Transient Wallet Until My Cold Wallet Arrives

[Yptiq]

Hi, I've previously had my crypto stored on Edge wallet before I moved it all to Binance where I could trade more efficiently.

Now I'd like to move all my crypto to a new cold wallet that should arrive soon, and I was wondering what hot wallet I should use in the meantime to:
1) Move all my assets from Binance as quickly as possible.
2) Be able to buy crypto (Binance has had its issues with payments lately)

I was thinking about Guarda Wallet as a good alternative that I've heard people being satisfied with it. Any takes on this? Any other alternatives that I should consider?

[Darker45]

It looks like Guarda wallet is mainly closed-source. Only certain components are open-source, not its core wallet. In which case, you might want to consider other alternatives.

What cryptocurrencies do you have, by the way? The most reputable hot wallets I know are normally Bitcoin-focused. Are you open for maintaining at least 2 wallets? Electrum and Mycelium, for example, for your Bitcoin and certain altcoins, respectively?

By the way, what will happen to trading efficiently? Would you be taking out your coins every filled order? That would be costly.

[alegotardo]

Hi, I've previously had my crypto stored on Edge wallet before I moved it all to Binance where I could trade more efficiently.

Now I'd like to move all my crypto to a new cold wallet that should arrive soon, and I was wondering what hot wallet I should use in the meantime to:
1) Move all my assets from Binance as quickly as possible.
2) Be able to buy crypto (Binance has had its issues with payments lately)

I was thinking about Guarda Wallet as a good alternative that I've heard people being satisfied with it. Any takes on this? Any other alternatives that I should consider?

Dude, if your hardware wallet is already on the way, then I think its really makes sense to use a temporary hot wallet to withdraw your coins from Binance exchange.

Just be careful that hot wallets like Edge, Guarda, Exodus or Trust Wallet that are connected to the internet always has the risk of a hacker attack or malware. So... for temporary use its acceptable, but avoid leaving large amounts in there for too long.

I don't have personal experience with Guarda Wallet, but I know its a multi currency and that you keep your private keys safe, so you just need to make a good backup of the seed on paper (or another offline format) when you create it.

[Catenaccio]

It looks like Guarda wallet is mainly closed-source. Only certain components are open-source, not its core wallet. In which case, you might want to consider other alternatives.

It does not look like, but it is actually a close source wallet.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=guarda

Guarda wallet is from a scam lab, Evercode lab too.
ChangeNow.io (Evercode Lab) - Scam. Illegally holding of 100 BCH (11 bitcoins).

It's better and safer to avoid Guarda wallet.

[Yptiq]

It looks like Guarda wallet is mainly closed-source. Only certain components are open-source, not its core wallet. In which case, you might want to consider other alternatives.

It does not look like, but it is actually a close source wallet.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=guarda

Guarda wallet is from a scam lab, Evercode lab too.
ChangeNow.io (Evercode Lab) - Scam. Illegally holding of 100 BCH (11 bitcoins).

It's better and safer to avoid Guarda wallet.

What would you recommend I use instead as a reliable and hassle free alternative for the next couple of weeks until my cold wallet gets here? I'm looking for something that's both reliable and won't take too long to set up/require identification/etc.

It looks like Guarda wallet is mainly closed-source. Only certain components are open-source, not its core wallet. In which case, you might want to consider other alternatives.

What cryptocurrencies do you have, by the way? The most reputable hot wallets I know are normally Bitcoin-focused. Are you open for maintaining at least 2 wallets? Electrum and Mycelium, for example, for your Bitcoin and certain altcoins, respectively?

By the way, what will happen to trading efficiently? Would you be taking out your coins every filled order? That would be costly.

I'm actually invested way more in ETH than I am in BTC.

[Coyster]

What would you recommend I use instead as a reliable and hassle free alternative for the next couple of weeks until my cold wallet gets here? I'm looking for something that's both reliable and won't take too long to set up/require identification/etc.

Non-custodial wallets should not require identity verification. That is for centralized exchanges and custodial platforms, like the one you are using currently, Binance.

I'm actually invested way more in ETH than I am in BTC.

It is going to be hard to give you an advice without knowing how much in question you are trying to move. I would hardly advise anyone to move a huge amount of money into a hot wallet, neither hodl it in Binance (that's even worse). So if the assets do not cost so much, you can use Electrum for your bitcoin and Unstoppable wallet for your altcoins.

[Solosanz]

Don't be careless just to want to move your coins in safer place, try to send small amount first and see whether you send to correct address or not. Then the second transaction to send the whole of your coins.

It is going to be hard to give you an advice without knowing how much in question you are trying to move. I would hardly advise anyone to move a huge amount of money into a hot wallet, neither hodl it in Binance (that's even worse). So if the assets do not cost so much, you can use Electrum for your bitcoin and Unstoppable wallet for your altcoins.

@OP is looking for temporary solution, it's better to hold in hot wallet, but make sure @OP can control his finger to not clicking random link/download/install something.

Unstoppable wallet do accept Bitcoin too, so @OP do able to use one wallet.

[Coyster]

@OP is looking for temporary solution, it's better to hold in hot wallet, but make sure @OP can control his finger to not clicking random link/download/install something.

I know that. But if it is a really huge amount, i still wouldn't advise anyone to hodl it in a hot wallet, even if it is for a short time, let alone on an exchange. "Huge amount" is relative, but anything greater than $10k on a hot wallet even for a short time is too risky IMO. It would make more sense to even set up an airgapped wallet, that is if OP has an old device and the knowledge to do it, and use it for the meantime, until his hardware wallet arrives. Maybe i am just too paranoid, but that's my advice.

[hd49728]

I know that. But if it is a really huge amount, i still wouldn't advise anyone to hodl it in a hot wallet, even if it is for a short time, let alone on an exchange. "Huge amount" is relative, but anything greater than $10k on a hot wallet even for a short time is too risky IMO. It would make more sense to even set up an airgapped wallet, that is if OP has an old device and the knowledge to do it, and use it for the meantime, until his hardware wallet arrives. Maybe i am just too paranoid, but that's my advice.

If you have millions of dollars and $10,000 is a small fund with you, store it in a hot wallet like quite ok. Risk is the same but you are more affordable to lose that $10,000 with a hot wallet and you can use this method, no big issue.

With the others who have smaller fund, $10,000 can be whole money they have so it's super dangerous to store it in a single hot wallet. It makes sense to store it in different wallets, and if possible cold wallets.

Hot wallets are more helpful with your small fund that you can bring around and spend something more regularly.

In general, hot or cold wallets, make wallet backups, test backups, and always have good backups for recovery.
How to back up a seed phrase ?

[rdluffy]

One important thing that hasn't been mentioned yet is which coins do you have and want to transfer?

But in general, I highly recommend Metamask for EVM networks (ETH, ETH second layers, etc.)
https://metamask.io/

Phantom for Solana
https://phantom.com/

Electrum for BTC (however, it does not allow buying and selling through Electrum)
But the BTC network is cheap to transfer, so if you want to make a trade, just send it to the exchange.
https://electrum.org/

[Darker45]

It looks like Guarda wallet is mainly closed-source. Only certain components are open-source, not its core wallet. In which case, you might want to consider other alternatives.

What cryptocurrencies do you have, by the way? The most reputable hot wallets I know are normally Bitcoin-focused. Are you open for maintaining at least 2 wallets? Electrum and Mycelium, for example, for your Bitcoin and certain altcoins, respectively?

By the way, what will happen to trading efficiently? Would you be taking out your coins every filled order? That would be costly.

I'm actually invested way more in ETH than I am in BTC.

In that case, you might want to consider either MyEtherWallet or MetaMask. Both are non-custodial and open-source. MetaMask is a browser extension kind of wallet while MyEtherWallet is web-based that has offline options. I think the latter is somehow more flexible than the former. However, it all depends on what else you're heavily into other than hodling ETH. But for plainly hodling ETH, at least temporarily, you can choose either.

Please do your own research. I'm not vouching for these wallets.

[satscraper]

Hi, I've previously had my crypto stored on Edge wallet before I moved it all to Binance where I could trade more efficiently.

Now I'd like to move all my crypto to a new cold wallet that should arrive soon, and I was wondering what hot wallet I should use in the meantime to:
1) Move all my assets from Binance as quickly as possible.
2) Be able to buy crypto (Binance has had its issues with payments lately)

I was thinking about Guarda Wallet as a good alternative that I've heard people being satisfied with it. Any takes on this? Any other alternatives that I should consider?

If I were faced with the similar task, I would probably replace Binance with AirGap solutions.

And why not? In terms of security, this solution is comparable to what most hardware wallets offer.

Not to mention, AirGap is open-source software.

[dkbit98]

I was thinking about Guarda Wallet as a good alternative that I've heard people being satisfied with it. Any takes on this? Any other alternatives that I should consider?

I would never use Guarda for anything, this is oboslete wallet in my opinion and it's not even open source.

Much better wallet alternatives are Cake wallet, Stack Wallet and Unstoppable wallet.
They all have pros and cons, but they are open source and supporting bitcoin and different altcoins.
Open Source hardware wallets are recommended for larger amount of coins, but backup should be priority for all wallets.