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Author Topic: How safe is connecting your wallet to third party portfolio apps?  (Read 262 times)
bryant.coleman
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September 13, 2021, 02:12:42 PM
 #21

I know that the risk is very minimal, but after almost a decade in the field of cryptocurrency, it is really hard to trust anyone. I use a third party portfolio application, but I have made all the entries manually. For me, it is easier because I am a long term holder and almost never do intraday trading. But then for short term investors and the day traders, it is impossible to manually enter all their trades. I know that the portfolio apps can only access the transaction history and wallet balance. They can't move the coins since they don't have the password and 2FA. But even then, if this information gets leaked it may put you at risk.
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September 13, 2021, 02:58:57 PM
 #22

It depends on the application you connect to. If it's stood for a long time and has a lot of communities it's guaranteed to be safe there's nothing to be afraid of. Usually the attack occurred on a new project that was deliberately to gain access to our wallet. They create an event so that our wallet is connected to the party when they are.
Having many users and having many communities is not a guarantee to be safe. sometimes the security provided by the application provider has been updated, but users cannot use it optimally and are careless. wallets will be easily hacked and exposed to phishing if you are not careful.
Current-party portfolio applications like Blockfolio are highly trusted, but the risk remains. i never connect my personal wallet with any party app at any time, it will be more secure.

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Ararbermas
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September 13, 2021, 03:16:26 PM
 #23

Probably its safe but of course make some research mate to obtain specific information and make sure as well thay you're connecting to the real site or apps wherein not a duplicate platform because you know there are some apps and sites made of some hackers that looks like the real one just to obtain victims,so be aware.. Infact all the information can be found in the internet so always use to make research to avoid issues such hacking..
fiulpro
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September 13, 2021, 04:22:52 PM
 #24

What's the worst that can happen when syncing your exchange wallet with apps such has Blockfolio (FTX)?

I know Blockfolio probably has good reputation but what about another less known app? What would happen if the phone is compromised or it has malware? What if the phone has malware?

If the phone is compromised it's your fault most of the times. I do think you should understand the fact that, these things are not to be taken lightly, you can download things from sources that you can't really be sure of and can download a malware with it very easily therefore you have to realize what you are doing and are the same time you are supposed to follow through with the security and everything.

Probably its safe but of course make some research mate to obtain specific information and make sure as well thay you're connecting to the real site or apps wherein not a duplicate platform because you know there are some apps and sites made of some hackers that looks like the real one just to obtain victims,so be aware.. Infact all the information can be found in the internet so always use to make research to avoid issues such hacking..

Not just that, you gotta have some practical knowledge for sure. There are people who randomly spread their password around to people they know and get scammed as well, therefore it's not just about the site but it's more about you as well.

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