No, but let us describe it in little more detail.
During new user registration process, PrivMX client application (run on user’s computer) generates a Master Key, which is used by the client app to create the structure of the account on the server (PrivMX descriptors, blocks, sinks etc) and can be treated as an “entry point” to the new account.
New user gives the PrivMX client application also their new password and in the default (convenient) web-based configuration the Master Key is encrypted using the password and sent to the server. The server do not store user’s password in any form, it stores a so-called SRP Verifier instead which is used to identify the user during logging in.
When users log in, the client application prompts for password and initiates the SRP procedure to establish a secure connection with the server and authorize the client for further communication as “logged in user”. Then, the PrivMX client application is able to download encrypted Master Key, decrypt it, and use it to access account’s data.
PrivMX WebMail client application generates also an additional “Recovery Key” during the user registration process. Public part of the key is sent to the server and can also be used to identify and authorize the user – when for some reason running the SRP procedure is impossible or uncomfortable for the client app or the user theirself. If an user wants to use the “alternative login” path, then they have to enter the private part of the Recovery Key instead of username and password.
In the default (convenient) web-based configuration, this private part is encrypted and stored similarly to the Master Key. All logged in users can download their private Recovery Keys and write them down somewhere. PrivMX WebMail uses BIP-39 mnemonics technique to make it more convenient.
If you want to know more about PrivMX internals and concepts, please read PrivMX Architecture whitepaper.