Stay away from centralized wallets

[New_order]

Coinbase is a popular crypto company but when it comes to storing coins it's a bad move to keep them on coinbase wallet, I use coinbase wallet to trade and to buy coins using bank account and card which not all wallets can do and I transfer the coins to my other wallet that Ive saved it's Mnemonic seed

[fullhdpixel]

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.

indeed, only the money that you use for trading you can keep on the exchange. I have already lost some money on the exchange several times due to hacker attacks and now I do not keep money on the exchange

That is so true but there is a scarcity of a proper wallet where we can store various altcoins and it is not a viable option to download all the wallets for each altcoin separately and this is the reason why so many people keep their altcoins in the exchange. To such people I can recommend exodus actually which is a good wallet and I don't know their team or how trusted they are but they have somewhat combined a good looking wallet with in built exchange and also gives you the private key so in case you lose your coins you can enter the word phrase and recover your wallet anywhere.

Keeping your money in exchanges is a dangerous option unless they give you the private key or control over your coins. I would appreciate if someone can recommend a wallet where we can store most of the altcoins and yet is safe. Exodus is good like I said but still feels like an exchange just little safer.

[r32godzilla]

You shouldn't store your cryptocurrencies on exchange because you are not the real owner of the coins and you do not know what exchange does with your cryptocurrencies .

[SolarWindMiningCompany]

I am glad that we have many DEX wallets now, people can easily avoid those shady centralized wallets. Coinbase was better before, but right now , they become not important to me. The support experience is horrible in Coinbase, KYC is another drawback in centralized wallets! I am using Ledger and other DEX Wallets only, and now I feel safer than before!

[Mister.Satan]

Stay away from any centralized wallets is the first thing every newbie need to do it. I saw too many newbies thought a normal client wallet is too hassle and complicate for them so they just make a centralized wallet and be done with it. Big mistake at latter when they don't have the pvt key for their wallet.

[Diamond_Darrell]

I am glad that we have many DEX wallets now, people can easily avoid those shady centralized wallets. Coinbase was better before, but right now , they become not important to me. The support experience is horrible in Coinbase, KYC is another drawback in centralized wallets! I am using Ledger and other DEX Wallets only, and now I feel safer than before!

quite right, even for small amounts, it is better to use a secure storage method. As the saying goes, "whoever cares about himself, God protects him"

[Metroid]

I like others, lost millions on MT.Gox in 2014 and time to time I see big exchanges going bye bye, pay attention to old timers and advice from them, might save you.

[cryptonx]

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

thats why a lot of people give a suggestions to use a hardware wallet, i think its safer
because since 2017, i use ledger nano s as my main wallet to store my cryptocurrency i never have any issue

[Phoenix_PROG]

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

Nicely said mate, any wallet from big or small crypto companies that doesn't give users their private keys should be avoided, anything can happen to them at any time and you won't be able to withdraw your coins, I hope people takes this very serious because it's a big truth about centralized wallets

[Henrytrust]

One of the most basic information every person should learn before investing in the cryptocurrency industry is on the types of wallets and how to safe guard wallets. The centralised wallet is not different from keeping one's fund on an exchange. Its wise to only keep residual or spare funds in a centralised exchange because anything can happen.

[Kehindem]

Centralized wallets are wallet that does not give one full access over it asset, but give room for some to sell it asset. E.g Coinbase and others
Decentralized wallets are wallet that give one full access of over it asset.
 considering both the centralize and the decentralize wallet they are ok, if wallet platform is good, so that is it. stand to be corrected.

[Abiky]

If you are a long-term holder, you should always use decentralized wallets for holding crypto. It is a guarantee your funds will be safe in the future, while centralized wallets might just disappear.

Exactly. No one serious about crypto will rely on centralized wallets for long term storage. It's evident that providers such as Coinbase, Binance, and Xapo are subject to hacks and theft. Besides that, these companies are the sole custodians of private keys giving them complete control over your hard-earned crypto funds. Remember, "not your keys, not your coins". It's best to use decentralized, non-custodial wallets for your own safety. While decentralized solutions are not a "silver bullet", they can protect your crypto funds for as long as you follow the necessary precautions to secure them. In the decentralized world, the responsibility lies in the person himself. This could lead to undesired accidental losses, or theft. If you follow the necessary guidelines to secure your crypto with a decentralized wallet, the chances of this happening are very slim. Those who don't want to take responsibilities, will go towards the easy route which are centralized wallets. I guess that's why most people have chosen centralized wallets over decentralized ones.

Nonetheless, we cannot force everyone to use decentralized wallets as not everyone is knowledgeable about crypto. For newcomers, centralized wallets prove to be an easier way to get access to crypto. If you decide to go this route, it's best that you never store large amounts of crypto on a centralized wallet. Otherwise, you'll lose all of your hard-earned crypto in an instant. Just my opinion

[Rowenta]

The only unsafe wallet that gives users full control over private keys is metamask, the reason why I feel this wallet add-on is unsafe is because of few bad reviews about metamask, few people complains about stolen fund and I think it will be more vunerable to hacks because it works on browsers

[minatour]

Yes you are very right, storing coins worth of huge amount of money in a centralized wallet can be very dangerous, thanks for sharing this, I hope newbies learn from this post.

[Squezzi55]

Good advice for newbies who don't know the difference between safe and unsafe crypto wallets, the only way to recover your funds easily is through private keys and recovery seeds, thanks for sharing and I hope they listen

[Eco_111]

Centralized wallets are not safe for holding coins, once they exit scam or hackers take control of the platform you will lose access to your coins and tokens and there is no way to recover the coins

[militiariko]

I think you cannot always be opportuned to stay away from centralized wallet, because one way or the other, you have to use centralized wallets, example can be our top exchange platforms.

Also, the best you can do is to keep your profits and funds away from centralized exchange platform when you are done trading.

[TEX-LXRY]

I never trust any website to have my coins or any kind of money there. Whenever I find a need to use some of the wallets like blockchain.info or another like or the ones you have mentioned I just use it for one time for transact the money NOT KEEPING IT for long time and I always have backup codes and all the things to secure my wallet in case something wrong happens I have all the evidence to show it to the support or to someone else.

TEX-LXRY

[mt55]

You are right. That is why we have to use decentralized wallets. Advantages of decentralized wallets over centralized ones is the security which it posses. The Decentralized wallets does not depend on any third party services. The entire control of the wallet remains in the hands of the users.

[htsy585]

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

The use of decentralized wallet is the best way to save crypto assets. That is why i always give gratitude to the fact that i knew the difference between centralized and decentralized crypto product right from the moment i joined crypto space. I advise everyone to move their assets to decentralized wallets