using social wallets

[Btcdeybodi]

I downloaded Telegram App and installed it in my Android phone so after registration I clicked on the options that are available in the platform and I was surprised to see wallet so when I opened it I discovered it can be used to open a crypto wallet to store coins. So it is really safe to use wallets from social platforms? If it is safe, what is the guarantee that assets stored on this social wallets will not be compromised by either the app or other users of the app.

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[Zaguru12]

The safety of every wallet is dependent on many factors but the most important one is protecting your private key or seed phrase to getting into the hands of hackers and that’s why it is highly recommended not to allow it to go online (that is touching the internet). Now looking at the social media wallet, ask your self how it is created. Isn’t the wallet live on internet using social media platforms? How is the key or seed phrase generated (if there is any) or don’t you think there is back door where they safe the private key or seed phrases to themselves (we cannot know since it’s close source), if yes then isn’t the Keys at risk already if the social media platform gets compromised?. Wouldn’t it be easy for someone to just compromise your social media accounts and they easily get access to your account? And also why do you want to link a wallet that is supposed to be private to your social media?

If you connect the dots you will find out that aside that it is the most risky thing to do it also points to how lazy someone is by leaving off all the recommended wallets options and settling for a social media wallet. To me it is not that much different from an exchange

[tech30338]

as much as excited as it seems I wont use this wallet since It is manage by third party, as a best practice always use wallets where you have full control over it, its a good feature but for me its a big no,

[Nwada001]

The wallet is completely unsafe. If that's what you want to know, you used your number to create the Telegram account, which means the wallet is only linked to your number. You have no backup phrase that could be used to recover the wallet aside from using it on Telegram only.
 
So what happens if they ban your number like they did? Here and you might have funds in that wallet; once they do that, that's the end of the wallet and whatever you have in it. 
 
The best wallets to ever use are those recommended here in the forum, like Electrum, BlueWallet, and other open-source wallets that have been proven to be trustworthy. They give you a real wallet, which you can use on any other wallet app to get your crypto, and not just a wallet that is linked to an account.

[crwth]

I know that it makes the connection of wallets, dApps, and other connecting to someone and even sending, easier. It's safe as long as you don't do malicious stuff in your wallet and make sure that you are connecting to a trusted site. I think it has a lot of opportunity if you use it correctly.

I know that Coinbase has created a wallet that makes everything with onboarding so much easier and you could use it for NFTs, dApps, swaps, trading, etc. It's safe and I have been using it for quite some time now.

[Aanuoluwatofunmi]

Wallets on telegram, mobile browsers are all unsafe for me to use, I don't think I can come to that low in terms of security in using any of these, when we have varieties of cold storages we cannot use them all, these should be the least for someone who is intended for going big in his assets of investment with bitcoin to go for, if centralized exchange wallet which are custodial wallet are not good for use enough, then consider the these ones as well with the use of telegram to be same as being centralized even if they are non custodial wallet, their source code could be closed source.

[Hatchy]

The best wallets to ever use are those recommended here in the forum, like Electrum, BlueWallet, and other open-source wallets that have been proven to be trustworthy. They give you a real wallet, which you can use on any other wallet app to get your crypto, and not just a wallet that is linked to an account.

Op, such wallets are not open sources and as such, they are completely not safe not standard. Please you should refrain from telegram wallet as I've heard of stories about not having access to ones wallet due to their telegram mobile number being banned. Just as @ Nwada001 has said, since your number is linked to the wallet when you are banned from telegram due to many reasons that telegram has Never disclosed, your wallet might never be recovered.
Try to use standard, well know and open source wallets like the ones that @Nwada001 has mentioned. These wallets gives you total control of your keys and you are able to backup your seed phrase and import into any other wallet.

[sokani]

Telegram wallet is not safe, aside being closed source, here's a good reason you shouldn't use it. It has a self destruct timer, and if perhaps you get slammed with a lengthy or permanent ban, you'd lose your account and funds if you did not have a backup. So safe yourself the trouble that looms and get a hardware device if you could afford one or an open source wallet like electrum or unstoppable wallet is good. Also, remember to backup your seed phrase and keep it safe.

[Jawhead999]

Do you want to be the next victim? Becareful with telegram wallet!

If telegram ban your phone number, you won't able to access your wallet anymore except telegram unban your phone number.

Don't mix social media with wallet, it will increase the possibility you will get hacked or your data might be compromised.

Just use reputable wallets:
Hardware wallet = Trezor
Altcoins = MyEtherWallet
Bitcoin = Electrum, Bluewallet, Samourai.

[albon]

Do you want to be the next victim? Becareful with telegram wallet!

If telegram ban your phone number, you won't able to access your wallet anymore except telegram unban your phone number.

I have now tried creating a wallet on Telegram, and it has become clear that you cannot get seed phrases or a private key related to unlocking this wallet.

Your account on Telegram is the key to opening this wallet. If his number is banned, as you mentioned, or if the account owner is exposed to Sim Swapping, he will definitely lose his account and then lose his assets in their social wallet. In addition to this, Telegram is full of scammers who send bots and spam links. If the account owner makes the mistake of linking his wallet after clicking on these links, he will undoubtedly fall into a scam, and if you read their terms of service "here," specifically section 6. Modification of MAF (Telegram Mini App Feature) and the data they share section. You will find that it is an unsafe wallet, and it is not recommended to use, despite the availability of many other alternatives in which the user can be the sole controller of his assets and ensure the security of his wallet away from these social wallets that closely resemble CEX wallets.

[bitmover]

. So it is really safe to use wallets from social platforms? If it is safe, what is the guarantee that assets stored on this social wallets will not be compromised by either the app or other users of the app.

If you are looking for guarantees,  don't use web wallets or any mobile wallet

The only safe wallet is a hardware wallet.

This social wallet is an easy target for phishing.  Avoid using it, use for only a few bucks if you need to.

[Upgrade00]

Telegram is a haven for scammers looking to get access to your wallet, having your wallet on the app just exposes you to even more risk.

This is also a centralized wallet and per their terms, they are allowed to restrict your access at any time and for any reason without being obligated to reveal the reason to you. Telegram also has indemnity should you incur any loss, so you can't take legal action against them.

I highly DO NOT recommend.

[Miles2006]

Similar issue has been raised in my local board and the best is stay away from social wallets, using telegram wallet sound strange cause we hear alot of scam experience and it seems telegram promote such act, the most important advice when dealing with wallet and storing of cryptocurrencies I will give is never trust a third party, from my view I can't differentiate both online scam and a third party wallet. Aside a good wallet the crypto space has alot of safety measures but firstly your wallet choice determines your foundation,  even with the right wallet choice an investor can still decide to go astray except such person don't pay attention to online scam. Don't play risky game with your investment and it's good you ask questions first