Stay away from centralized wallets

[rexxarofmoknathal]

There are plenty of centralized exchanges that also provide access to your private keys, and there are custodian solutions like BitGo and Ledger Vault that also do the same.

Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down

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[20kevin20]

There are plenty of centralized exchanges that also provide access to your private keys, and there are custodian solutions like BitGo and Ledger Vault that also do the same.

Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down

No. Every single centralized platform and wallet is dangerous.

Centralized wallets. Centralized. They hold your keys. In other words, they hold your money. If the platform goes down without any notice, chances are your wallet doesn't have a single satoshi in it anymore because they've probably exit-scammed you. If I know your private key, I basically have ownership of your money. That means I can run away with your funds at any given point.

So yes, they are very dangerous. Don't trust a third party. I cannot trust someone who has ownership over the wallet of a currency that is supposed to be trustless and decentralized.

[Yogee]

rexxarofmoknathal, can you share an example of centralized exchanges that allows you to access private keys? You sound confused to me. Centralized exchanges keep user funds in hot wallets and cold wallets that exchange owners completely control. They will never allow any exchange user have access to these wallets.

[Byakuga]

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

[criket]

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

to save assets in the long run it is not advisable to use exchanges. because many risks can make our money disappear. I only save or leave the money in exchange for my daily trading. while for long-term investment assets, of course, I would prefer a personal wallet.

[Little Mouse]

That's why everyone says, "Not your keys, not your coins." There is no point of using centralized exchange while we have the option to uae decentralized. I would prefer using centralized exchange for a very lower amount. Otherwise, always use decentralized or your personal wallet.

[Destroyeroff98]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

It seems to me that it is better to use Blockchain or MyEtherWallet for this.

[Samayuki]

I remember when binance was hacked years back I had little fund on there but luckily they pay all of us back, that happens once in a blue moon in crypto space and I thank binance for that but still since then I don't leave coins on exchanges anymore, they are safer in your wallet that you owned the private keys

[TopT3ns]

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

if you still use an online wallet like that then it is very high risk there is no guarantee of security is better you use a hardware wallet which in my opinion is safer because you keep it in your own hands and maybe the purpose of the OP is to recommend using a hardware wallet.

[royalfestus]

Have seen a lot of these advocate against centralized exchanges lately and the complaints are not new. Interestingly centralized exchanges had developed so much in the few month to provide better platform for cryptocurrency traders. There could be challenges of security both of exchanges and personal information but they have not convinced enough traders to win higher volume trade than centralized exchanges. More so, the limitation of trading bitcoin and other blockchain will remain a challenge until new projects on DEX provide that.

[mersal]

Sorry, I don't agree with you, because Coinbase is the best wallet I have ever used in my life since 2015! I haven't used the Luno, Nexo or Xapo but Blockchain and Coinbase app as a wallet are the best picks for me. You should try to recover your account through forget password option and answers those questions, or create a support ticket to the Coinbase team, I hope they will help you to fix the issue! They take time to reply, but they will surely!

So you will learn only after you lose your money? COibase and blockchain are good to store small amount of bitcoins but definitely not best and secured kind of wallets.If you have time then take a look at web wallet child board where you can see blockchain and coinbase wallet issues more than anything.

And as I said coinbase never replied to my support ticket after months,so don't trust them blindly.

[sujonali1819]

<->
In my opinion, storing your cryptocurrency in centralized wallets like those in Binance is not bad at all,

No, it’s a bad Idea when you decide to store your crypto in a exchange. Exchange is only for exchanging your crypto jot for storing your crypto there. Better to only put the amount which you want to trade in exchange and after complete the trade you should transfer the fund to your wallet which has a private key.

Yes, it is right that binance is a very trusted exchange and I have not also faced any problem there since 2 years. But the idea of storing fund there is not a good IMO.

[FireBallex]

The bet decentralized wallet to me right now is trust wallet but others are fine as long as they give you your recovery seed or private key, with these even if you lost your phone you can recover your coins, using coinbase and others aren't safe, they are online wallet

[MOProgress]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

Thank you for this post you put up here. The sense behind cryptocurrency is decentralization. So any settings that is outside that, is just disturbing. This is why I agree with this your post.

[betty11]

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

You are wrong with this. the popular blockchain wallet requires mail and password for registration and this is not a custodian wallet but non-custodian wallet, and they don't monitor your private keys for you, you own your recovery phrase, and you can import to any non-custodian wallet. Custodian wallets don't give you access to your private keys, they manage it. If anything goes wrong with the wallet, it will be the end of the road. Binance .com is a custodian wallet and a centralized exchange too.

[Teawhalee]

There are usually the mistakes of newbies. Cryotocurrency offers freedom and allows you to take control of your finances without any third party interfering or knowing what you have and how you send it. Any one that doesn't go in lime with this should be avoided.

[hirngespenst]

Centralized in crypto is always not safe for long term purpose. You can use Centralized exchange, Centralized wallet for regular use, but if you want to keep your asset safe and hold for a long time, caution, don't use Centralized wallet or exchange, they can be hacked or compromised anytime!

[kindbtc]

I got your point and yes centralized wallets can be risky, your password can easily be guessed, leacked or hacked and all your assets can be stolen while decentralized wallets provide you with the private key where you are in control.

[hirngespenst]

There are usually the mistakes of newbies. Cryotocurrency offers freedom and allows you to take control of your finances without any third party interfering or knowing what you have and how you send it. Any one that doesn't go in lime with this should be avoided.

You are right! Most of the wallet hack and compromised happen because of ignorance of newbie! Coinbase is the most trusted platform for wallet and exchange in the crypto industry! So, if any suspicious thing happen in Coinbase, then the fault is its users!

[mdzahed134]

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

to save assets in the long run it is not advisable to use exchanges. because many risks can make our money disappear. I only save or leave the money in exchange for my daily trading. while for long-term investment assets, of course, I would prefer a personal wallet.

Why lost coinbase account you can share then we have chances to learn from your mistake. This is centralized but a lot of ways to recover which wallet, When forgotten password you will get a message to recover. I have been using so many years. I think you violated the rules no way to locked but can be lost. I am familiar in the centralized wallets even these are trustworthy wallet. Absolutely right your long term saving assets will be vulnerable in any exchanges.