Why GDAX app mobile doesn’t exist?

[lucette2.0]

Why GDAX app mobile doesn’t exist?

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[bob123]

Probably because it is not that advised to use an exchange and handle more than a few bucks via your mobile phone.


The majority of exchanges uses googles authenticator for 2-FA.

If you login from your mobile phone which does also have the GA keys, your are basically no longer using 2-FA.
If your mobile is compromised, your whole account is compromised and an attacker can simply withdraw all your money.

Especially since also most people are logged in into their email accounts on their mobile, the attacker would have full access to the exchanges (or other) account(s).
In this case you are relying solely on your mobile phone to be secured and not compromised (which is a bad approach since it probably hasn't even the necessary security patches installed).

[lucette2.0]

Thanks for your answer

What do u think of binance app on mobile then ?

[bob123]

What do u think of binance app on mobile then ?

Mostly the same.

If you are using google authenticator AND the binance application on the same device, you are not secured by a 2-factor-authentication. 2FA implies two devices.

This all depends on how much money you have on the exchange, the risk you are willing to take and your habits regarding security/safety on your mobile phone (shady applications, general permissions, ...).

Overall i would NOT risk any coins on an exchange (which by the way shouldn't be on an exchange anyway) by using it together with my GA on my mobile.

[lucette2.0]

When u said « Overall i would NOT risk any coins on an exchange (which by the way shouldn't be on an exchange anyway « 

U mean put thé coins on an cold storage like ledger ?

[TrumpD]

When u said « Overall i would NOT risk any coins on an exchange (which by the way shouldn't be on an exchange anyway « 

U mean put thé coins on an cold storage like ledger ?

He means if your coins are stored on an exchange, they aren't really your coins because you don't have the private keys to the exchanges wallet/address. So basically, you are trusting the exchange to secure your coins and give you access to them when you need it, which is generally not advisable. It is best to store your coins where you and you alone have/know the private keys.

[bob123]

When u said « Overall i would NOT risk any coins on an exchange (which by the way shouldn't be on an exchange anyway « 

U mean put thé coins on an cold storage like ledger ?

Coins should only be held on an exchange as long as necessary.
Practically you do NOT own these coins if you do not own the private keys. You are just given the 'right' to withdraw an amount X (data base entry).

It is advised to use a wallet where you have full control over the private keys (e.g. a lightweight client like electrum).

A cold wallet (like a ledger hardware wallet) is even better than a desktop wallet. A hardware wallet doesn't only give only you full access to the private keys, they are also isolated in an offline environment.
If you can afford a cold wallet, go for it and buy one. It is the most convenient way of securely storing your coins.

Basically thats the relative 'security ranking' of wallet types: Cold storage / Hardware wallet / Paper wallet > Desktop wallet > Mobile wallet > Online-/Web- wallet > Exchange

[lucette2.0]

there was a lot hack regarding electrum 

Cold storage is better

[airdagon]

actually not there but not yet available, maybe in future GDAX mobile application will be available and you can directly use it. just use the features of the application available and can be used first.

[kevoh]

What do u think of binance app on mobile then ?

Mostly the same.

If you are using google authenticator AND the binance application on the same device, you are not secured by a 2-factor-authentication. 2FA implies two devices.

Mobile apps or not, due to convenience some of us can actually not resist accessing the web interface of these exchanges directly from our phones instead from a desktop/laptop. This basically defeats the whole purpose of two devices.

I guess risking only a small amount on the exchange, like you said, is the only reasonable option.