Help me in choosing wallet before I make mistake

[Grasper]

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

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[mocacinno]

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I hear from people are Binance and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

noooooooo...

Not binance and DEFENATELY not freewallet!!!
Binance is an exchange, it's very bad practice to keep your money in an online wallet, and binance isn't even a wallet (it's an exchange). Exchanges are made to deposit, trade and withdraw...

Freewallet is a completely different thing... It has tons and tons of fraud accusations from people that have given reliable testimonials that freewallet is selectively scamming. It is also widely believed by a lot of people in the community they're relying on fake reviews and bought adspots on search engines to lure in new victims *customers  

Check out this site for picking a wallet: https://bitcoin.org/en/choose-your-wallet

Just my advice: if you're going to hold a lot of money and you want an easy sollution: go for a trusted hardware wallet. Personally i use a ledger and a trezor, but you should do your own research.

If you're just experimenting and you have access to a clean pc, you can hold a limited amount of funds in an SPV HD wallet like electrum or sparrow... or bitcoin core (eventough that one takes a massive amount of hdd space and time, since you're downloading and verifying the complete blockchain)

[Nwada001]

You are really asking this question in the right place (the forum). Since you want to purchase your first Bitcoin, I guess you also have less knowledge regarding the crypto.

I will advise you to use any authorized platform in your country. Here, Binance is simple to verify and purchase your crypto without stress, but if you will have to be using it more often, it's not worth your identity if you only plan to use it once. If you have passed the verification process, you can use the P2P option to buy USDT, which you can later use on Binance spot to purchase your Bitcoin (buying Bitcoin directly using Binance p2p sometimes has a higher price than usual).

You can also use P2P platforms like   Hodlhodl   and   Agoradesk , which don't require KYC verification for any purchase.
If you have successfully purchased your Bitcoin, you can think of the best wallet for storing it. If the fund is large enough, I will advise you to purchase a hardware wallet like Electrum, Ledger, etc. They are among the highly rated wallets here in this forum.

[acroman08]

if you are going to buy Bitcoin and hold it I suggest to don't use any centralized exchange site as a wallet to store your coins. mocacinno shared a link to help you figure out what wallet would be great for you, I suggest try checking it out.

anyway, you can also check this thread [General] Bitcoin Wallets - Which, what, why? if you want more choices and info and feedback from members.

[FatFork]

In my opinion, neither of the options you mentioned are popular or recommended. Binance is an online exchange and not a wallet, and while it can be used to hold a small amount of coins (specifically if you actively use the platform for trading), it's not advisable to do so for an extended period. As for Freewallet, it's a web wallet and mobile app. Although I'm uncertain if it's a custodial wallet or not (meaning if they have access to your private keys), the general opinion is that web wallets are less secure than fully-fledged desktop apps or hardware wallets.

You should avoid custodial wallets, which hold your keys on your behalf, as they can be hacked or shut down, and you have no control over it. If you prefer to manage your funds on your desktop, I recommend using a software wallet like Electrum. And if you want better security with less effort on your part, a hardware wallet is the best choice.

[ololajulo]

To ensure the highest level of security when storing cryptocurrencies, it is crucial to prioritize safe storage options. Custodial wallets or web wallets may not be ideal for long-term storage due to potential security risks. Instead, non-custodial software wallets or hardware wallets are recommended as they provide better security and allow users to retain control over their funds. For example, using a non-custodial software wallet like Electrum, which is a desktop app, enables users to have full control over their private keys and securely manage their funds on their own devices. It's worth noting that keeping large amounts of coins on an online exchange is generally not advisable as these exchanges can be susceptible to hacks or other security breaches. However, it may be necessary to use a centralized exchange at some point, and in such cases, it's important to choose a reputable and trusted exchange.

[Wapfika]

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

What kind of people here suggest that this wallet is popular? Binance and Blockchain.info are an exchange while Freewallet is totally unknown to me. Electrum is the best wallet for starters because it's open source and has been used by most of crypto users for a long time. Electrum Wallet is protecting newbies Bitcoin since 2011 though. if you have extra cash, It only took 69$ for you to have the Trezor Model One hardware wallet which saves you from worries of being hacked or scammed. Invest in a hardware wallet if you value your investment.

Never hold your coins on Centralized Exchange like Binance. Always remember that Not Your Keys Not Your Coins!

[wahyuagung26]

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose?

If you want to store your Bitcoin Assets later, you should use an official platform. the options you mentioned maybe they are global options so far, but don't use a centralized exchange site to store your Bitcoin assets, if the quantity is large we recommend you to try to get a hardware wallet, for example like Electrum they say so far very safe. maybe there are some other trusted secure hardware wallets you can try.

[cryptoaddictchie]

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

Dont fear if you wanted to invest cause thats the risk wr have to take if we want to gain profits. You are right that scams are everywhere but it will depend on you on how to control yourself from believing the idea of free or airdrops. Most scammers are tend to talk to newbies and beginners that are interested to people.

[Merit.s]

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up. Binance is not a wallet,it is an exchange and if you leave your coins in it,there is high possibility of you losing your bitcoin,therefore it is not advisable. You can buy your bitcoin with Binance or a decentralized exchange like Agoradesk or bisq. If it will be more complicated for you,try and do your own research too. From my own side,you can use electrum with lighting network, it is a noncustodial wallet which you will have full control of your private keys for safety of your bitcoin. It is also very easy to use.

[BitMaxz]

There are lots of wallets to choose but all of them are depends on you how you protect your wallet from any attacks.

Do you have a budget? If yes then a hardware wallet is the best and yes it's technical but it is easy to use just make sure that you have a backup of your seed and passphrase to make sure in the future you can recover your wallet.
You can write the backup seed and passphrase into the piece of paper and save it somewhere safe in your house or your physical wallet.

Or if you don't have a budget you can start with Electrum cold storage/offline wallet which is very safe from any attack this is good if you are just saving your Bitcoin not for daily use because you will need to make a raw unsigned/signed transaction every time you make a transaction it is a bit hassle and it needs an extra device that connected to the internet where you can create raw unsigned and broadcast a transaction.

[aysg76]

First of all if you have heard from someone Binance then definitely it's not a good advice and they are preferably directing you towards these centralised exchanges which can anytime restrict you from withdraw your own coins so how come do you classified them in safe category?

There are many good wallets but depends on which coins you want to hold like for bitcoin good choice is Electrum wallet as it's non custodial and your keys never leave your wallet without anyone having access to it but if you prefer more security then hardware wallets are the choice you have but you need to spend funds for buying it.

[Odusko]

Thank goodness you ask this question if not, you were on the verge of making a big mistake that could have led to your fears because your two choices of wallets are bad ideas for self-custody since Binance is an exchange and Freewallet is fraudulent, it's not a good idea to store your assets in an online wallet but you can choose from trust wallet or blockchain wallet and if you have to go further, you may pay your own cold wallet device for 100% security and self custody.

[Ziskinberg]

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Perhaps, they are free but the Binance wallet is an exchange wallet where it is not advisable to use any exchange wallet for holding, they are in control of your money, not you.

Blockchain wallet - well, you may choose Electrum instead. We can't say that it was not totally safe but granting that many people and holders are using this wallet (even me) without having a problem, then I would say this is not bad to use. However, if we are aiming to hold a lot of Bitcoin, then must go to a hardware wallet as it has an optimum level of security.

[Stalker22]

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up.
~

I had no idea that being a newbie also means incapable of learning and understanding how to use a hardware wallet. 

Seriously though, I respectfully disagree. While hardware wallets may require some technical know-how, they also come with clear instructions and tutorials to help even a newbie get started. As long as the user follows the instructions carefully and takes necessary precautions, such as keeping their recovery seed phrase safe, there should be no reason why a newbie cannot use a hardware wallet. Plus, it is always good to learn by doing and gain hands-on experience.

What is the alternative, anyway? A software wallet or a mobile app? Because there's no way a newbie could ever make a mistake or accidentally compromise their security with one of those, right?

[boyptc]

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Good thing that you've asked here first, all of the three that you've mentioned aren't viable and great choices especially if you're going to keep 1 bitcoin in them.

Aside from these recommended desktop wallets.

- Electrum
- Wasabi
- Bitcoin Core
- Samourai

Since you will able to buy one bitcoin next week then I'm sure that a few couple of bucks spent for a hardware wallet won't hit your budget a lot. It's a precautionary measure and will give you better security for your asset.

These are the options you've got for hardware wallets --> https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware

I'd personally recommended Ledger wallets but I only own one of its version, the old one.

Please don't use web wallets that you've mentioned as your choice, you'll regret if you proceed with those choices.

[sheenshane]

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

None of them, don't choose centralized exchanges nor centralized wallets, especially Freewallet.org, it will ruin your entire investment, believe me.
You may choose any of these wallets as long as an open-source wallet.

• LIST of Multisig Wallets
• List of Open-source Lightning wallets
• or much better hardware wallets BIG LIST of Hardware wallets (80+)

Those are reliable wallets to choose when you're holding your Bitcoin in a long term, I just want to remind you about the golden rule of crypto, "Not your key, not your coin".

[smyslov]

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Prefer a noncustodial wallet where you have control of the private key, do not let these exchanges, and avoid wallets that claim to be custodial but had a bad reputation in the industry, the perfect choice for this is Exodus and Electrum read and watch videos about these two noncustodial wallets but the most important thing is educating yourself on how to protect yourself from scammers and hackers and securing your wallets.
Good luck on your Bitcoin journey I hope your journey is smooth and you learn how to secure your portfolio you did the right asking the community first.

[Potato Chips]

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up.

I had no idea that being a newbie also means incapable of learning and understanding how to use a hardware wallet. 

Seriously though, I respectfully disagree. While hardware wallets may require some technical know-how, they also come with clear instructions and tutorials to help even a newbie get started. As long as the user follows the instructions carefully and takes necessary precautions, such as keeping their recovery seed phrase safe, there should be no reason why a newbie cannot use a hardware wallet. Plus, it is always good to learn by doing and gain hands-on experience.

What is the alternative, anyway? A software wallet or a mobile app? Because there's no way a newbie could ever make a mistake or accidentally compromise their security with one of those, right?

Can't speak for others as I don't have any experience with them but as far as ledger and trezor are concerned, I actually think it's great for beginners. One main reason is that, it mitigates a great load of online attacks, most of which software wallets won't be able to do much e.g. some malwares, so in terms of slip ups, we have much more leeway with hardware wallets.

Another great thing for beginners is that some software wallets supports HW's which means they can switch to their GUI if they don't like the official application from the manufacturer. For bitcoin, I recommend electrum's, it's feature packed while keeping everything simple and straight forward.

[Amphenomenon]

Op, you can use Mycelium for mobile wallets while Bitcoin core, Electrum, Mycelium, Exodus for pc. You should note that the most secured wallet are the cold wallet because they store your private keys offline and so it add more security like ledger and Trezor.