Trying to get my first multi crypto wallet

[MCcryptonia]

Looking forward to download a multi crypto wallet for my smartphone and I heard there is open source and closed source wallet, can someone explain to me what's the difference between the two and which one is more safer for a crypto newbie?

[Charles-Tim]

Close source wallets runs with source codes that is not accessible to the public, which means only the wallet provider knows the source code and not accessible. Supposing if the code is having vulnerabilities intentionally inputted into the code by the wallet provider, the user will not know. So, you will need to trust the wallet provider, of which I can never trust such wallets because I do not even know if the wallet provider is spying on my bitcoin and other crypto assets stored on the wallet. They may not spy on it today, but what about tomorrow. Anything can happen in the future, the reason I can never trust close source wallets.

Open source wallets are better because the source codes are available to the public, and the public can be able to correct any mistake seen. Also users will not have to trust third party but the wallet source code if revealed to be good like the ones for electrum wallet and other reputed open source wallets. If any mistake is seen, it will be fixed by the public volunteers and it will be impossible to include vulnerabilities like spying bugs and others because the source code is available to the public.

[mocacinno]

Looking forward to download a multi crypto wallet for my smartphone and I heard there is open source and closed source wallet, can someone explain to me what's the difference between the two and which one is more safer for a crypto newbie?

euhm..... An open source wallet is open source, a closed source wallet is closed source...
Open source wallets CAN be peer-reviewed, their sourcecode is open, so anybody can review it... This does not mean that every open source wallet was reviewed by somebody knowledgeable. It also means that a hacker has an easyer job in finding vulnerability's.

On the other hand, closed source wallets can contain backdoors or vulnerability's that nobody finds because it's closed source.

I guess, in general, it would be better to pick a community-vetted open source wallet... Do your own research: it's not because it's in the play store or in apple's store that it's safe!!! There are several wallets, for example f-r-e-e-w-a-l-l-e-t, that are rumoured to pay people for good reviews in google and apple's store, but still rob you blind if you use them.

There's open source vs closed source, but just as important are custodial vs non-custodial wallets (tip: if you have the choice, pick the non-custodial wallet)

[Oshosondy]

I guess, in general, it would be better to pick a community-vetted open source wallet... Do your own research: it's not because it's in the play store or in apple's store that it's safe!!! There are several wallets, for example f-r-e-e-w-a-l-l-e-t, that are rumoured to pay people for good reviews in google and apple's store, but still rob you blind if you use them.

That is just it, playstores are not just the right place to download wallet, aside what you comment about playstores, also there are hundreds of fake wallets on playstores, very possible for a new person that do not know about crypto yet to download a fake one from playstores.

There's open source vs closed source, but just as important are custodial vs non-custodial wallets (tip: if you have the choice, pick the non-custodial wallet)

This is a good advice, but to include, it will be good to also not download any noncustodial wallet that will request for email, there are many noncustodial wallets these days that are requiring for email, they should not be used for privacy purposes.

[Yogee]

Looking forward to download a multi crypto wallet for my smartphone and I heard there is open source and closed source wallet,

There is a high competition among mobile multi-cryptocurreny wallets so do not expect their software to be open source. They are afraid a competitor may steal or clone their codes. You are probably better off with hardware wallets like Ledger if OS is what you are looking for.

can someone explain to me what's the difference between the two and which one is more safer for a crypto newbie?

https://bitcointalk.org/index.php?topic=5244810.0

[ryzaadit]

Do your own research: it's not because it's in the play store or in apple's store that it's safe!!! There are several wallets, for example f-r-e-e-w-a-l-l-e-t, that are rumoured to pay people for good reviews in google and apple's store, but still rob you blind if you use them.

Ah this shit wallets reminds me of the case of ELON ~LOL

Please unlock my account
Source : https://twitter.com/elonmusk/status/1359409599972007936

Even ELON got locked by Freewallet and he needs to tweet on this shit wallet Twitter page to get unlocked off course that would be easy for him to get unlocked, but after getting unlocked seem like he takes some leason.

Your app sucks
Source : https://twitter.com/elonmusk/status/1359390452772966404

Any crypto wallet that won’t give you your private keys should be avoided at all costs
Source : https://twitter.com/elonmusk/status/1359400199521783809

[Charles-Tim]

Looking forward to download a multi crypto wallet for my smartphone and I heard there is open source and closed source wallet,

There is a high competition among mobile multi-cryptocurreny wallets so do not expect their software to be open source. They are afraid a competitor may steal or clone their codes. You are probably better off with hardware wallets like Ledger if OS is what you are looking for.

That has been the reason for many wallets to have gone close source, like Coinomi was open source before but gone close source, also was trust wallet that has already gone close source. The above reason may be their good reason, but close source wallet must not be encouraged because they are not trust worthy. When I have wallets that have the source codes that the public can easily check to know if it has vulnerabilities, the close source should just be forbidden and can be highly inimical in the future. Cryptocurrencies should be completely open source and decentralized and be used with open source wallets.

[Myleschetty]

I guess, in general, it would be better to pick a community-vetted open source wallet... Do your own research: it's not because it's in the play store or in apple's store that it's safe!!! There are several wallets, for example f-r-e-e-w-a-l-l-e-t, that are rumoured to pay people for good reviews in google and apple's store, but still rob you blind if you use them.

That is just it, playstores are not just the right place to download wallet, aside what you comment about playstores, also there are hundreds of fake wallets on playstores, very possible for a new person that do not know about crypto yet to download a fake one from playstores.

Yes, I dont know how google does their reviews before adding an APP to the play store but there's a rumor that they are doing the needed research about the APP they integrated on their platform and their main procedure is to check if it is virus-free.

There's open source vs closed source, but just as important are custodial vs non-custodial wallets (tip: if you have the choice, pick the non-custodial wallet)

This is a good advice, but to include, it will be good to also not download any noncustodial wallet that will request for email, there are many noncustodial wallets these days that are requiring for email, they should not be used for privacy purposes.

There's no reason to use any custodial wallet that requires email.

[Darker45]

Which OS are you going to be using for your multi-cryptocurrency wallet?

I guess it would be best for you to try asking questions as to the most recommended multi-crypto wallets. I'm sure there are a lot of users on this forum who could be considered experts or have deep knowledge on different multi-crypto mobile wallets. So I suggest that before you finally decide which wallet to use, download and install, raise it up here for feedback and reviews.

[The Cryptovator]

I hope OP got answers about open and closed source wallets. But do you think it's enough to choose a wallet especially if it a multi-currency wallet? I think the main fact where you choosing a wallet either it's custodial or noncustodial. Take a look at this article Crypto Wallets for Storing Multiple Cryptocurrencies, Top 10 Wallets in 2021 will find a list of few wallets with the details. I haven't used them, so use them at your own risk, I just share information. Most probably take a look at Trust wallet (by Binance). But I will suggest buying a hardware wallet where you can store multiple coins with full safety. It's a noncustodial wallet, so everything under the control of you.

[Fapriso]

I hope OP got answers about open and closed source wallets. But do you think it's enough to choose a wallet especially if it a multi-currency wallet? I think the main fact where you choosing a wallet either it's custodial or noncustodial. Take a look at this article Best Online Gambling Sites Australia 2021 where you can read about the highest rated Australian betting sites with the details. I haven't used them, so use them at your own risk, I just share information. Most probably take a look at Trust wallet (by Binance). But I will suggest buying a hardware wallet where you can store multiple coins with full safety. It's a noncustodial wallet, so everything under the control of you.

Thanks for the advice. I think you are right, a hardware wallet for multiple coins sounds safest and would be the right wallet of choice for me. Because I don't trust these 3rd party sites 100 %.