Stay away from centralized wallets

[H1N1]

Nothing wrong with centralized wallet because we often use it, for example the exchange wallet.
Using centralized wallet is not the best option for security indeed, but for trading you will need centralized wallet for speed.

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[nutriagrigia]

Nothing wrong with centralized wallet because we often use it, for example the exchange wallet.
Using centralized wallet is not the best option for security indeed, but for trading you will need centralized wallet for speed.

you are right that the speed of centralized wallets is very high, but I think that if you have a lot of money on your wallet, for example, 10 bitcoins, then you will think more about their safety and not about the speed of their movement

[poodle63]

Nothing wrong with centralized wallet because we often use it, for example the exchange wallet.
Using centralized wallet is not the best option for security indeed, but for trading you will need centralized wallet for speed.

Keep in mind that some centralized wallet are independet of exchange though most of them are "built-in" to the exchange platform. But, yes you are right that centralized wallet has the advantages in term of speed but sometimes if you are unlucky you will face the struggle of getting demanded verification or even your account being frozen. just beware of that.

[bitcoin31]

I remebered xapo wallet before I was tried and I recommend also to this wallet to my friend I have a vibe that it is not secure my funds so I withdrawa my coin and I literally found another wallet such as blockchain and coinbase but in the list coinbase is still there but I lile when I tried but now I use one wallet only.

[Impacto]

I don't think it's proper to use email and password to access a wallet where funds are kept. They usually say they don't store your details but how true is that ? Moreso this is decentralized world where we preach freedom to everyone. It's better for people to handle the details of their funds themselves. The bads are more than good for centralized wallet.

[Bellarg]

And stay away from cnetralized exchange. They can block everything without real reason

[Kodaman]

Never store any coins on centralized wallets and centralized exchanges.

Your keys, your coins...

[wozzek23]

It is not all of them that are really bad, there are still the good ones I guess. You should have explained the problem you had with Coinbase in details ,that way we can all be able to tell if the fault was from you or they were just being very stupid and not helping you recover the account. But, I have been making use of a Coinbase wallet since 2015 and I have never had a single issue with them. I have changed phones several times from then till now and still never had any problem.

Xapo is one of the wallets I use too, I also have not had any problem except that the price they show on their wallet is always wrong, or maybe they are doing it on purpose ; their price is always a bit higher than the market price.

[Chuky92]

My own concept is simple and that is, no private key means not saving my funds on that wallet. Private keys gives the owner of the wallet the right to control it without anyone monitoring it etc and on the other hand, lack of private keys which is evident in online wallets and/or centralized wallets means the user is under the control of the team who built the wallet. Even centralized exchanges aren't safe what more about centralized wallets, I just hope people will learn the right thing and start doing it as well.

[FOPL]

I had similar experience with coinbase. I could scan the QR code on the web Wallet in order to retrieve my wallet on my new phone. Since the I had to switch to Atomic Wallet when I heard they my private keys are encrypted and never leaves my device.

[noorman0]

It only depends on the user's needs.
Some traders don't like to save a lot of PK because of their active transactions with various types of coins so they prefer multi-crypto wallets to save assets because it is more efficient. Despite losing access due to a password or e-mail, they still have the chance to recover many times with the help of support.

Decentralized wallet has many advantages in terms of security, yep we know that. It's just that, if the PK leak once, then forever the wallet is not ours.

That's indeed the problem that we are facing, something forcing ourselves to adopt the decentralization kind self harming but centralized wallet also come with biggest disadvantages to the people who are using it though they might be ignorant about it simply because it's not happening immediately. For example when the wallet of an exchange got hacked and the client got no reimbursement and many more. Pick what suit you best I guess.

So we get a number of things to consider based on these risks.
For decentralized wallets:
- Use a decentralized wallet only if you believe you are able to protect it yourself (privkey)
- Find the safest place to save PrivKey

For centralized wallet:
- Use the safest, trusted and guaranteed platform.

I will not overemphasize the advice here to choose from both types of wallets because I personally use them now. But what is on my mind, that the centralized wallet still has the possibility (even though it is small) to recover losts.

[VanityWallets2015]

Best option for me will be to user paper wallet. No electronic system or hackers who can steal it. But when you print the key is recommended to generate the keys offline and change some digits in it. You can even bury it in your garden, or anywhere you want. Every electronic system has his risks, but remains easier to access.

[bittick]

I don't use any  of those wallets. I always use blockchain wallet from the first time i join in crypto trade. Blockchain is the best and secured wallet. So why will i use third party wallets. Coinbase did many problems from me and they didn't helped when i did kyc but their behave kicked me back to blockchain.

Blockchain is not so good to be considered as the best wallet caused by it was an online wallet. You should try to use the desktop wallet to get the best experience to store your money or you can try to use a paper wallet to get the best wallet in term of security. So many people have complained for coinbase wallet too.

[chabbbi]

You may also try Aladdin Wallet. It is convenient and has unique features.

 

[Bitcoinislife09]

There are different kind of bitcoin wallets are available for us. [General] Bitcoin Wallets - Which, what, why? this can be useful for anyone to pick their kind of wallet.

Recently I am also facing issues with my coinbase vault withdrawal and I never got any response from the coinbase support for my multiple support tickets.I just left trying because the amount is not that much higher to fight for.

I got your point here for me should really do stay away from this wallet because they are centralized but we cannot really judge from that I've been using coinbase and until today I have no issues when it comes to funds.

But you must stay away from the centralized wallet and be careful in where you can store your coins. It is more preferable to keep your wallet in some wallets that are already trusted by many people and are legit.  There are wallets downloadable in AppStore that are scam. In able to be successful in the world of cryptocurrency you must have contacts in where you can be connected and updated.

It would be better if your going to use desktop wallet or hardware wallet.

[Starfranko]

These wallets are good, they serve their own purpose and they're the only way we can easily transact between fiat and cryptocurrency despite being centralized.

[Bestmanbuka]

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
4. Xapo
5. Freewallet

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

I had a bitter experience with coinbase, I lost my phone and later replaced it, tried to login my coinbase it was to no avail, tried all self help options it did not work, In using Centralised wallet, Luno is the best for me coz they are not going to stress you like Coinbase.
But it is still important to use decentralized wallets more because you are the controller of your funds and the security of your funds lie in your hands. People should be careful how they store their cryptocurrency to avoid much losses, if possible don't save in Centralized wallets.

[shoreno]

seriously coinbase does that ? i think coinbase was a reputable wallet company but i wont wonder too much because i also heard bad feedbacks from other coinbase users  .  anyway i am also using a centralized wallet but i havent experience bad with them  . they have active support that always assist thier users if ever problems were detected  . not all centralized wallet are bad but it only depend on what type of wallet company your using and also on your problem because they wont also help you if they found out that you violated something 

[shollyen]

You may also try Aladdin Wallet. It is convenient and has unique features.

 

How long has this Aladdin wallet been in the system? This is my first time seeing something like this.

Indeed, the author is right. The Coinomi wallet has Private Key Storage. It means that all your private keys are stored on your device not in the Coinomi system. If anyone is interested, you can read a detailed review of this wallet here.

There is definitely no security when it come s to custodial wallets. Coinomi is one, although they have been operating for long and not once have they been reported of any scam, but I think it is high time we started being careful because there might soon be a story that touches the heart about the wallet.
Only use what you are in control of.

[bgaf]

These wallets are good, they serve their own purpose and they're the only way we can easily transact between fiat and cryptocurrency despite being centralized.

Yes for services its good but what OP is trying to prevent here are those cases that accounts of users got compromised on the exchange and some cant refund them if the exchange has totally devastated by the hackers. There are no insurance when it comes to this and luckily if those big wallets have contigency funds for this but what if they dont have? So users are doomed. So he suggest to have own wallet where PK or keys are hold by us.