Stay away from centralized wallets

[Serco]

centralized wallet or exchanges wallet actually safe if we set maximal security setting on our account, many account holder didnt care about their account security. meanwhile in dashboard we provided by many setting to secure our account, for example trading password , 2 factor authentification both in phone number or google auth. if we set these setting i am sure no one could hack our account cause we have multiply layer security.

[wack slacker]

I appreciate the use of decentralized wallets because they are secure and ensure your funds are always under your control. But given the current cost of trading a smart contract, those with little money using a decentralized wallet to transact will make their profits drop significantly, which is suitable for people who make transactions with large amounts of money.

[Cvetik56]

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

Well I have used Luno for a very long time and so far I haven't had any issues so far with them, though I don't normally leave huge amount of token in it and also Coinbase have been on and off with it and still no issue, probably luck has been on my side

And OP haven't said that if you're using one - your funds will be scammed in X months.
It just means that you're not the only one in control of your own crypto savings, which sounds really bizarre on its own.
Scary thing is you never know when exactly one service will be hacked and so you can't withdraw anything before bad thing will happen.
So thats why most of us here encourage more people abandon centralized crypto wallets and switch to dec ones

[Kotone]

After considering carefully, I had decided to buy Ledge Nano S a few days ago and I have good feeling with it, all operations are extremely simple and fast and I feel more secue about my property.

Thats a good decision. But you must remember that nano ledger s only support major coins and has limited storage. But if you already used to it. You can just uninstall and install the app to have an extended storage for other coin and token and just install their app via ledger live app when you are going to transfer or deposit yoir coin somewhere. Ledger is very safe and one thing is for sure, your fund is safw with it.

[_IRMAN]

There's no need to be wary of a centralized wallet, because we still have the advantage of that.
If we have a centralized wallet like the OP mentioned, we can reset the password if we forget it, this is something we don't get from a decentralized wallet.

[Gunday_07]

I believe that centralized wallets are those wallets that request for email account to log in, they don't give users opportunity to store their recovery seed or private keys themselves, instead they are in possession of their customers keys, this is totally unsafe for anyone

[ufaiz50]

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

What do you think about a wallet exchanger like bnb? do they use a centralized system?
Regarding the wallet you are talking about, that is, it is true that there is identification of asset monitoring, on the other hand this also has benefits for users who often forget. I mean here that because users register with email so the wallet has a "forget password" feature to open their account. I think trying to see things from both sides is a good thing.

[coin-investor]

A centralized wallet should be considered as a disposable wallet, not the wallet where you are planning to store the bulk of your coins for a long time, it's risky doing this the philosophy that your keys not your wallets always applies, you should only use centralized under unavoidable circumstances.

[taufik0911]

After considering carefully, I had decided to buy Ledge Nano S a few days ago and I have good feeling with it, all operations are extremely simple and fast and I feel more secue about my property.

Ledger nano is a safe place to store your cryptocurrency assets
wallet centralization is indeed very helpful and simple but still has many shortcomings including only exchangers that have private keys and are prone to hacking, maybe later there will be a blockchain-based wallet neutralization solution

[mr.smith]

The first thing I learned is to always control my coins and I cannot do that if I will be using a custodial wallet, I only put my coins in an exchange if I am going to trade it right away I have at least 4 noncustodial wallets in my desktop all password protected including my computer.

[lienfaye]

I believe that centralized wallets are those wallets that request for email account to log in, they don't give users opportunity to store their recovery seed or private keys themselves, instead they are in possession of their customers keys, this is totally unsafe for anyone

Thats true, its not safe if you dont hold the keys of your wallet.
They can freeze your account for no exact reason and it happened to my friend using our local centralized wallet. Thats why decentralized wallet is much safer because you have the full control of your coins.

[Untomabur]

The first thing I learned is to always control my coins and I cannot do that if I will be using a custodial wallet, I only put my coins in an exchange if I am going to trade it right away I have at least 4 noncustodial wallets in my desktop all password protected including my computer.

that's the right action, indeed to save crypto currency is not in an exchange, but in a private wallet,
it doesn't matter if you save it in an exchange, but the exchange must have high trust

[Ayiranorea]

Every centralized wallet isn't unsecure, there are more number of centralized wallets into usage. I believe centralized wallets are error free than the decentralized ones. I state it based on the support provided by the centralized platforms which we can't expect with the decentralized platforms. Centralized wallets at times scam the people and run away with the funds. Whatever it is, we need to be aware and use the one with good reputation and not the new ones.

[flagpara]

What you can lose but don't lose your private key then the same things happen to you in a decentralized wallet like an atomic wallet. A decentralized wallet is secure and you have only access. Centralized wallet is also secure. I used one of the centralized wallet. Coinbase has had a successful history since 2012.

[fosco333]

We should not using centralized wallet too often, better to use our own wallet for long time.
Cryptocurrency nature is decentralized, so it is best to use the decentralized wallet as well.
Im only using centralized wallet such exchange wallet for trading, buying or selling coins only.

[Abiky]

We can't blame any wallet, particularly centralized or decentralized top wallets. I like to use Coinbase wallet, but Atomic and Coinomi wallet are popular for decentralization. Either you lose mail access or your private key, any type of wallet wouldn't help you. You should print it out or save it in two/three different places. That's why a decentralized wallet always takes a test whether your private key is accurate or not.

It's best to save the private key or seed for future reference. You'll never know when a certain wallet provider stops working or experiences an undesired situation. Still, centralized wallets don't give you access to private keys or a mnemonic/seed, as companies are the sole custodians of your crypto funds. A decentralized wallet gives you better control and security over your crypto assets. Remember, "not your keys, not your coins". If you can't get access to your private keys or seed, then the crypto funds are not truly yours. It's always best to choose decentralized or non-custodial wallets for your own benefit.

Ultimately, it all comes down to an individual's preference above anything else. Newcomers will always choose centralized wallets because they're easier to use and extremely convenient. But crypto veterans will choose decentralized wallets because of their top-notch security and reliability. As long as you take proper precautions to secure your crypto, nothing should go wrong. Just my thoughts

[SoulMortal]

I think people should use wallet that can give you access to your private keys and dont keep your money on exchange. They will lock your account for no reason.

[FOPL]

centralized wallet or exchanges wallet actually safe if we set maximal security setting on our account, many account holder didnt care about their account security. meanwhile in dashboard we provided by many setting to secure our account, for example trading password , 2 factor authentification both in phone number or google auth. if we set these setting i am sure no one could hack our account cause we have multiply layer security.

I think you have a point but let's look at it from a different perspective. one typical issues is convenience. How are you going to feel when you have to go through stress (KYC) to access your own money? Situations like this can make you loose your find. These are some of the reasons why we always recommend non-cutodial solutions. I personally use Atomic Wallet and I can easily export my private keys and recover it on a different wallet. This is exactly what we call freedom

[Plinteng]

As far as I know, Coinbase account can only be created using an email and password and there is no way you will lose access to that account as long as you still have your email. It's also very secure and when you want to login they have a verification mode where you will have to verify the login using your email. So, I don't see what's wrong with Coinbase, they even store coins in cold storage, so I don't see what problem you have with them..

[KimmyF]

centralized wallet or exchanges wallet actually safe if we set maximal security setting on our account, many account holder didnt care about their account security. meanwhile in dashboard we provided by many setting to secure our account, for example trading password , 2 factor authentification both in phone number or google auth. if we set these setting i am sure no one could hack our account cause we have multiply layer security.

Absolutely right, from top wallets centralized and decentralized both are safe to me. I'm using a coinbase wallet since I know about this wallet. I don't face any single problems. But I have some login problems in my coinbase mobile wallet, just take more time. I'll switch to a decentralized wallet. Although I think op lost something, that's why his account didn't recover.