Frequently Asked Questions

Can I transfer Dollars, Pounds, or Euros directly?

Afraid not. At this stage, LockerX supports all the major Stellar Assets. You can enable them from the wallet page. We are working to integrate with existing anchors to enable direct fiat deposits.


How does the Proof of Funds contract work?

You can create a Proof of Funds contract from your dashboard. You need to fill in the following information:

  • Amount and asset your want to lock, for example 1000 Lumens or 50 USD.
  • Unlock Date, how long you want to lock your assets for.
  • Reference, for example an invoice reference number
  • Your contact details, if different from the contact details of your wallet
  • The other party's contact details. We will use the email you specify to get in touch with them to request they verify your funds.

After you create the contract, LockerX will create a new account on the Stellar network and setup the smart contract:

  • Funds from the wallet will be transferred to the Proof of Funds account.
  • The Proof of Funds account will be locked.
  • We will email the other party with information about your Proof of Funds and instructions on how to release your funds.

After your Proof of Funds contract is verified by the other party, the locked funds will be returned to you.


Are the funds in the smart contract safe?

Yes, the funds are safe. When the contract is setup, we restrict the Stellar account to only be able to perform two transactions:

  • One to return your funds after the Proof of Funds is expired.
  • One to return your funds after the Proof of Funds has been verified by the other party.

You can independently verify your contract status by using third party tools such as Stellar Expert.

What do the icons in the Proof of Funds view mean?

The icons show the status of the Proof of Funds:

  • N: The contract was created on LockerX.
  • C: The contract account was created on the Stellar Network.
  • L: The contract has received the funds and locked them.
  • U: The contract was verified and the funds unlocked.
  • E: The contract expired before being verified.


Is my Stellar account safe? How do you store the secret key?

Yes, we take security very seriously. We follow and keep reviewing all the current best practices. The secret key is encrypted using Google Cloud KMS, and stored in Google Cloud SQL. Database tables are encrypted.

I have found a security issue on LockerX, what should I do?

You should email us at security@lockerx.co.uk. We will be in touch with you as soon as possible.


Can I change the smart contract after creation?

The smart contracts created by LockerX are immutable, that's what makes them secure!


What time zone do the smart contracts use?

LockerX uses your local time zone by default.


What is Unlock Date in Proof of Funds?

This is the date and time at which your funds will be unlocked and returned to you if the other party did not verify your ownership of funds.


Is LockerX free?

We do not charge any fee for the Proof of Funds smart contract. You only have to pay the Stellar Network fee for each operation. You can create hundreds of smart contracts for a fraction of a cent!


What if I sent a Proof of Funds request to the wrong email address?

We send a unique URL to the email address to make sure only they can verify your Proof of Funds contract. If the email address does not exist, then your funds will be locked until the expiration date, after which they will be automatically returned to your wallet.

LockerX Account

What if I forgot my password?

You can request to reset your password here.


How can I keep my account safe?

You can activate Two Factor Authentication from the account settings page. Remember to back up the recovery codes!

What personal information does LockerX keep about me?

We store only the strictly necessary information about you. For more information you can view our Privacy Policy or contact us at privacy@lockerx.co.uk.


How do I delete my account?

Please email us at privacy@lockerx.co.uk and we will delete your account and personal data.