Sock account to get started with investing or you can skip funding your account and explore the app.


Funding your Sock account for the first time

Sock provides a few different ways to help you fund your Sock account for the first time:

  • Debit card purchases, either manually input or through Apple Pay or Google Pay

  • Transfer funds or use existing payment methods stored in your Coinbase account

Debit card, Apple Pay, and Google Pay

There are different fees and transfer times associated with payment method that are important to keep in mind:

Payment Method

Time to Transfer

Fees

Minimum Fee

Debit Card

Instant

3.75%

$3.99

Apple Pay or Google Pay

Instant

3.75%

$3.99

Funding your Sock account with your debit card

You can fund your account using your bank-issued debit card from a few places within the app. When you first sign up, you'll see the opportunity to fund your account as part of your onboarding experience. If you decide to skip that step, you can always tap on the Add Funds button on the Portfolio screen. However you choose to fund your account using your debit card, follow the steps below.

As a reminder, debit card purchases typically settle nearly instantly. The minimum fee for using your debit card is $3.99 or 3.75%; whichever is greater.

Step 1: Access the funding screen as part of your onboarding experience, or by tapping on Add Funds from the Portfolio screen.

Step 2: Tap on Debit Card to get started.

Step 3: Tap on Select Currency and choose either Ethereum or USDC to fund your account for the first time. If you're not sure which to get, we recommend starting with USDC, a stablecoin that is intended to have a 1:1 value to a US Dollar.

Step 4: Tap on the amount field at the top and enter how much you want to buy. If you'd like to see the fee breakdown before purchasing, tap on the area that starts with You get... Tap on Continue when done.

Step 5: Complete your identity verification. This only needs to be done once, and requires that you have a government issued identification card or driver's license and can take a selfie for verification. Once this is done, you will not have to do it again. This is a legal requirement for establishing your account.

Step 6: Once you've been verified, you can enter your debit card details and tap on Continue.

Step 7: Review and Confirm your transaction. You should see the funds deposited into your account nearly instantly.

Using Apple or Google Pay to fund your account

You can also set up your account to use Google Pay or Apple Pay to fund your account with your debit card at any point. This can only be done after you've set up your account for the first time by completing the steps above.

Step 1: Complete steps 1-5 above. You must still verify your identity before being able to proceed.

Step 2: Review and confirm your transaction details, then tap on Buy with Apple Pay for iOS devices or Buy with Google Pay for Android devices.

Step 3: Confirm with Apple or Google and submit your transaction. You should see the funds deposited into your account nearly instantly.

Coinbase

Sock makes it simple to transfer funds into your account by using Coinbase as a funding source, either to use existing crypto you hold there or to use your stored payment methods on Coinbase to buy crypto. In this example, we'll cover both path to funding your Sock account using Coinbase.

You can fund your account as part of the sign up experience the first time you use the app, or from the Portfolio screen by tapping on Add funds.

Option 1 - Fund your account using stored payment methods on Coinbase

You can use existing stored payment methods on Coin base to fund your Sock account. In this example, we're using an existing Citibank account that was already used on Coinbase to buy crypto there. Coinbase makes it easy to use those stored payment methods on other investing apps, like Sock.

Step 1: Log into your account and view your Portfolio.

Step 2: Next, tap on the Add Funds button just below the graph.

Step 3: You'll be presented with a handful of options. Choose Coinbase at the top.

Step 4: Log into your Coinbase account and verify your phone number or email (if necessary).

Step 5: Authorize Sock to access your stored payment methods and existing crypto by scrolling down and tapping on Authorize.

Step 6: Tap on one of the supported assets you can buy using Coinbase. In this case, we'll use USD Coin (USDC). Then enter the amount you'd like to purchase, and tap Preview Buy. In this scenario, we'll do $10 worth.

Step 7: Preview your order and make sure everything is correct. If you're happy with everything, tap on Confirm to place your order. You'll see the confirmation that your order was placed, then tap on Done.

Step 8: Your purchase is now complete and you should see your funds show up in your Sock portfolio moments later.

Option 2 - Fund your account using crypto you hold on Coinbase

Instead of using cash to fund your Sock account, you can also use some crypto tokens that Coinbase supports.

Sock supports the transfer of the following assets in from Coinbase:

  • Ethereum (ETH)

  • USD Coin (USDC)

  • Dai (DAI)

  • Wrapped Bitcoin (wBTC)

  • Arbitrum (ARB)

  • Coinbase Wrapped Staked ETH (cbETH)

  • MAGIC (MAGIC)

  • Sperax (SPA)

To begin, follow steps 1 through 5 above. Once you've authorized Sock to connect to your Coinbase account, take the following steps to transfer your assets from Coinbase to Sock.

Step 1: Tap on the asset you'd like to use to fund your Sock account. In this example, we'll choose USD Coin (USDC). Enter the amount you'd like to transfer, and tap on Preview Send.

Step 2: Preview your order and make sure everything is correct. If you're happy with everything, tap on Confirm to place your order. You'll see the confirmation that your order was placed, then tap on Done.

Step 3: Your purchase is now complete and you should see your funds show up in your Sock portfolio moments later.

You're now free to swap or send your USDC, or turn it back into cash by using our Withdraw feature.


Making your first swap (aka trade)

Trades, or swaps as they are called in the crypto world, are an easy way to take one cryptocurrency and exchange it for another. When initially funding your account for the first time, you'll likely have Ethereum (ETH) or USD Coin (USDC), either of which you can exchange for something else if you'd like. The same is true when someone sends you crypto tokens. If you want to exchange them for something else, here's how to do it.

NOTE: This document assumes you have already funded your account and have a balance on your portfolio. If this is not the case, please see our getting started article.

Option 1: Exploring "Invest"

The "Invest" screen helps you understand what options there are for you to invest in. From here, you can search if you have something specific in mind or you can explore the different selection on the screen. Once you've found what you're looking for, you can swap something in your account to get it like this:

Step 1: You’ll head to "Invest" in the navigation at the bottom of the screen

Step 2: Either Search or find a token you want to get and tap on it

Step 3: Once you've explored the token you want, tap on "Trade Token Symbol" where Token Symbol is the symbol of the crypto you want. In this example, let's use Tether (USDT).

Step 4: Pick the token you want to exchange for Tether, then enter the amount.

Step 5: Tap on Review and then Place order for your transaction


Option 2: Swap from your portfolio

You can also swap an asset that you already have in your account for something else directly from your portfolio. To swap from your portfolio, do the following:

Step 1: Navigate to your Portfolio screen, and scroll down to Your Account

Step 2: Tap on the investment or available funds that you want to swap, in this case Ethereum.

Step 3: Tap on "Trade Token Symbol" where Token Symbol is the symbol of the crypto you want. In this example, we're using Ethereum(ETH).

Step 4: Tap on Swap to exchange this asset for another. Note that only ETH and USDC require this step. For anything else, go to step 5.

Step 5: Pick the token you want to exchange the ETH for, in this case Tether (USDT), then enter the amount.

Step 6: Tap on Review and then Place order for your transaction.


The importance of backing up your Sock account

Backing up your Sock account is absolutely critical to ensure the safety and security of your funds. Sock is a self-custodial application, meaning that we do not hold custody of your crypto. Your crypto is secured on the blockchain, and Sock is an application that allows you to interact with your crypto without holding it like a traditional bank or investment app would. This means you bear all responsibility in being a good steward of the crypto you hold.

⚠️ If you do not back up your wallet, you may not be able to recover funds.

You must back up your Sock account in order to ensure that you have access to your funds secured on chain. You have two options for this:

  • Manual backup - you can manually write down and store your 12-word secret phrase, which can be used to access your account. In this scenario, you are responsible for keeping your 12-word phrase safe and accessible.

  • Cloud backup - you may also securely store your encrypted phrase on Google Drive or iCloud using Sock's cloud backup. Your keys will be encrypted and unusable were someone to access your Drive or iCloud account. The files stored there are only usable in the Sock app.

It is recommended that you complete this entire process before using Sock on a new device or getting a new phone. If you have successfully backed up your device, you can follow the instructions in "How to restore your Sock Account on a new device or phone"

Backup using iCloud or Google Drive:

In Sock, you can instantly backup your Sock account using our Backup feature. When you fund your Sock account for the first time, you are prompted to back up your account. If you opt-out but change your mind later on, you can decide to back up your account by tapping on your name from the portfolio screen to access Settings.

Step 1: You’ll head to PortfolioSettingsAccount backup

Step 2: Select Back up my key to iCloud/Back up my key to Google Drive

Step 3: You’ll then create a password for your backup. Select a password you can remember, it can’t be recovered once set!

Backup Manually:

If you prefer to back up manually by securing your secret phrase on a piece of paper or other physical object, then you have that option too! Just make sure your secret phrase is secure in a separate location.

Step 1: Follow Step 1 above, then choose Backup manually.

Step 2: Manually back up your 12-word phrase and keep it somewhere safe. We suggest you do NOT take a screenshot of it, as it not as secure as using Apple iCloud or Google Drive backup. Write it on a piece of paper, and keep it somewhere very safe.

Even if you use our backup feature, it’s recommended you also back up manually. It never hurts to keep your secret phrase secure in addition to the iCloud or Google Drive backup!

Never ever share your secret phrase with anyone! Your secret phrase is the password to your Sock account. Giving this secret phrase to someone will give them complete and total access to your account. Sock will never ask for this information, nor do we require it for any troubleshooting or help from our support team. If your account is compromised, Sock is unable to help with recovering your wallet.

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