This content is for educational purposes only and is not financial advice. bunq doesn't give trading advice. Always do your own research or consult a qualified financial advisor before making any investment decisions. Cryptocurrency investments come with risks, including the potential loss of the principal invested. Prices can fluctuate significantly. bunq Crypto is powered by our partner Kraken.

Your private key is the secret code that controls your cryptocurrency. Whoever holds it can sign transactions and move your assets. It's the most sensitive piece of information in crypto, never share it with anyone, and never store it where others can find it.

How private keys work

Private keys are long strings of characters generated when you create a wallet. They pair with a public key: the public key is your receive address; the private key is your proof of ownership.

When you send crypto, your wallet uses the private key to create a digital signature. The network checks that signature against your public key. If it matches, the transaction goes through. No private key, no spend, even if someone knows your public address.

Keeping private keys safe

Most crypto theft happens because private keys or recovery phrases are exposed, through phishing, malware, or poor storage. Best practices include:

Never share your key or seed phrase. No legitimate service will ask for it.

Use hardware or cold storage for large, long-term holdings. See cold wallet.

Back up recovery phrases offline in a secure place only you can access.

Private keys and bunq

With bunq Crypto, you don't manage private keys directly. Your crypto is held securely through our partner Kraken while you control access through the bunq app, the same way you secure your Bank Account with login and biometric security.

Frequently asked questions

What's the difference between a private key and a seed phrase?

A seed phrase (recovery phrase) is a human-readable backup that can regenerate your private keys. Both must be kept secret. Losing either without a backup can mean permanent loss of access.

Can bunq see my private key?

When you hold crypto through bunq and Kraken, custody is managed by the platform. You access your portfolio through the app rather than exporting raw private keys for self-custody.

What happens if my private key is stolen?

An attacker could move your funds. Act immediately: transfer remaining assets to a new wallet if possible, and report the incident to your platform or authorities. Prevention is far easier than recovery.