Bitcoin Forum

is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?

You may try Ownbit cold wallet. https://ownbit.io

Binance is a custodial exchange, it is not good for savings, it is not even recommended to leave your bitcoin on exchnges because exchnges are vulnerable to hacks by design. Non your key not your coin, binance provided you with no private key, and they store your funds on hot wallets.

Trust wallet is also own by binance, but it is still better, it is open source close source, and also noncustodail type of wallet, which means it generates you private keyband seed phrase. You can download it, and make sure you download it from the trust wallet official website. Make sure you back up the seed phrase it provides you, and save it from damages and attackers. Know that it is online wallet, keep your device away from malware buy accessing only legit sites or by using the device for only wallet purposes.

If you are dealing with bitcoin, you can try electrum wallet too, you can download it from electrum.org, it is a noncustodial wallet, but it only support bitcoin.

For better holding which is more safer, you can try and buy hardware wallet like ledger nano or trezor, it stores your private key offline, but still be careful of attacker while using it for sending bitcoin.

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Edit: thanks Bttzed03. I will not advice anyone to use close source wallet.

You can go through the following thread My Wallet's Reviews (Trust, Enjin, Infinito ...etc) (https://bitcointalk.org/index.php?topic=5228884.msg53922636#msg53922636). Here it's been briefed well about different wallets available for usage. Among that trust Wallet too is reviewed. As it is a part of Binance network there is low risk in terms of security.

Isn't binance part of the ownership of trust wallet! i think they have a relationship, anyways, i don't use the wallet but so far from those who are using it i don't think they have any complain, although nobody can give you 100% guarantee of the safety of the wallet, you should bare this in mind, even if you also decided to leave them on binance account, they are equally safe because binance itself guarantee the safety of all funds in their platform, according to them, your funds are SAFU.

Trust wallet is owned by Binance exchange and if you are aware, Binance is a centralized exchange which means they both are not secure and safe for long term hodling.

Try using wallets which are non custodial such as Electrum, Guarda or Atomic wallet they all are non custodial and are available for both desktop and mobile.

As always, not your keys not your coins. Only leave coins on exchanges when you are actively trading and not for storage.

There are far more trustworthy mobile wallets than Trust wallet. Other than Electrum, you can also try Mycelium and Samourai.

Trust wallet is closed source for Android.

The IOS version is still being advertised as open source but their old codes on Github (https://github.com/trustwallet/trust-wallet-ios) suggest otherwise. The last commit was December 10, 2018 and it's hard to believe they haven't made any updates since then. I'm more inclined to believe that CZ decided to closed it just months after they announced the acquisition in August 2018.

Binance is a custodial exchange. It's not for savings. If you are a trader, then you can think of storing some percent of your assets to Binance. Remember, don't put the whole amount in exchange.

On the other hand, the Trust wallet is a fully decentralized and non-custodial wallet. That means they have no access to your mnemonic. Only you are responsible for your fund. They can't freeze your assets.

So, I think if you are thinking of storing savings you should go for Trust Wallet. Never think for Binance.

But if you need more security, I will vote for using Atomic Wallet.

It's recommended that you should store it in your trust wallet than savings account in Binance. If you have many coins and you didn't use it in your Binance wallet for trading, you should keep it in your trust wallet. But if it's only a small amount and you always use it in trading, then let it stay in Binance. Actually, I have coins in Binance and didn't store it in other wallets because it will cost only another withdrawal fee.

As far as I know, there were no problems with user's funds on the binance platform. But everyone has their own preferred way of storing bitcoin. For me, it's an offline hardware walllet or a generated paper wallet for long-term storage.
I like to stick to: 'Not your keys, not your coins!'  ;)

I can summarize what others said above.

In short, TrustWallet is not advisable if you will hold a lot of Bitcoins, so better use hardware wallets or some non-custodial wallets or some Bitcoin wallets that are open-sourced like samurai wallet or electrum wallet.
In my own opinion, you can use a trust wallet but don't put too much Bitcoin there, you can use it for some small amount of Bitcoins that you can easily access.

Everyone has the preferred way of holding bitcoin, but ignorant people that do not know there is anything called private key or seed phrase will be the one to make use of no-private options to hold bitcoin, exchanges should be highly discouraged. And, also, binance has been one of the hackers victim once upon a time in 2019 when it was hacked, exchanges are often hacked.

Any coin that you will be storing there that they're supporting is not advisable for you to use it for longer storage.

And to say that you will be using Binance as your 'savings account' is not also an advisable thing to do. Every coin has its own desktop wallet which is provided by its developer and will allow you to have the private keys.

What particular coins you are looking to store for long?

In my opinion there is no guarantee that your assets will be completely secured while keeping them on wallets or exchanges. Even the good reputation of the concrete service can not save your assets from hack attacks. I would remember about it. And may be the bigger part of the amount I would keep on cold wallet. But according the Binance and Trust Wallet I would say that personally I like these services, nothing bad had happened to my assets during the whole period I am using them. But I prefer to keep on this wallet amounts that I am not afraid to lose despite this wallet is trustworthy to my mind and I like it very much.

I wasn't aware of that. I read some articles that Binance was never hacked but apparently the information is outdated.
Anyway, I agree, any online platform is prone to hacking. However, when it comes to exchanges, Binance has a good reputation and they provide all the security measure to preserve user funds.

Trust wallet is the best among other wallet. Trust wallet is good for newbie to save their money for future purpose. It hard for scammer to have way to trust wallet without giving any body your personal details. All your coins are safe in trust wallet and you are also free to make use of the money anytime you want..
It hard trust wallet to Miss function because all details is steady and stable all the time. You have access to your account anytime you want.

It is not the best one but a good alternative especially if you want to trade on Binance DEX easily. I'd not use the wallet for other purposes, especially as your main wallet. There are other alternatives if you want better control, privacy, open-source, and so on. Using an exchange/saving program to store your funds is not a good idea either. Instead, you increase the risk of losing your money by doing that.

I would not trust the exchange to keep my money... The Trust Wallet also belongs to Binance, so I have no trust in it either! Although I sometimes use it for a short time...
I can recommend Electrum, an old time-tested wallet!

With the trust wallet, you have adequate security only you need to write down your codes somewhere safe and not to allow it open to any other you don't trust because if opened behind you, transactions done with it goes out smoothly. It is however better using it than keeping it at the exchange. Some exchanges have had malware attacks.

You should save or store your coins to the trusted wallet , don't keep it to the exchanges yes binance is secured trading sites but it is prone to hack because hacker will do to hack that exchange because the funds is millions of dillars.

But make sure you will keep the coin to the trusted wallet that is safe and you already tested and make sure it is fully secured so your funds will safe and will gone remember the hacker is watching they attack us anytime so be vigilant and secured every details you have.

It depends on your purpose. For saving, Trust wallet is better because you can hold your bitcoin in your personal wallet. However, it is not as good as other wallet such as electrum or hardware wallet (ex: Ledger). Using these wallets gives you the ability to control everything with your bitcoin. But dont forget your private key because you can lose all of your coin accidentally

If you tend to sell bitcoin whenever it gets higher, BInance is an awesome place. It is one of the best exchange right now and its reputation is high enough for me to put most of my coin on it. No exchange have growth as fast as Binance

Trust Wallet also promises to never store any of your private data. Open source. You can review Trust Wallet's code online, and the app has also been audited by security experts, Stateful

Everyone has a different choice trust wallet when it comes to storing bitcoin investors choose the projects of their choice and exchange them. binance is a much better platform as you can also manage multiple wallets which is good for making trust wallet harder for you to pin money. the feature is that all personal encryption key data known as cold storage is stored on an offline computer making trust wallet impossible to hack and steal accounts.

I personally prefer both Trust Wallet and Binance Savings Account; But none of this seems 100% safe to me. Binance  was hacked once and other exchanges are often hacked. In my opinion, instead of keeping all your assets in one place, whatever you trade with, keep it in a small savings account. Keep the rest of the best, including the  Trust Wallet, such as a hardware wallet or some non-custodial wallet or some bitcoin wallet in an open source wallet such as a samurai wallet or an electrum wallet.

I use many walled and trust is one of them. But since trust wallet is owned by binance company and binance is centralized, I would count trust wallet as centralized wallet. That's why trust wallet can't be good for long term saving and I prefer decentralized wallets. In the other hand, I can't recommended binance savings because even if they are honest with users, they are centralized and this can't be good. Also don't forget the rule saying never keep your funds on exchanges for long or mid-term unless for trading purpose.

Must better to store in a trust wallet if you want your coins will be safe there are lots of trust wallet that you can choose and I think some people in here are showing some sample of trust wallet that you can use in saving some of your coins. Storing coins in binance for so long it was not good idea must better we have wallet that would be our coins safe always. And by the way just choose trust wallet mention in this thread in a comment section those are safe and trusted wallet.

Never store your coins entirely on exchanges, as there is a risk of losing your coins. Although Binance exchange is a popular and trusted
exchange with a good security system. But does not guarantee the safety of your coins, because exchanges are very vulnerable to being
hacked. Using a trust wallet is much better, even though it is trust wallet also own by binance. I actually recommend storing your coins in
a hardware wallet, because private keys can be stored offline.

Thought you had a better choice than storing your coins in your Binance account. I will even prefer to store my coins in trust wallet than making use of Binance savings account which is an exchange and online. Exchanges are mainly the targets for hackers and if they succeed in hacking the exchange your money is going with it. Unless maybe the exchange is a big one (which Binance is) and is able to sort things out with their customers.

But a stitch in time saves ten, so it would be best that you practice safety at first and store your assets where you’re meant to store them. Trust wallet is safe and you’re the one in complete control of your wallet, the team doesn’t request for any info from you.

Trust Wallet doesn't belong to my liken compare to other non-custodian, but they(Trust Wallet) is owned by one of the best exchnage in this industry. Although, it's better to store your holdings in Trust Wallet than to store them in Binance exchnage, there are higher risk in holding coins on Binance exchnage than Trust Wallet. Personally, i don't have much stash on the said Wallet but little of-course becasue of some advantage.

i think storing your coins on an exchange is a bad idea, and you said binance too, i heard that binance could potentially get closed due to some
legal issues, also a lot of exchanges are a target of hacking.

Since Trust wallet is owned by Binance, I think that it is pretty safe and i am using it myself on mobile phone. Probably even safer than soring your money On Binance because when crypto is on your wallet you at least own private keys so no one else can take your money, while Binance can freeze your accounts, or can be hacked and you can loose everything that way. So, your own wallet>>exchange.

As far as I know, keeping funds in trust wallet is as safe as safety gets. Although it is a binance-owned company, their wallet offers top of the class security. Like other wallet projects, you can choose to discontinue using the app at any time since the user is in full control of the keys to the wallet. Binance savings has been secured since the inception but it doesn't eliminate the possibility of a hack. That said, your funds are better off in wallets which only you have access/permission to access the funds.

I have no issues with using trust wallet so far.

If you have no full control of your money then you cannot assure that your money is safe as it can be stolen anytime if there will be hackers that will target the wallet that you have used in storing your money.

I am only a new user of trust wallet and I didn't encounter some problems so far so I can say that it is good to use but make sure that you will only store a money that you can afford to loss. An exchange is not a better option also as Binance has been hacked already so the assurance that your money is safe in their hands is not 100%.

Here you need to decide for yourself, this wallet is fully owned by the Binance exchange, so we can conclude that the degree of protection of this wallet is the same as that of the Binance exchange.

But, this wallet is centralized by the Binance exchange, so here you can choose whether to use this wallet yourself or not.

The Binance owns the Trust wallet, so both of it is not good to store your funds because even you used a 2FA or Two Factor Authentication, hackers will still find a way to bypass your account. I also heard a previous issue that hackers stole a million dollars worth of bitcoin in the Binance exchange. Binance is also a custodial wallet/exchange, so you don't fully own your wallet because they don't provide private keys.

Just because Trust wallet is own by Binance it doesnt mean that it is centralised wallet. You own your private key when you make Trust wallet, not Binance.So it is not the same like depositing money on Binance exchange. IF you don't think that money is safe  in Trust wallet, then you shouldnt trust any hardware wallets, as companies are behind them too.

I just want to add that I dont think it is good idea to hold funds long term in any mobile wallet,i only use them as hot wallet.

thank you all for the very informative replies

Both are same but I  think trust better

Yes, but unfortunately it is not completely multicurrency, it is rather a bep wallet with the ability to store other crypts. When you try to do something, you still run into bnb

It is more better to store coins in trust wallet rather than on exchanges because they are prone to hacking. Exchanges are the targets of hackers were they can steal buge amount of money and coins. If i will ratd trust wallet from 1-10 i will rate it at 7.

One of the rules of storing your coins. DON'T store your coin in any exchange. I would recommend you to put in a wallet instead. However, there are some exceptions, if the coins you were storing on an exchange is not that big then it is okay to leave them there in order to avoid spending on fees. But if it is a bigger amount then I will recommend storing it in a wallet. Binance was a good and trusted exchange but it was not created to store coins but rather to trade so use it according to its purpose.

I have been using trust wallet for the past one year and I've never had any issue with them. I hope it continues that way though

Do not store coins on binance exchange, it's a trusted exchange platform but it's centralized, you aren't given the keys of the address on the exchange so you aren't in control, trade on binance and make sure you move your coins and tokens out from the exchange into a wallet you have control over ( private keys )

Trust wallet is a very reliable mobile wallet from binance team and I've been using for a very long time now, it's easy to use and secured too, do not reveal your recovery seeds to any human like yourself, it's meant to be kept to yourself only

If you have small amount of Bitcoins, like 0.05 BTC you can trust them. But if you have more Bitcoins, hardware wallet would be much better option. Look also here https://bitcointalk.org/index.php?board=222.0 (https://bitcointalk.org/index.php?board=222.0).

I think trust wallet is safe to use. So far you can keep your Passphrase in a safe place. Trsut wallet is also easy to use.

You can't store your coins in any centralized exchanges, top exchanges like binance can be trusted by hacks can happen at any moment so your coins are safer in your wallet, trust wallet is build by binance team so that's the perfect crypto wallet for you, it's trusted

I believe you need to know that trust wallet isn't complete open source and that's shouldn't bother you, trust wallet is sti half open source than coinomi and I like using them both, if you are the type that worries about open source then it's not for you

Trust wallet is the official crypto wallet from binance exchange team, yes it is a very reliable crypto wallet, it's better to use wallets that you can keep it's recovery seed or private key than depositing your coins on exchanges, no matter how strong the exchange security is anything can happen.

If you can afford a hardware wallet that will be the safest option but if you know how to safeguard your smartphone very well you can download trust wallet or coinomi wallet, there are many crypto wallets available in Crypto space but just make sure you go with popular ones