Bitcoin Forum

Hey all.  To those of you that own altcoins and store them in wallets, how do you make sure the wallet you google is legit?  Example there are over 1000 coins available on coinmarketcap. 


Let say you buy 10 different coins on bittrex and binance.  Let say they are not compatible with your hardware wallet such as ledger nano s or trezor.  Thus you have to download the actual wallet itself or keep it on an exchange.  There is a thread here where ppl say don't keep your coins in an exchange because its not safe.  First off, if you keep your coins in the most legit exchanges say bittrex or binance... is that generally safe from hacks?  Now what if you have 2FA on it as well.  Is that safe enough or not?  Someone mentioned if you have 2FA on it, then thats good enough.


Now in terms of altcoin wallets, do you people who own say altcoins that you cannot store in a hardware wallet all download the actual wallet for that specific coin?  But how to make sure that wallet is 100 percent legit?  Example say its bluecoin or greencoin to make it simple.  You can't put those coins in nano ledger s or trezor.  Then where do you store these coins?  I think it would be really annoying having to download all these wallets for every coin you own that isn't allowed on a hardware wallet.

What type of wallet are you using? mostly and almost all use wallet that is ERC-20 format where as most of the coins produced are in the said format. It is true that keeping your coin in an exchange site risks it and you should transfer it fast. For safe keeping, use wallets which are popular like MyEtherWallet. As of my experience, even the new coins this year is in the same format which MEW can access.

Hello jerry0,

We understand if you have invested in many different altcoins it might seem like a lot of trouble to download each individual wallet. However, as you stated yourself, leaving them on an exchange is not the safest method of storage. The same goes for multi-coin wallets, both these kind of wallets don't give you access to the private keys making you dependent on 3rd parties to store your coins. One of the main advantage of cryptocurrency is that it gives you the opportunity to be your own bank. To live up to this concept users must control their own private keys. Then again, if you are investing small amounts  leaving them on an exchange will only leave you open to a small risk.

There are also other reasons to install the dedicated wallet of each coin. First of all if you are investing in a coin it is wise to see what kind of network they are offering. Installing a wallet of the concerning coin is a great way see how well the network operates and what the team is capable of. When choosing a wallet we always recommend our customers to download the wallet officially recommended by the community. So for greencoin you should just visit the website: http://greencoin.life/ and download the wallet recommended on the website itself.

With kind regards,

The Anycoin Direct team

2FA will make your account more protected but it's still very risky because Exchanges are an attractive target for hackers, legitimate wallets are wallets that are supported or recommended by the project team, but most recommended wallets are hardware wallets and we have to download and sync if we want to use it, there are mobile wallets whose private key is managed by the user but unfortunately most wallets only support tokens and some Altcoin

There's no much option. Either you need to store them on exchange, a web wallet if available or the desktop wallet.

The best way to get to the official wallet is just to point at the official website listed in the coinmarketcap. They are generally authentic.
You can further confirm it by visiting several other links like the announcement in the forum, facebook, twitter, reddit page or medium and discord.

Download the wallet from the official site of each project. Scan the wallet file with an updated antivirus and send it to Virustotal site before installation. To add an extra security layer install the file on a virtual machine. With these steps you can reduce risks. On the other hand, there are wallets like coinomi that support various altcoins.

so you already know about coinmarketcap... that is a good place to start. when you open the link to each altcoin there and visit their pages you can see there are multiple links on the top left corner of the page above the charts. these links go to the (1) official website (2) twitter and other social media links of the official devs (3) announcement topic on bitcointalk, (4) and a bunch of others like explorers,...
you can use (1) or (3) to find the link to  the wallets that are legit.

I also use it. some exchange of tokens is also compatible with MEW, such as Okex. to store altcoin or token, MEW is the right choice.

Please don't google wallets if you are looking for one. You'll likely to end and click the fake ones that are using SEO/ad.

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That's an additional security but that doesn't guarantee your safety. Just be responsible and don't download unusual software and don't input your details to any website about your seeds.

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Yes, you have no choice but to download their specific wallets.

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No it's not annoying, if it annoys you then don't buy those coins and choose only the ones that are supported by nano ledger s or trezor.

Here is useful link on the topic, how to choose wallet what are the differences among them, from where to begin: https://icoguide.com/en/blog/5-types-of-cryptocurrency-wallets-and-where-to-begin-with-each

I keep my savings on big stock markets. 2FA gives me confidence. I don't trust the wallets because I've had problems before. You should listen to people's ideas.

i would really nodd adivce you to store your savings at exchnages. The last time i did this the eschange went down (half a year a ago) and i think the site is still not up again. The tokens i stored nearly lost 95% of value lol

The best way to safely store your coins is to nano ledger s or trezor. This is really the best wallet that many people use. If I have coins that can not be stored on these purses, then I just skip to my PC a purse on which I can store these coins.

It varies from coin to coin so it greatly depends on the altcoin that you are talking about holding. There are some coins which are not supported in hardware wallets so what you would do in such a case is to go on the website of the coin and download the wallet that is provided there on to your pc. That way you can be sure that you are getting the right wallet for the altcoin.

This times, I am in need of a Wallet that can be used for most of my altcoin. You give me opinions and choices, I prefer open source software!

Just to be safe, you should avoid using public wifi and secure your pc with strongest antivirus etc. Put your private key or passphase in usb or in secure location.

Just remember that exchange or crypto currency wallet are not 100% safe, there are always possiblity that it may loss or attacked by hackers.

Ledger nano is one of the best wallets of altcoins. It is having great features with amazing security. It is being worthy much day by day.

It’s very essential element for you altcoin security. For this reason you need to chose a secure wallet. So many wallets are available in the market. But i suggest you can use hardware wallet. These wallets are safe and cheap also.

we can either store the coins in the wallets or exchange them. The majority would say that leaving the coins in the exchange is not a good idea. And there are a lot of options to choose from. Go to the different discussion threads and forums where there are recommendations regarding which is the best wallet to choose from.

I use myethwallet for altcoins storage, its more secure and safer than the exchanges, from exchanges i even experienced my coins vanishing in a night

Well, then you need to invest in a crypto project and Socratus is more than a crypto project

You asked the right question. In fact, there is no need to download for every coin that you own a separate wallet. If you use a wallet Ledger Nano S, or a Trezor, these wallets are integrated with the MEW, and this means that you can store almost any token on the MEW  using your hardware wallet. Also, hardware wallets can store a huge number of other coins, such as bitcoin, ethereum, monero, dash, NEM and others.

The majority of the coins now are erc 20 tokens .So for storing them you just need a wallet compatible with erc 20 and all hardware wallets will support erc 20 wallets.

That's an interesting post. But either you can store your coins in online wallets or the hardware wallets. Many likes to use the wallet in the official website.

I use MyEtherWallet for ERC20 tokens and dedicated wallets for coins that are non-ERC20. Like the dedicated QT wallets for Windows, Daedalus for Cardano and SimplEOS for EOS and tokens. I always use 2FA and have a password manager so I use different random passwords for all the (online) services I use. I try to keep my security as top notch as possible. Being hacked once makes you kinda paranoid so better safe than sorry.

The best way to keep the coins safe if to store them in a wallet. It keeps the coin safe from hackers and makes it easy for the user to transfer the coins. keeping it in exchange sites is a risk a hacker can steal from there. But it is necessary to choose a wallet which provides most security and all the other facility.

wallet is the your main store house for storing your bit coins you can install them from their official sites it offers the best security to keep your coin safely , but the problem is there is lot of option so it bit hard to choose which will be better so for this you must know what kinds of facilities you want then you can choose it as per your need

I'm just using myetherwallet to store any ETH based altcoins, never had a problem with it so far. Store any big holdings offline.

I know it's kind of frustrating that some coins cannot be stored using a hardware wallet, but we have to play by the rules. If you really want to know if your wallet that you are going to download is legit, you must first go visit their official website or you could search their official thread here in Bitcointalk.org because most coins tend to have a thread here that have all the necessity that you need. About storing your coins in some big exchanges, it is still not safe even though you have 2FA on because the bigger the exchanges, the more likely it will get hack and lose your funds in the process.

thats good enough. It is being worthy much day by day. never had a problem with it so far, Being hacked once makes you kinda paranoid so better safe than sorry.

This times, There are some very good 3rd party software provided by the 3rd party, bitcoin support and lots of altcoin!
You can use: Coinomi wallet, Jax wallet!

I combine Myetherwallet and Metamask to make my money safe. I use wallet for storing my token from bounty and I think that I don't needed to buy Hardware wallet but maybe In the future I will needed.

Actually you can download from their official website so that you can get legit wallet also for security you can scan with antivirus so can be safe also you can avoid public wifi so you can safe from hackers also based on this we need to aware of the securities purpose.

www.slate.io just launched their wallet!! Super secure multisig network

I always prefer the hardware wallet but if you need to use a software wallet than I will suggest you to go for popular wallets. This will lessen your risk of being hacked.

The hardware wallet is the best for securing tokens, but we might have some coins that do not support the hardware wallet which you are currently using, which means there will be a need for software/App wallet, I think you should get yourself a safest wallet which is popular and free from hacking.

Doesn't matter how reputed an exchange is, it is never safe to store your coins in an exchange wallet. No matter how much they say that they are secured, they are always prone to getting hacked anytime. Again the exchanges might go down temporarily when you need your coins most, thus having no access to your wallet. To know if that wallet is legit or not, always download from their official website and make sure you are downloading from the right website and not getting phished.

There are several wallets that actually supports different altcoins depending on which blockchain they are launched respectively.. However, amongst all, Erc-20 wallets have gained prominence over the others. For them, there are both hardware and software wallets; the latter has been widely used based on the fact that no extra charges needed to get any software wallet. We have the likes of MEW, METAMASK, ImToken and co. Thou, they may be susceptible to phishing attacks, they have been serving many people.

Leaving one's token on an exchange wallet for me is a very bad idea. I can never resort to that. Many will even indicate that any token kept in their wallets at owners risk.

Everything works online can be at risk from hackers. Whatever wallet we have if hackers have the chance to open it, our wallet would be compromised. As of now, I am using MEW and iMtoken as they are the wallets mostly accepts those new existing ERC20 tokens in the market. So far, I dont have any difficulties on using them.

I am for the MEW at all. It is very comfortable wallet and its potential is quite promising. The speed of this wallet is good too so I do not see doubts.

My friends and I are sure  that MEW is the most suitable wallet for altcoins. It's easy in work, security is good too, and the speed of doing moves with money quite fast.

What type of wallet are you using? mostly and almost all use wallet that is ERC-20 format where as most of the coins produced are in the said format. It is true that keeping your coin in an exchange site risks it and you should transfer it fast. For safe keeping, use wallets which are popular like MyEtherWallet. As of my experience, even the new coins this year is in the same format which MEW can access.

I usually use Myetherwallet contain token from airdrop, sometimes use waves wallet.