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FAQ

General

What is Merlin?

Merlin is an AI-powered non-custodial wallet for trading tokenized stocks and crypto on Ethereum. You trade by chatting — just type what you want.

What are xStocks?

xStocks are tokenized tracker certificates that track the price of real-world stocks 1:1. They are ERC-20 tokens on Ethereum issued by Backed Finance / xStocks.fi. They are NOT actual shares — they are on-chain tokens that mirror stock prices.

Is Merlin custodial?

No. Merlin is fully non-custodial. Your private keys are generated and stored on your device. The backend never sees your private key. You sign all transactions yourself.

What blockchain does Merlin use?

Ethereum only. Mainnet for production, Sepolia for testing.

Account & Security

How do I log in?

With your device's biometrics (Face ID, fingerprint, Windows Hello) via a passkey. No email or password needed.

What if I lose my device?

If your passkeys sync across devices (e.g., via iCloud Keychain or Google Password Manager), you can log in on another device. If not, you'll need your 24-word seed phrase to recover your wallet.

How do I back up my wallet?

Go to Settings and tap Export Seed Phrase. Write down the 24 words and store them safely offline. This is your master backup.

Can I use Merlin on multiple devices?

Yes, if your passkeys sync (via iCloud, Google, etc.). Otherwise, you can import your seed phrase on a new device.

Trading

What can I trade?

  • 80+ tokenized stocks (Tesla, Apple, NVIDIA, Google, etc.)
  • ETFs (S&P 500, Nasdaq 100, Gold, Silver)
  • Crypto (ETH, USDC, USDT)

Are there trading limits?

  • Minimum: $1
  • Maximum per trade: $10,000
  • Daily limit: $50,000
  • Rate limit: 10 trades per minute

How much are gas fees?

Gas fees vary with Ethereum network congestion. With gasless mode (EIP-7702), you can pay gas in USDC instead of ETH.

Can US residents use Merlin?

US residents cannot trade xStocks (tokenized stocks) due to regulatory restrictions. Crypto trading (ETH, USDC) is not restricted.

How long do trades take?

Trades are confirmed on Ethereum within 12-30 seconds (1-2 blocks).

Troubleshooting

My trade failed

  • Check that you have enough balance (including gas fees)
  • The token may have low liquidity
  • Try again — Ethereum can be congested

Prices seem wrong

Prices update every 60 seconds. If the market is moving fast, the displayed price may be slightly stale.

I can't log in

  • Make sure your device supports biometrics (Face ID, fingerprint, Windows Hello)
  • Try a different browser if biometrics aren't available
  • Clear browser data and re-authenticate if passkey issues persist

The app seems slow

  • Check your internet connection
  • Ethereum RPC calls can be slow during congestion
  • Refresh the page