Be careful of mobile wallets that holds private keys

[Astra]

Therefore, I never use new wallets, no matter how convenient they may seem to use. Also, in all cases, I use those wallets where there are private keys. First of all, this is the MyEtherWallet wallet.

[Hometown]

Actually many mobile wallet have private key that is huge possibility to hack. If you open your private keys in public place then it highly possible to get hacked. I already faced a hacked situations. So you don't open secret your private keys in phishing site.

[ankhi00]

"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.

it is still 100% better to use wallets where you control the private key.


I've posted a similar topic in another forum

Your are very correct sir. Every mobile apps control by third party so that they can anytime hack your wallet as well as cyrptocurrency. So everybody should keep their currency in strong place where nobody will stolen private keys.

thanks.

[Coin63@]

Yes brother mobile wallet is very risky to use because mobile phones wallets having private keys that are very much possibility to hack. So be careful about private keys, neumaric phase.

[H2O]

I always use MyEtherWallet private key but I feel uneasy because it has possibility to hack.

[Gwatan]

I always use MyEtherWallet private key but I feel uneasy because it has possibility to hack.

Most ERC-20 wallets are made from Myetherwallet. They have been working to improve security every day for the past 4 years. Most people who lose their assets often experience some security errors such as: using the wrong website address, downloading untrusted files, storing wallets in low-security places, ... You must be wary of all cases.

[Gurujebs]

Yes brother mobile wallet is very risky to use because mobile phones wallets having private keys that are very much possibility to hack. So be careful about private keys, neumaric phase.

Everything in cryptocurrency is just risky

@OP It's better you buy hardware wallet and save your self the stress. Good luck.

[edmundo]

Why would anyone use a supposed wallet that holds your private keys? Unless such a wallet is a centralized exchange, it makes zero sense to hold your precious assets in such an exchange and risk having your hard earned money taken or swindled away faster than you can expect. I always tell people, if a wallet isn't decentralized, then it has no value. Always learn to only use the top and most used decentralized wallets. That's the only way you can control how your assets get moved or used.

[Black96]

I prefer wallet with private key ones it's kept self  I will definitely have 85% rest of mind.

[raisajahan]

when you own a cryptocurrency you actually need a private key for that particular network.  A private key is most important for further transaction without it we can't use blockchain network to authorize transactions.

[Raqeebzy]

Custodial wallets that holds private keys for users aren't safe enough especially holding large amount of crypto. The absolute power is not with the user of the wallet but with the holder of the private keys. They have quite some advantages and they are much easier to use than non-custodial.

[Laxmi Sharma]

There are some popular crypto wallets. No matter which wallet is used, if you keep the private key safe, the wallet is also safe. When using a crypto wallet, it is most important to take care of the private key to protect your assets. I can usually suggest Trust Wallet or My Ether Wallet for any Airdrop or Bounty campaigns.

[mohdelayo]

This is ultimately a golden rule in this space, holding the keys to the wallet that is holding your assets is very critical as that is the only way one can be being their own bank and ripping the full advantage that comes with blockchain and decentralization. Always remember that not your keys not yout assets.

[Crypto Banglu]

You're right, we need to keep our wallet safe. The most important thing to keep your mobile wallet safe is to keep your private key safe. You have to make sure that the private key does not become a publicist in any way. This is very important for the wallet. If you lose the private key, the wallet will also be lost. So it is most important to keep the private key safe.

[Btceth01]

I am first requesting everyone to keep everyone's private key in a very good place.  Many times I hear that many people's accounts are hacked.  But I think these are hacked by some of them.  So you will keep the private key of your wallet in a very good place.  You can use trust wallet or MyEtherWallet app as a wallet.  Because here are the mnemonic phrase.  Which is very unlikely to be hacked.