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concept2
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November 11, 2020, 02:36:49 PM |
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It depends on your purpose. For saving, Trust wallet is better because you can hold your bitcoin in your personal wallet. However, it is not as good as other wallet such as electrum or hardware wallet (ex: Ledger). Using these wallets gives you the ability to control everything with your bitcoin. But dont forget your private key because you can lose all of your coin accidentally
If you tend to sell bitcoin whenever it gets higher, BInance is an awesome place. It is one of the best exchange right now and its reputation is high enough for me to put most of my coin on it. No exchange have growth as fast as Binance
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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emmaglory5
Copper Member
Jr. Member
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Activity: 133
Merit: 1
love to live honestly & try to be self-dependent
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November 11, 2020, 02:39:57 PM |
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Trust Wallet also promises to never store any of your private data. Open source. You can review Trust Wallet's code online, and the app has also been audited by security experts, Stateful
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Dorodha
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Activity: 252
Merit: 11
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November 11, 2020, 02:45:08 PM |
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Everyone has a different choice trust wallet when it comes to storing bitcoin investors choose the projects of their choice and exchange them. binance is a much better platform as you can also manage multiple wallets which is good for making trust wallet harder for you to pin money. the feature is that all personal encryption key data known as cold storage is stored on an offline computer making trust wallet impossible to hack and steal accounts.
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Rafiqul
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www.cd3d.app
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November 11, 2020, 03:21:31 PM |
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I personally prefer both Trust Wallet and Binance Savings Account; But none of this seems 100% safe to me. Binance was hacked once and other exchanges are often hacked. In my opinion, instead of keeping all your assets in one place, whatever you trade with, keep it in a small savings account. Keep the rest of the best, including the Trust Wallet, such as a hardware wallet or some non-custodial wallet or some bitcoin wallet in an open source wallet such as a samurai wallet or an electrum wallet.
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Leviathan.007
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November 11, 2020, 03:29:20 PM |
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I use many walled and trust is one of them. But since trust wallet is owned by binance company and binance is centralized, I would count trust wallet as centralized wallet. That's why trust wallet can't be good for long term saving and I prefer decentralized wallets. In the other hand, I can't recommended binance savings because even if they are honest with users, they are centralized and this can't be good. Also don't forget the rule saying never keep your funds on exchanges for long or mid-term unless for trading purpose.
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Innocant
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November 11, 2020, 08:32:20 PM |
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Must better to store in a trust wallet if you want your coins will be safe there are lots of trust wallet that you can choose and I think some people in here are showing some sample of trust wallet that you can use in saving some of your coins. Storing coins in binance for so long it was not good idea must better we have wallet that would be our coins safe always. And by the way just choose trust wallet mention in this thread in a comment section those are safe and trusted wallet.
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MCobian
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November 11, 2020, 08:49:12 PM |
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Never store your coins entirely on exchanges, as there is a risk of losing your coins. Although Binance exchange is a popular and trusted
exchange with a good security system. But does not guarantee the safety of your coins, because exchanges are very vulnerable to being
hacked. Using a trust wallet is much better, even though it is trust wallet also own by binance. I actually recommend storing your coins in
a hardware wallet, because private keys can be stored offline.
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TheGreatPython
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November 12, 2020, 09:23:53 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
Thought you had a better choice than storing your coins in your Binance account. I will even prefer to store my coins in trust wallet than making use of Binance savings account which is an exchange and online. Exchanges are mainly the targets for hackers and if they succeed in hacking the exchange your money is going with it. Unless maybe the exchange is a big one (which Binance is) and is able to sort things out with their customers. But a stitch in time saves ten, so it would be best that you practice safety at first and store your assets where you’re meant to store them. Trust wallet is safe and you’re the one in complete control of your wallet, the team doesn’t request for any info from you. |
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Becky666
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November 12, 2020, 11:28:23 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
Trust Wallet doesn't belong to my liken compare to other non-custodian, but they(Trust Wallet) is owned by one of the best exchnage in this industry. Although, it's better to store your holdings in Trust Wallet than to store them in Binance exchnage, there are higher risk in holding coins on Binance exchnage than Trust Wallet. Personally, i don't have much stash on the said Wallet but little of-course becasue of some advantage. |
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Rabi3
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November 13, 2020, 12:00:55 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
i think storing your coins on an exchange is a bad idea, and you said binance too, i heard that binance could potentially get closed due to some legal issues, also a lot of exchanges are a target of hacking. |
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Bekuciwu9
Member
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Activity: 140
Merit: 12
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November 13, 2020, 07:21:21 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
Since Trust wallet is owned by Binance, I think that it is pretty safe and i am using it myself on mobile phone. Probably even safer than soring your money On Binance because when crypto is on your wallet you at least own private keys so no one else can take your money, while Binance can freeze your accounts, or can be hacked and you can loose everything that way. So, your own wallet>>exchange. |
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nelson4lov
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November 13, 2020, 03:14:59 PM Merited by Traderbtcc (1) |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
As far as I know, keeping funds in trust wallet is as safe as safety gets. Although it is a binance-owned company, their wallet offers top of the class security. Like other wallet projects, you can choose to discontinue using the app at any time since the user is in full control of the keys to the wallet. Binance savings has been secured since the inception but it doesn't eliminate the possibility of a hack. That said, your funds are better off in wallets which only you have access/permission to access the funds. I have no issues with using trust wallet so far. |
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lebregone
Jr. Member
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Merit: 5
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November 13, 2020, 06:44:46 PM |
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If you have no full control of your money then you cannot assure that your money is safe as it can be stolen anytime if there will be hackers that will target the wallet that you have used in storing your money.
I am only a new user of trust wallet and I didn't encounter some problems so far so I can say that it is good to use but make sure that you will only store a money that you can afford to loss. An exchange is not a better option also as Binance has been hacked already so the assurance that your money is safe in their hands is not 100%.
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Insober
Jr. Member
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Activity: 70
Merit: 1
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November 14, 2020, 06:18:27 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
Here you need to decide for yourself, this wallet is fully owned by the Binance exchange, so we can conclude that the degree of protection of this wallet is the same as that of the Binance exchange. But, this wallet is centralized by the Binance exchange, so here you can choose whether to use this wallet yourself or not. |
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Kong Hey Pakboy
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Activity: 1120
Merit: 68
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November 14, 2020, 07:25:00 AM |
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is it safe for me to store my coins in trust wallet or i should let it in savings account in binance?
The Binance owns the Trust wallet, so both of it is not good to store your funds because even you used a 2FA or Two Factor Authentication, hackers will still find a way to bypass your account. I also heard a previous issue that hackers stole a million dollars worth of bitcoin in the Binance exchange. Binance is also a custodial wallet/exchange, so you don't fully own your wallet because they don't provide private keys. |
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Bekuciwu9
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November 14, 2020, 08:03:28 AM |
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I use many walled and trust is one of them. But since trust wallet is owned by binance company and binance is centralized, I would count trust wallet as centralized wallet. That's why trust wallet can't be good for long term saving and I prefer decentralized wallets. In the other hand, I can't recommended binance savings because even if they are honest with users, they are centralized and this can't be good. Also don't forget the rule saying never keep your funds on exchanges for long or mid-term unless for trading purpose.
Just because Trust wallet is own by Binance it doesnt mean that it is centralised wallet. You own your private key when you make Trust wallet, not Binance.So it is not the same like depositing money on Binance exchange. IF you don't think that money is safe in Trust wallet, then you shouldnt trust any hardware wallets, as companies are behind them too. I just want to add that I dont think it is good idea to hold funds long term in any mobile wallet,i only use them as hot wallet. |
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zigtiem (OP)
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November 14, 2020, 11:08:56 AM |
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thank you all for the very informative replies
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Johnsalla
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November 15, 2020, 06:04:17 PM |
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Both are same but I think trust better
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abokhalel2
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November 15, 2020, 06:25:49 PM |
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Yes, but unfortunately it is not completely multicurrency, it is rather a bep wallet with the ability to store other crypts. When you try to do something, you still run into bnb
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tukagero
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November 16, 2020, 08:28:20 AM |
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It is more better to store coins in trust wallet rather than on exchanges because they are prone to hacking. Exchanges are the targets of hackers were they can steal buge amount of money and coins. If i will ratd trust wallet from 1-10 i will rate it at 7.
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