need suggestion about wallet

[Zerotrace]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

[iBaba]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

I think the first thing to consider is how much bitcoin you are holding, if it is small amount that you use regularly, trust wallet is generally fine when used carefully. But if it is  a significant amount that you plan to hold for months or years, I would move it to a hardware wallet like ledger, trezor or keystone. Because a hardware wallet keeps your private keys offline which generally reduces the risk of malware.

The biggest risk of trust wallet is usually not the wallet but user mistakes like clicking phishing links or having your phone infected with malware are mostly what causes losses than the wallet being hacked.Trust wallet also recommends using features like biometrics, encrypted backups and even connecting hardware wallet for stronger security. So if I had a large amount of bitcoin I will not keep it all in a hot wallet. I would keep some in trust wallet only for everyday transactions and keep my long term holdings in hardware wallet with the seed phrase saved completely offline. The setup will give me both convenience and good security

[Crypto Library]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

First of all, I would like to suggest that you to move this thread to  Wallet software board, because it's bitcoin-related service dicussion. And if you don't know how to move your topic/thread

Anyway, even I also used Trust Wallet in many cases, but if you have a large fund, then it will be better to switch yourself to Multisig cold storage even though sometimes it could be annoying to use but if you hold for long-term then I think this would be best practice. you can find more here..


and you can also see to Understanding the differences between Multi-sig and MPC wallets

[YellowSwap]

I have always rate trust wallet an average, 5/10 because it's partially closed source, apart from that it's still a fairly good one for small funds, for me in the hundreds.

Once your fund start going a thousand dollars it's better to find something better, like unstoppable wallet or Electrum wallet, because they are open source but as for the ColdCard incident it's something different.

If truly this is why you want to change your trust wallet then it's better to go for a wallet that has Passphrase option available, and the only free wallet that has this is Cake wallet.

Passphrase is the extra security that I can think of right now.

[BlackBoss_]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

Risk factors of Trust wallet.
- It's close source wallet. Even Binance really want to shill Trust wallet as open source, this wallet is actually close source.
- It's a multicoin wallet. You need to store your bitcoin in a Bitcoin-only wallet, and other coins (altcoins) in multicoin wallets if you want.

Avoid to store both bitcoin and altcoins in a multicoin wallet, you never want to have exploitation on your bitcoin just because of something exploited from weakness of shitcoins.

No source as you can see
https://walletscrutiny.com/mobile/com.wallet.crypto.trustapp/

[Webetcoins]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

Well, online wallets even if they are decentralized such as Trust Wallet or MetaMask are not suitable for large amounts, but one can surely use them for small amounts that they believe they use on regular basis, but since you mentioned "holdings", it basically means you are just holding the funds and not making regular transactions, so I would suggest that you use a non-custodial Bitcoin wallet for it. If the amount is not that large, you can use Electrum for it, it has both desktop and mobile versions, but since it is an online wallet, you will have to be more careful with the device you are using to use Electrum because there will be threats that can compromise your wallet.

If the amount is reasonably large, you should probably go with an offline/hardware wallet. I know that you must have heard about the recent coldcard incident which have made so many people doubtful about the security of hardware wallets, but I think if you use a passphrase with your wallet, you should have no problems, and make sure you go with a manufacturer that doesn't have a lot of complains or had any security vulnerability reports in the past, Trezor is what I would suggest personally.

[hosemary]

Once your fund start going a thousand dollars it's better to find something better, like unstoppable wallet or Electrum wallet, because they are open source but as for the ColdCard incident it's something different.

Why would you wait until you have thousands of dollars?
Electrum can be used for free, and if someone is holding a very small amount of Bitcoin, I would still recommend avoding Trustwallet.

Well, online wallets even if they are decentralized such as Trust Wallet or MetaMask are not suitable for large amounts

It's not appropriate to use the terms "centralized" and "decentralized" for wallets. Wallets are either "custodial" or "non-custodial".

If the amount is not that large, you can use Electrum for it, it has both desktop and mobile versions, but since it is an online wallet, you will have to be more careful with the device you are using to use Electrum because there will be threats that can compromise your wallet.

It may be worth mentioning that Electrum can be used as a cold wallet too.

[Yamane_Keto]

Sparrow Wallet is your best choice; it's open-source, easy to use, and integrates with almost all major hardware wallets via USB connection, SD cards, or air-gapped. maximum security it can be easily set up as part of a multi-sig address with a hardware wallet [Tutorial] Passport-Sparrow-multisig wallet

[bitmover]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

Your funds aren't in the safer setup possible.

There are basically 2 kinda of wallets: hot and cold wallets.

Hot wallets have internet connection, like your mobile phone or your computer. Those wallets aren convenient, but they aren't safe, and should be used just for small amounts.

Cold wallets private keys never comnect the Internet. Those are the safest wallets.

The Best choice for newbies is buy a hardware wallet , where the private keys are generated and stored inside a secure element chip which never connects to the internet. I think Trezor is the best one

[Forsyth Jones]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

And at the same time I would like to know what are the possible risks factor for me and as well others who are using trust wallet?

Regardless of your wallet choice, if you install a software wallet, you must ensure your environment is secure, with no suspicion of malware on your computer.

Recommended software wallets: Electrum, Sparrow, Bitcoin Core, Wasabi, BlueWallet, Cake Wallet (multicoins), Unstoppable Wallet (multicoins).

*Use software wallets knowing that your security will depend mostly on your device and your security practices. Don't keep your life's savings in it, use it like a pocket wallet, your bank account should be your hardware wallet/cold wallet (airgapped).

Make secure backups: write down the seed phrase (mnemonic responsible for backing up the wallet), never store it online in a .txt file or in the cloud, don't take photos of it. Write it down on paper or a steel plate and keep it in a safe place in your home. Make other backups to different locations.

Search for the passphrase BIP39 to add an extra layer of security to your funds (please do not use this without understanding the associated risks and benefits). If you don't want to go through all that trouble, buy a hardware wallet like a Trezor or build your own (seedsigner, krux, offline PC). I recommend delving deeply into the subject if you want to opt for an airgapped cold wallet.

Stay away from Ledger, Trust Wallet, and other closed source wallets (whether software or hardware).

The advantage of hardware wallets is that they generally have everything in one package: software wallet + multi-coin support + guaranteed updates. This is good for those who use altcoins, if you want something more maximalist (bitcoin-only), you should generally look for airgapped wallets.

Read bitcoin.org in the wallets section or walletscrutiny
https://walletscrutiny.com/

[MasterGGG]

I have some btc holdings and I am currently holding them in trustwallet. I am worried about my funds due to the recent hacking incidents. Which wallet is the most secure for me?

If you want a multichain wallet (like Trust Wallet is), check out Gem Wallet - solid alternative to Trust Wallet with the same wide multichain support, a cleaner design, and 100% open source

If you actually only need Bitcoin and nothing else - no USDT, no other stables - then a Bitcoin-only wallet like BlueWallet is one of the best options out there.

[BitMaxz]

I think the first thing to consider is how much bitcoin you are holding, if it is small amount that you use regularly, trust wallet is generally fine when used carefully. But if it is  a significant amount that you plan to hold for months or years, I would move it to a hardware wallet like ledger, trezor or keystone. Because a hardware wallet keeps your private keys offline which generally reduces the risk of malware.

The biggest risk of trust wallet is usually not the wallet but user mistakes like clicking phishing links or having your phone infected with malware are mostly what causes losses than the wallet being hacked.Trust wallet also recommends using features like biometrics, encrypted backups and even connecting hardware wallet for stronger security. So if I had a large amount of bitcoin I will not keep it all in a hot wallet. I would keep some in trust wallet only for everyday transactions and keep my long term holdings in hardware wallet with the seed phrase saved completely offline. The setup will give me both convenience and good security

Well, even with you carefully avoiding those possible attacks, I still don't want to stay using TrustWallet because this is not a fully open-source wallet; we don't know what code is inside this wallet.
Small or big, I still suggest having a cold storage wallet and learning the air gap way to make a transaction from an offline wallet way safer than using a Trust Wallet that's always connected to the internet.
To me, I have a Samsung device with broken Bluetooth and Wi-Fi and a broken IMEI and no SIM signal, so there's no way I can connect it to the internet. The only way I can sign a transaction is via QR code or via SD card, but a QR code with an Electrum wallet is way easier to sign a transaction. I made this as habit instead of doing the normal way on any hot wallet. I feel safer if I keep it this way. The only thing I worry about is that if the  unit is physically damaged; at least that is the only thing I worry about because I know electronics degrade over time but it's fine. I have a backup seed and repeat the procedure again.

[PX-Z]

Just like the first reply, trust wallet is fine for smaller amounts. There's no recent hack or whatever on the wallet so ill give it a go for lower than $200. Aside from the wallet itself, your most concern when using mobile wallets is your device, either a desktop or mobile phones. And the practice of using it.
For larger amount, hardware wallet is recommended plus again the way (practice) you use it. Electrum is good partner for hardware wallets.
I'm not fan of using official partner of the HW on playstore or app store as there are lots of fake wallets of them like for ledger live and trezor suite better use electrum and cake wallet for compatibility.

[RGBTC]

Lately, I’ve been using Trust Wallet and a few other mobile wallets for temporary holding, prior to swapping altcoins and as non-custodial return addresses; that’s the extent of my usage.
For holding larger amounts of BTC, Electrum (the desktop version) has worked flawlessly for years. I don't have much experience holding more than $2,000 BTC in a mobile wallet; with this type of wallet, the risk factor largely stems from user negligence. Importantly, avoid using new, lesser-known wallets.