Stay away from centralized wallets

[LbtalkL]

I don't like centralized wallet either, I only use it for converting my crypto into cash, My crypto only stays there for a minutes or hours. It is said that "Not your keys not your coins" and it is true, If we decide to hold for long term it is better to have a wallet that you own the private keys Like Electrum it is both available on Desktop and mobile it is for BTC. On altcoins make sure you own the private keys and don't just import it anywhere and store it on a safe place. Trustwallet has supported various blockchain like ethereum, tron, stellar, etc.

[AD Node]

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

You are right, if you are not in full control of your PV keys you are not in full control of your coins, I do prefer using Coinomi, trust and electron wallet, because I Just need to have my private keys safe and no one will have access to my coins.

[luckyflop]

Centralized wallet is not secure for holding coin in huge amount indeed, we should use it only when we need it.
Should be better to use decentralized wallet although it will cost much space, for example : desktop wallet
But if we want to using wallet in our mobile phone, using centralized wallet is required i think.

I do not have too much time with the personal computer. So I use the mobile wallet to store all my assets, so far I am safe with centralized wallets and there has been no problem with it. But I also agree with you, should not store too much money on centralized wallets

[kceekcee]

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.

You see, you cannot say centralized wallets are good because they support fiat, because coinbase, blockchain are usa based projects.
And on the other way around, if you say they are good for their purpose i agree.

Do not forget that you do not have access over your funds on centralized wallets; so always ensure to withdraw your funds to your paper or trezor wallets for safety

[perfect999]

You had a problem with Coinbase, good. But that is not a reason enough for you to drag other platforms into it. And moreover you didn’t even detail the problem you had with Coinbase so that we will understand, you just said they didn’t help you gain access back to your wallet. And I don’t even see how that’s possible. A centralized wallet makes use of your email and you can recover that wallet anytime by using the wallet you used to create the account on that platform. So, I am not understanding.

I have also seen people that have said that decentralized wallet like Coinomi are not good, and those people stated reasons why. Every wallet had their cons, you just have to be careful with any wallet you’re using.

[Esterklu]

This is a known rule - if you don't control the private key, then you don't control your coins. But for some it's more convenient to use centralized wallets, I do not understand them, but I don't condemn them. It is a personal decision and a personal responsibility.

[qazgroup]

You forgot to mention that there are dozens of scam wallets that have no reputation and security what so ever, so they can be hacked or the owner may turn greedy anytime, in both the cases you will loose your funds and coins so stay with top reputed wallets preferably decentralized.

[Tipstar]

There are issues with most of the centralized wallets. Coinbase restricts your account if they found you to be using gambling sites. Xapo excessively increased it's withdrawal fees and I left using them. Freewallet is a scam, they'll scam any large amount. For Nexo, I'm using it as a bank account and I have no personal problems from the site itself.

[XCANA]

We have seen many drama in thus regard and have warned many newbies about hosting your bitcoin funds into a centralized wallet because many of these wallets will always request you to give them the access to your private keys which suppose not to be. Though, during my early days, I was caught up with some centralized wallet and was messed up as the funds disappeared from my wallet. When I laid a complaints against the company, I never retrieved my funds back again. Centralized wallets, never again.

[ScamViruS]

The centralized wallet is certainly not safe to hold crypto. Many times there are different problems. But this does not mean that the top wallets are not good. Many users are using these wallets. Even sometimes I use the coinbase wallet (small amount) myself no problem found. But I have control of the rest of my fund. Because I use hardware wallet.

[SolarWindMiningCompany]

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.

There are many centralized wallets that you can use to store your coins. some of it are Coinbase, Nexo, Luno, Xapo and Freewallet. 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.

Those are good wallets mentioned there but I will rather stick to my personal free mobile wallets. At least I won't wake up to stories of hack one day coupled with inability to even access exchange or withdraw from the exchange at such difficult time. Moreover, what ever centralised wallets can offer, sex wallets can too.

[Mikky.Crypto]

There are issues with most of the centralized wallets. Coinbase restricts your account if they found you to be using gambling sites. Xapo excessively increased it's withdrawal fees and I left using them. Freewallet is a scam, they'll scam any large amount. For Nexo, I'm using it as a bank account and I have no personal problems from the site itself.

Are you sure? I'm holding there on Freewallet quite a large amount and everything is OK. I've just provided them all the required info and keep holding my crypto there.

[ahmedtanjid]

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'm using Blockchain wallet for more than 6 years and I haven't faced any issues with the wallet. But recently I've became a fan of Trust Multichain Wallet. It is fully decentralized and I have full control over the wallet.

[ahmedtanjid]

Are you sure? I'm holding there on Freewallet quite a large amount and everything is OK. I've just provided them all the required info and keep holding my crypto there.

It doesn't mean they will seize your money. You are good to go with freewallet. But it's a reminder that if you somehow lost you passphrase, you might have lose your assets as they are not decentralized. Rather I will suggest you to choose any decentralized wallet. You will be free from headache, just keep your all type of private keys safe.

[BitcoinTurk]

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

Centralized services do not only store our personal information such as private key but also our personal information. Although this is against the vision of cryptocurrencies, unfortunately, all the leading services of this sector are connected to a center and these services have a great knowledge. If you ask my personal opinion, I think that stealing this information will cause great difficulties. In fact, data theft will be much more dangerous and potentially more difficult than a possible material theft. For this reason, I think it is necessary to stay away from decentralized services as much as possible. Of course, it has to store some data in decentralized services, but we know that they are safer compared to other decentralized competitors. Unfortunately, it is not possible to stay private in the digital world or keep your private information private, no matter what.

[Abiky]

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.

Exactly. It's all about convenience rather than security/reliability. At least, that's the mentality of most people nowadays. As long as a centralized wallet is easy to use, nothing else matters. Wallets of this type are much easier to handle for the average person than decentralized ones since there's no need to maintain custody of private keys. All the hard work is done by a third-party. Of course, this brings many security risks to user's funds. Knowledgeable people in the crypto space will definitely use decentralized wallets and services because of this. But the average Joe doesn't have time to study how to properly secure crypto funds, leading it to use a centralized wallet instead.

I guess that for each situation in life will be the wallet to use for crypto transactions. I'd suggest anyone to only store minuscule amounts of crypto on a centralized wallet, just to be safe. A decentralized wallet is a must for large crypto balances. Here, it's best to use a hardware wallet for maximum security against the latest threats in cyberspace. In a world where malicious hackers come up with schemes to steal your hard-earned money, it's best to rely on maximum security in order to reduce risks as much as possible. Even so, we cannot force everyone to rely on decentralized wallets and services in the crypto space. The best thing we could do is give our advice to everyday people in the mainstream world. But the ultimate decision would lie on them, whenever they'd want to continue supporting centralized wallets and exchanges or all the other way around. Just my thoughts

[greenlanternlight01]

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

To make sure that your hodls are safely stored on any wallets whether it is decentralized or not, that is still our responsibility. We can educate ourselves online on crypto really work so we are sure that everything is secured.

[FOPL]

Thanks very much for the reminder. I have also had similar problem with Coinbase. Recovering your wallet is very challenging which is different with non-custodial wallets.I use Atomic Wallet as well and I recover my wallet more often. Sometime I clear it's app data and once I open I'm being required to restore and the process is smooth and fast. This is what's nice and critical about non-custodial wallets.

[mt55]

Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.

[JHORN]

Centralized wallets are same thing with centralized exchanges wallets, they give you no private key for your wallet on any exchange that's why it's bad to leave your coins and tokens on any exchanges even if it's a big or popular exchange