Bitcoin Forum

I am a newbie in bitcoin form. I invested in Bitcoin a few days ago. I don't understand one thing. I will invest in Bitcoin for the long term. I use a mobile device. Now what wallet do I use to keep my bitcoins safe. I have total three wallets installed on my mobile device.
https://i.imgur.com/7yhaTDg.jpg
Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

Welcome to the forum mate. You definitely need to read more about bitcoin because it is not advisable to rely on people’s suggestions only, you can read through here for basic knowledge  https://learnmeabitcoin.com/ (https://learnmeabitcoin.com/)
The electrum wallet is the most secured among the three wallets but the mobile electrum wallet doesn’t have many features like the desktop version. The other mobile wallet I would suggest again is the blue wallet, it is self custodian wallet and also open source. Whereas the trust wallet is not open source and it is not advise to put your funds there
 
Take your funds off centralized exchanges, once the key doesn’t belongs to you then the coins aren’t totally yours. So transfer the coins to the electrum wallet on mobile device or import your private key to BlueWallet.

You must learn about non-custodial (also called as self-custodial) wallets vs custodial wallets.

Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained. (https://bitcointalk.org/index.php?topic=5173370.0)

Avoid storing your bitcoins on exchanges. Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)

You can consider Electrum wallet or Bitcoin Core. Electrum wallet is available for Windows, MacOS, Mobile (Android) and it is light. Bitcoin Core is better but it requires more storage space.

[GUIDE] How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)

Ever since the FTX exchange scam, everyone has been avoiding exchange wallets. I would always suggest using a hardware wallet where funds are supposed to be kept safe.  If there is any problem in using hardware wallet then you can use some mobile wallets with more security. You can use Electrum wallet or Mycelium wallet considering the security aspect. These wallets are very secure so hopefully you can keep your bitcoin safe in these wallets.

You have 6 Merits in your account and that means you have passed newbie member Rank. There are many wallets that one can use to save his or her coins. As a beginner I will not advise you to use Trust wallets, because under trust wallet there are other wallets which are connected to Binance which might confused you to use as a newbie. But Electrum is the best wallet ever. But this high fee rate in the transaction process is the problem now. Op please don't keep your coins in the exchange platforms but in the wallet.

Make sure that your bitcoin is not left on that centralized exchange because they are custodial wallet and have more of disadvantages than the advantages of using them, i will recommend you two category of non custodial wallets which you can try make use of, they are cold storages and one example had already been given you with the use of electrum wallet, try check this ones as well.

bitcoincore, for your maximum security, you can download the software Applications and run it,
https://bitcoin.org/en/bitcoin-core/

Open Source Hardware Wallets, go for this category as well if you can spare some amount of money to secure one by purchase.
https://bitcointalk.org/index.php?topic=5288971.0

You can learn more about the hardware wallet, which is rated as the safest bitcoin storage wallet to date. If you decide to use a hot wallet, it is one of the three that you have installed. I would trust Electrum, in my opinion, it is the safest wallet as well as the easiest to use, Mycelium is also a good choice but stays away from Trustwallet as it is a closed source, not trusted.

But no matter which wallet, your bitcoin is safe or not largely depends on you, not entirely on the type of wallet. If you don't take good care of your seed phrase, then even using a hardware wallet cannot guarantee the safety of your bitcoins. As a newbie, you should spend more time learning about security than thinking about profits.

Seeing as it's for the long term, then a hardware wallet. Electrum would work as a temporary one for now if you have no funds or still planning to buy, but if you can, buy a hardware wallet immediately. Honestly, I would've probably recommended you to read up on Bitcoin, exchanges, and wallets first before telling you to proceed with your buy orders, but since that's past, we can only go for the next best option temporarily.

Honestly, you're doing fine so far, keep using electrum and don't store your coins in exchanges (in this case kucoin), and buy a hardware wallet if you actually can. Also start planning up a plan, maybe DCA as a recommendation since it's a long term investment.

Move your BTC's from Kucoin into your Electrum wallet, do not use Trust wallet, it is closed source and we do not know how the keys are generated, and Trust wallet is also owned by Binance, and CZ is very shady. Electrum is a self custody wallet, as you set up your Electrum wallet, the software will generate your seed phrase, back it up securely and in more than one location if possible. If the amount of BTC's you bought is big, you need a hardware wallet or to run electrum on an air-gapped device, but if it is not, you can use Electrum on your online device with great operational security, and you will be safe.

For someone who is not well acquainted with the advantages and disadvantages of individual crypto wallets, it may be best to keep your coins where you bought them, regardless of the possible risks that arise from that.

When you acquire some basic knowledge and are able to apply them, you can save your coins for long-term storage, keeping in mind that mobile crypto wallets are the riskiest because most users have a very low level of security on their smartphones.

The same can be said for desktop wallets, although again it depends on how you use your personal computer, and although most will advise a hardware wallet, that option will only be safe if you use all the advantages of such storage, and of course ensure a properly stored backup.

In addition to the posts above, even if you have a secured wallet without basic knowledge of how to protect your device from attacks, your Bitcoin is still unsafe to store in your mobile wallet.

I don't know what exactly your phone unit model but there are some mobile phones that have a security feature where you can store your wallet securely and safely like Samsung where they have a hidden folder protected by Knox. All my crypto wallets are installed on that Knox-secured folder copy pasting does not work on cross-profile(Or copying data from the secured folder to your personal folder but it works on vice versa) which is safe if you are doing some activity in your phone while your wallet is in a secured folder.

If your phone is not Samsung then I think installing a Kaspersky will help you protect your device from any viruses and malware attacks also it blocks some phishing sites but not all phishing based on my experienced so you still need to learn how to avoid those phishing sites.

Electrum or Mycelium are good wallets because both of them are open source, non custodial and adjustable fee. But if you're use those wallet in your daily driver phone or connected to internet, you're use it as a hot wallet and it's not really safe. There's a risk your phone would be infected with malware which you not know where it's come. The best is just bought a hardware wallet e.g. trezor or ledger.

There are two forum members who use Electrum as a hot wallet but their coins are gone:
1. Hacker moved coins from my wallet (https://bitcointalk.org/index.php?topic=5450708.msg62172348#msg62172348)
2. I've been hacked (Electrum 4.3.2)  (https://bitcointalk.org/index.php?topic=5433643.msg61568681#msg61568681)

Bitcoin can be stored in both custodial and non-custodial wallets, and there are numerous wallet types to choose from. I personally use non-custodial wallet, which is secure, despite reports of the exchange's security being breached. Wallet recommendations vary based on the user's level of experience. Following the high gas fees, trust wallet is probably a good option. I would also recommend Binance wallets for quick trade because it is ranked top on the and is well-known in the market. Binance CEO, Changpeng Zhao is doing everything in his power to meet users' expectations.

Experts will recommend hardware wallets because it's the safest it will cost you but you have peace of mind hardware wallets are good for HODLING your coins, if you want wallets that you can use if you often transact I recommend Exodus its safe and they always update their wallet I just updated my Exodus wallet before posting this.
But if one thing that you should not miss is securing where you install, whether it's a hardware wallet, a desktop, or a phone, you need as much possible advanced knowledge on how to secure where your wallet is stored.

Your security depends so much on what you know and how you apply it, remember you are your bank we know traditional banks put the strictest security, so you should be also.

i'm using the desktop version of Electrum, and I'm happy with it, I've been using it for five years and haven't had any problems.  but I think using a hot wallet and constantly being connected to the internet will not guarantee the security of your bitcoins, even if you are sure your security is very good.
I'm just a small investor and don't have a lot of bitcoins so I don't think I need a hardware wallet yet.  But if you have a lot of bitcoins then you are better off buying a hardware wallet, which is the best choice for storing bitcoins.

A wallet which have many updates isn't a proof if the wallet is safe because Exodus is a closed source wallet and there were people complaining about Exodus, but the good one is this accusation EXODUS + N.Exchange = SCAM | STAY AWAY (https://bitcointalk.org/index.php?topic=5444187.msg61885830#msg61885830), even though Exodus wasn't the one who should be blamed, but they're accepting the shady third party provider is really a big question.

A hardware wallet isn't really expensive, you can buy it for ~$100 which is 1-3 weeks of signature campaign payment.

He was fulfill the users' expectations by not asking KYC for withdraw less than 2 BTC, but now? he use his power to manipulate it.

Don't trust any centralized exchange including the biggest or most popular.

It's less than $100, my brother just asked a friend to buy a Trezor One wallet and it's only $69. If you purchase and require shipping to your area, you may pay an additional $10 shipping fee. We can see it is not cheap but not expensive compared to the value that bitcoin will bring us. I know many people will say they don't have money, don't have a lot of bitcoins, and that buying hardware wallets is a waste. But if you consider it in the long run, it is worth it because your bitcoins will give you many times more profit than buying a wallet.

This is more of a question you could ask in the Beginners & Help (https://bitcointalk.org/index.php?board=39.0) section of the Bitcointalk forum but I will gladly answer your question:

First of all, do not trust Trustwallet. Ironically, since it is closed-source, it is not a wallet you can trust. Furthermore, it is a wallet which is owned by an exchange; Binance.

Do not keep your coins in a third party wallet which can take them away from you at any time for any reason. This goes for all centralized exchanges. Kucoin and Binance included.

Mycelium and Electrum are both good wallets but I myself prefer Electrum. And I think most Bitcoiners on this forum would probably say the same thing. Although if you really value your security you should invest in a good hardware wallet, instead. That is the safest and best option currently on the market.

Please follow some basic rules to keep your bitcoin safe.

1. Never keep your bitcoin in a mobile wallet. Mobile is easier to hack.
2. Use a desktop wallet. Electrum is a good option. Ensure you have a licensed internet security installed in your PC or laptop
3. Don't use useless/porn website from the PC or laptop where you are keeping your bitcoin. Porn websites are the greatest source of malware
4. Have a separate wallet address for receiving payment which you can disclose to public. Separate out your main wallet.

This does not guarantee that your bitcoin will remain safe and the chance is higher for sure.

You should prioritize wallets that are open-source, non custodial (self-custodial) and have good reputation.

• Trust wallet is close-source
• Electrum, Mycellium are open-source

All three wallets are non-custodial.

I will prioritize Electrum wallet. It supports Bech32 address and Lightning Network.

Don't store your coin on exchanges if you don't want to trade it.

One thing if you want to invest long term but still confused which wallet to use then the best wallet is hardware at least you take the time to buy it and if you don't have enough money to buy it then you can save from now then the Bitcoin you save in Electrum because it is the best type of wallet I feel.

Actually there are many types of good wallets but Electrum is more recommended because it has a good reputation.
Saving in a hot wallet does have risks, there are also some cases where their wallets can be hacked and that's what you have to watch out for, especially if you have long-term plans for bitcoin, so it's better to try to buy hardware.

I use Coinbase wallet, I find Coinbase wallet very safe.  Coinbase wallet is best for holding bitcoins. But if one wants to invest bitcoins without holding then trust wallet is better.  However, many people are worried about wallets because each person suggests different wallets.  However, hardware wallets are much safer than software wallets.

Two very bad options that are not recommended. Coinbase wallet and Trust wallet are both closed source, these are wallets that you cannot verify their codes and be sure of what is happening behind the scenes. Coinbase wallet is also owned by coinbase[dot]com and Trust wallet is owned by Binance, with the recent events happening to centralzed exchanges and services, it is a bad choice to use a wallet owned by one, even if they claim it is self custody and that you own the seed phrase, you can't be sure how it was generated or if you'll lose your funds if the parent exchange collapses.

That you have recommended two bad options as the best for holding BTC's shows you don't know what is safe for your funds. Use Electrum, it is a self custody wallet that is open source and recommended by a great part of the BTC community.

You should not be keeping your bitcoins in an exchanger for longer than required. Well, you can even move these bitcoins to a secure location while you are still looking for good wallet. I would suggest you should create a new address from the bitcoin address generators available from various sources. I would recommend to visit GitHub bitcoin address generator which seems to be way safer.

You will get two things out of bitcoin generator. First, a private key which you should not be sharing with anyone since it is your way to access your coins over wallet where you will be importing this address.

Get your coins transferred to this newly generated address. Believe me now you are 99% secure as compared to having them on exchanger. :-)

The next up, once you select the wallet, and in this case preferably desktop version of Electrum wallet. Here you can import your above generated address and have them safely stored.

The only safe place to keep your private key and access to your BTC is your brain. Memorize your private key.  ;D ;D

With the emojis at the end i don't know if you are trolling, but your brain is probably the worst option to store your keys or seed phrase, you can naturally forget it or its correct sequence, or a brain injury or disease could also affect you and you will forget what you have stored in your memory. Write your seed phrase down on a sheet of paper and have more than one backup in possibly two different locations; or you could engrave your seed phrase into steel for it not to be destroyed by fire, water, etc.

You already have a choice and that's Electrum. That's a good wallet to begin with your holdings, so if your bitcoins are still in kucoin then transfer it immediately now.

However, the fees have been too high lately so check the fee first before transferring and see if kucoin's withdrawal fee is still bearable or not.

And from there, decide if you're willing to proceed the transaction and if it's okay to you the fee that they're showing to you that shall be deducted to your principal amount of btc there.

Thank you all for explaining so beautifully. Many people talk about many wallets, I chose Electrum wallet. I am going to use electrum wallet.

Try to invest in a desktop too. Use Electrum there instead and it's a good way to keep you out from your investment. To avoid spending it or buying and selling if your purpose is long term investment.
Mycelium for mobile devices but this is only as a wallet, just for your own spending purposes if ever you are having some financial troubles.
When it comes to keeping, it's either a cold wallet if you have some money to spare or what I said earlier, Electrum for temporarily keeping it. As your investment grows you must really invest with a secured option.

Welcome to the forum and have an enjoyable journey learning about Bitcoin.

Among all the wallets you mentioned Electrum is by far the best and safest of them all but if you want extra measures to keep your bitcoin safe you can always buy a hardware wallet.
As many people already told you never trust cex to store your crypto holdings. Not your keys, not your coins.
Not so safe at all. Memorizing 12 word seed phrase is already hard for some of us let alone a whole private key who consist of random numbers and letters.

Although there have not been any problems for those, who have been using the 2 wallets you mentioned.  but it is very risky to use them to store your bitcoins, both are closed source wallets, and it is not more secure than Electrum or other open source wallets.  I recommend moving all your bitcoins out of them and finding yourself a real non-custodial wallet.  i recommend you and OP to use Electrum as I mentioned earlier.

This is something we constantly warn about, but as I wrote in my previous post, for a beginner who is not familiar with how non-custodial wallets work, there is a significant risk that something bad can happen even if he keeps his coins in a non-custodial wallet. I would advise every beginner to first learn some basics, and only then invest - otherwise there are chances that something bad will happen, and we know that mistakes are expensive.

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It would be good if you read how to safely download and use Electrum ->

[GUIDE] How to Safely Download and Verify Electrum [Guide] (https://bitcointalk.org/index.php?topic=5240594.0)

I think electrum wallet is the best wallet out there if you are using a mobile device.  Trust wallet has the reputation of getting hacked multiple time, so I don't trust it anymore.   I have no experience in mycelium, so can't say for sure if it's good or bad.  I have seen multiple thread about the best wallet and electrum seems to be the best option.
Keeping your Bitcoins in a centralized exchange is not a very good idea.  And keeping Bitcoin in software wallet in smartphones is also a bad idea because it can be hacked anytime.  If you can get your hand on a hardware wallet, then spend the money to buy it.  There's nothing more secure than a hardware wallet.

Be sure to watch some tutorials on how to use the electrum wallet.  It can be somewhat complicated to use this wallet. But it offers so many functions that you can explore to get the best result. Once you get used to it, it will become so easy to use. Just take your time and be sure to use the best one.
One last thing that I want to say is that as this is also a software wallet, there is no guarantee that it can never be hacked.  It can be compromised at any time, but given all the review, I think electrum will be the best option for the time being.  After that, switch to hardware wallet.

They are many Bitcoin wallet to use enable to keep his or her Bitcoin safe, I prefer using trust wallet app, is very easy to use, while keep the private key and phase code safe, and is control by the owner of the wallet.

Many suggest Coinbase wallet and Blockchain wallet to hold Bitcoin for long time which is not correct. Normally,we keep the money in the bank or with ourselves,we can spend it whenever we want. In that case,if we keep money in the bank,maybe we have to withdraw the money by check or go to ATM booth and then spend it. Keeping money in the bank means that we have kept our money safe with others. This means that keeping money with yourself and keeping money with another institution is what we generally call custodial and non-custodial wallets. Custodial wallets hold money with an organization we call Coinbase. Moreover,they exchange in any other wallets such as Binance, Kokoin, etc. These are all custodial wallets. On the other hand non custodial wallet is to keep money in your pocket,you can spend money whenever you want, you can give it to someone, here you don't have to ask permission from anyone,you can withdraw money whenever you want, here you have complete control. There are many non-custodial wallets for Bitcoin,such as Bitcoin Core,Electrum Wallet, Hardware Wallet, Ledger, etc. In my opinion non custodial wallet would be better to hold bitcoins.

It's a good choice; in my opinion, it's the best one out there. I've been using it for the past few years, and I'm perfectly satisfied; it's simple and efficient. As others have already mentioned, if you're not actively trading, avoid stalling your funds on a centralized exchange; there are plenty of examples of them suddenly failing, such as Mt.Gox or FTX. I also saw some users recommending online wallets, which should be avoided at all costs. I've lost money that way.

Moreover, if I were you, after you're accustomed to cryptocurrencies and hold some Bitcoin or other coin yourself, I'd consider purchasing a hardware wallet, preferably Trezor, because there's currently some commotion regarding Ledger, one of the two most well-known options.

Reading your explanation it seems that you are familiar with the various wallets for storing Bitcoin, but the best of all is the Non-Custodial Hardware Wallet that will give you complete freedom. Your keys your coins.

I also use Electrum Wallet Mobile for my portable use, it is one of the wallets that many users prefer over other Bitcoin wallets.

And an exception to Ledger's Hardware Wallet, due to recoverable and insecure keys for now.
Trezor may be the top choice over other Hardware Wallets.

I like my cold wallet I got from ellipad best way to protect crypto far as I know

There are other wallets that can be used to keep your crypto safe like electrum and other known open source wallet. It's important that as a person with crypto then It's better if you keep the important information saved and have a back up of the information so that accessing the wallet is possible.

Removed your coins from kucoin, and don't try to keep your coins in any exchange platform or wallet. Keep your coins in a non custodian and decentralized wallet where nobody will see and control your funds. And best wallet among the three wallets you mentioned, I recommend Electrum Wallet for you. I have used Trust Wallet. My trust wallet will frustrate you and when you want to transfer from those above Electrum is the most best among the thre

So far, Trust Wallet has not had any problems, but you should not use it for a long time and use it to store large amounts of bitcoins. Trust wallet is a non-custodial wallet, but it is a closed source it is like a Ledger, and we won't know what they are doing with our seed phrase and assets. I recommend switching to Electrum, which is both an open source and non-custodial wallet.

I had an old wallet on Trust Wallet and one day my coins magically disappeared. Support claimed that my account has been compromised by bots. I don’t think Trust wallet is that good, I’ll always go with Ledger, Electrum, or Trezor.

For online wallets I would use only Mycelium or Electrum bitcoin wallets.

These are open source bitcoin-only wallets that have been around since 2011 and to my knowledge have never been hacked.

Don't mess around with altcoins or altcoin wallets they are all scams.

Keeping funds at an exchange or any other centralized exchange is obviously not a good choice if as you said they are not being used and are just kept idle, one should only have funds at an exchange or another platform if they are using the funds for some service offered by that platform, otherwise, one should always keep their funds in a wallet that give them full custody of their funds.

Electrum is probably the best choice if someone isn't willing to buy a hardware wallet and if someone doesn't have a lot of funds, electrum should be good enough to keep a few hundred or even a few thousand dollars since it is safe and secure if you have the seed phrase and private keys safe.