Binance alternatives | Bitcointalksearch.org

aTriz

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Quote from: Oshosondy on December 12, 2023, 12:40:01 PM

Binance is an exchange. Why store bitcoin on an exchange. Not your key not your coin.

Store your coins on noncustodial wallet.

Use passport hardware wallet for bitcoin
Electrum for small amount
Trezor hardware for altcoins and bitcoin

Binance is fine for holding small funds. specially when you are not planning to hold them or long term. which is true in OPs case. for regular spenders like us binance is more convenient than any external wallet. where can easily withdraw them using P2p, or trade them if needed. or participate in Binance launchpool campaigns to earn some extra tokens.

You suggestions are good if the person planning to hold his funds for long term or he has a lot of funds. I never keep more than $10k in Binance.

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Quote from: Latviand on December 12, 2023, 12:17:43 PM

If you're not yet familiar with the situation, Binance only have 90 days to operate in my country (the Philippines) and given that I've stored my hoard of bitcoin there for a long time already, I'm a bit panicky as to where I should store it (ironic that I'm like that when I'm a staunch believer that I don't care if I lose my bitcoins) so my question is, what alternative wallet or exchanges I can store my bitcoins, wallets would be appreciated and some of my irl crypto friends already recommended me two wallets and an exchange and hopefully they're going to be the same as your recommendations so I can finalize my decision.

I've read what people advised you about and I urge you to follow them promptly. But what still baffles me is that you had spent over 4 years in this forum, how careless could it still be to be "storing" your coin in an exchange? I quoted the "storing" because by using that word by you mean that were not using it to trade but saving it there for investment purposes. That is careless in this dispensation.

Exchanges can't be trusted particularly if your money is big. The best bet is to store your money in non-custodial wallets, and by doing that, you have the true right to your assets. This is unlike with exchanges that have the true right to it but merely owe you.

Latviand

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Quote from: Z-tight on February 03, 2024, 08:21:15 AM

Quote from: Latviand on February 03, 2024, 03:46:17 AM

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It is available on Playstore, but do not download your wallets from Playstore, it is recommended you download Electrum from the original website, and this is the link to it: https://electrum.org/

Quote from: Latviand on February 03, 2024, 03:46:17 AM

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You simply download Electrum from the original website and install it. If you only have a mobile device, then you have to buy a hardware wallet, so you store your funds offline and in a safe environment.

Can you redirect me to the original website of Electrum, I don't want to end up downloading a fake and end up losing that bitcoin for nothing. I'm not really sure about the first website that pops up when I search "Electrum wallet" on Google.

Z-tight

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Quote from: Latviand on February 03, 2024, 03:46:17 AM

is it available on Playstore?

It is available on Playstore, but do not download your wallets from Playstore, it is recommended you download Electrum from the original website, and this is the link to it: https://electrum.org/

Quote from: Latviand on February 03, 2024, 03:46:17 AM

I don't know how to set it up on my Android phone, can you link me a thread that will teach me how to do it, I want to use Electrum ever since but the problem is that I don't have a personal computer and I don't like installing one in Windows.

You simply download Electrum from the original website and install it. If you only have a mobile device, then you have to buy a hardware wallet, so you store your funds offline and in a safe environment.

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Quote from: Latviand on February 03, 2024, 03:46:17 AM

I might check out your recommendation too, is it available on Playstore?

Electrum is of course available on Playstore too, but I would recommend to go through Electrum website as Playstore is notorious for having fake crypto apps there.

Quote from: Latviand on February 03, 2024, 03:46:17 AM

I don't know how to set it up on my Android phone, can you link me a thread that will teach me how to do it, I want to use Electrum ever since but the problem is that I don't have a personal computer and I don't like installing one in Windows.

I don't understand what's the problem, you install it as any other android app. Just go to Electrum website and under "Download" tab you will find android link.

Quote from: Latviand on February 03, 2024, 03:46:17 AM

but the problem is that I don't have a personal computer and I don't like installing one in Windows.

So you are basically holding everything you have on mobile wallet? If yes, that's a very risky thing to do.

Latviand

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Quote from: Potato Chips on February 01, 2024, 02:51:53 PM

Quote from: Latviand on February 01, 2024, 12:51:33 AM

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1 star reviews from where? I remember reading low rated reviews back then on mycelium from people complaining about stuff they're at fault for lol. Wouldn't be weird if we have the same situation here.

Anyhow. Blue wallet is recommended! it's open source, feature packed and actively maintained. Trust wallet however is closed sourced which is a deal breaker for many of us. Then again, the open source alternative I could think of for multi-coin wallet is only Unstoppable Wallet which apparently appears to be prone on syncing issues -- in my case, it only happened once. Lemme link the discussion thread, see: https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273

1 star reviews from users Playstore but it's overall around 4.6 stars, Blue Wallet has been recommended to me by a trusted friend so I might consider that too, that's probably the only two wallets that I've been mostly recommended by my friends because they're easy to use and they didn't have any problems using it. I might check out your recommendation too, is it available on Playstore?

Quote from: Rikafip on February 02, 2024, 01:20:32 AM

Quote from: Latviand on February 01, 2024, 12:51:33 AM

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Even for temporary storage I woulnd't consider Trust Wallet as its a closed source owne by Binance and its only a decent solution if you need a hot wallet where you plan to store no more than few hundreds of dollars worth of crypto.
As of another alternative for (temporary) bitcoin storage, why not Electrum?

I don't know how to set it up on my Android phone, can you link me a thread that will teach me how to do it, I want to use Electrum ever since but the problem is that I don't have a personal computer and I don't like installing one in Windows.

Rikafip

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Quote from: Latviand on February 01, 2024, 12:51:33 AM

For temporary storage that don't aren't CEX (rejoice to the people that are right all along, you've converted me), I'll be putting my bitcoins in either TrustWallet or BlueWallet and if there's anyone here that can provide me some other wallet because I'm scared of the 1 star reviews of those two wallets.

Even for temporary storage I woulnd't consider Trust Wallet as its a closed source owne by Binance and its only a decent solution if you need a hot wallet where you plan to store no more than few hundreds of dollars worth of crypto.

As of another alternative for (temporary) bitcoin storage, why not Electrum?

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Quote from: Latviand on February 01, 2024, 12:51:33 AM

I'll be putting my bitcoins in either TrustWallet or BlueWallet and if there's anyone here that can provide me some other wallet because I'm scared of the 1 star reviews of those two wallets.

1 star reviews from where? I remember reading low rated reviews back then on mycelium from people complaining about stuff they're at fault for lol. Wouldn't be weird if we have the same situation here.

Anyhow. Blue wallet is recommended! it's open source, feature packed and actively maintained. Trust wallet however is closed sourced which is a deal breaker for many of us. Then again, the open source alternative I could think of for multi-coin wallet is only Unstoppable Wallet which apparently appears to be prone on syncing issues -- in my case, it only happened once. Lemme link the discussion thread, see: https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273

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Quote from: blockman on January 29, 2024, 02:50:10 PM

I have seen people telling that they should support local exchanges in our country like PDAX, Gcrypto, Coins.ph and Maya. But as we know, not all of them supports every cryptocurrencies that are found there. A lot of them can be found in many exchanges and as for that exchange, I've been hearing a lot with kucoin, okex and bybit. But this is still depending if the decision of our SEC will also ban and stop their operations here until they comply to any regulating laws applied on them.

I wouldn't even trust them with my bitcoin, I don't think that it's going to be a really good idea to place my bitcoins on a local exchange that will make me easily marked as a crypto enthusiast so the government can watch me behind my back, I've see GCash (Gcrypto) got their customer's funds stolen by hackers so it's not a good idea to go to that exchange even I don't care too much about my bitcoins, I'd just burn it if I would have no choice but to put it there. For temporary storage that don't aren't CEX (rejoice to the people that are right all along, you've converted me), I'll be putting my bitcoins in either TrustWallet or BlueWallet and if there's anyone here that can provide me some other wallet because I'm scared of the 1 star reviews of those two wallets.

blockman

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I have seen people telling that they should support local exchanges in our country like PDAX, Gcrypto, Coins.ph and Maya. But as we know, not all of them supports every cryptocurrencies that are found there. A lot of them can be found in many exchanges and as for that exchange, I've been hearing a lot with kucoin, okex and bybit. But this is still depending if the decision of our SEC will also ban and stop their operations here until they comply to any regulating laws applied on them.

Z-tight

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Quote from: johnsaributua on January 28, 2024, 04:31:00 AM

I don't know if binance is centralized in one country that has public services maybe in your country, because even though I am in a different country I still do my activities on binance for trading. You can also look at safepal and trust wallet as alternative solutions if you strongly believe in binance products. Know your risk DYOR.

I am having a hard time understanding you here, but binance is a centralized exchange 'everywhere'. Safepal and trust wallet are not exchanges and they are not alternatives to binance, safepal is a hardware wallet and trust wallet is a software wallet, but the both of them are not recommended. For alternatives to binance, try p2p exchanges: https://kycnot.me/?type=exchange

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Quote from: Latviand on January 28, 2024, 04:30:30 AM

Quote from: jrrsparkles on January 28, 2024, 03:54:27 AM

Quote from: Latviand on January 28, 2024, 02:04:54 AM

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So you're listening or choose to be as it because it gives convenience? Because I can't able to understand that you learnt storing Bitcoin in an exchange is risky but you're not concerned about losing it.

If you only have bitcoin and just install electrum wallet and store your bitcoins in it, the non custodial wallet actually gives the complete control of your funds and you can sell whenever you want just sending the funds back to exchange only paying the fee required at the time.

Correct, I'm not concerned it's not a big deal amount so I do it anyway, the convenience is a bonus. I do plan to install an Electrum wallet but I don't have my own computer yet and I want to learn how to navigate in Linux so I can be much safer so that's the deal for now but rest assured, that's what I plan to do someday with my bitcoins.

You can install electrum wallet in your smartphone itself if it's Android, for IOS I will recommend blue wallet.

So you're using bitcoin only for trading purpose and not to send anyone personal?

Because withdrawal fee on exchange is hell of an amount to be paid for small amount.

Latviand

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Quote from: Synchronice on January 28, 2024, 05:27:54 AM

Quote from: Latviand on December 13, 2023, 07:44:05 AM

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Don't take it as a disrespect when others advice you to not store your cryptos in centralized exchanges. They give you this basic advice because when you don't have access to your coins, you don't actually own them. But since you intentionally want to store your coins on centralized exchanges, then you can use Coinbase, Kraken, OKX and the ones listed above. I think these exchanges are available in your country but you should check it yourself again.

Hardware wallets are the best option but you have to carefully choose that. At the moment, Coldcard and Passport are one of the best wallets. Keep in mind that you should never buy Ledger and probably other closed-source wallets.

I'm not taking it as a disrespect, maybe it's the frustration for me but I do welcome those but there's a sense of urgency for my inquiry so I want to disregard that as much as possible and get to the right one, I'm sorry if that came out disrespectful. I mean you did recommend me the exchange which is what I'm looking for but some of the replies just want to tell me not to do this and do that. I do know about closed-source wallets, definitely staying away from them because some of my friends have told me about it and they're really good at breaking programs.

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Quote from: Latviand on December 13, 2023, 07:44:05 AM

Of all that have replied to this thread, you're the only one that did offer alternatives thanks for that and to answer your opinions on how I store my crypto, it's none of your business plus I've said it already that I don't care too much about my bitcoin losing, I've said it on other threads long ago, I don't like to be tied down too much managing my bitcoin stash so I do this stuff but I guess I'll change my ways slowly if that bitcoin becomes helpful to me especially if I plan to have a family in the future. Hardware wallets are a strong consideration to me too but I like the convenience of being stored in exchanges so I can quickly sell off parts of my investments.

Don't take it as a disrespect when others advice you to not store your cryptos in centralized exchanges. They give you this basic advice because when you don't have access to your coins, you don't actually own them. But since you intentionally want to store your coins on centralized exchanges, then you can use Coinbase, Kraken, OKX and the ones listed above. I think these exchanges are available in your country but you should check it yourself again.

Hardware wallets are the best option but you have to carefully choose that. At the moment, Coldcard and Passport are one of the best wallets. Keep in mind that you should never buy Ledger and probably other closed-source wallets.

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Maybe you are too comfortable with cex because it makes it easier for your daily transactions, especially binance with a very good rating, but cex can be affected by issues and problems until the owner of binance itself stumbles over the case too. It's worth it like your real money, of course you don't keep it all in the bank right? maybe some are stored somewhere with your own control. Likewise, bitcoin allows you to store in bitcoincore or electrum ? I'm also still learning there, it's never too late while maybe you are interested in similar cex like bybit and okx? or kucoin or coinbase? etc. I prefer to interact between the above 3 markets including binance.

I don't know if binance is centralized in one country that has public services maybe in your country, because even though I am in a different country I still do my activities on binance for trading. You can also look at safepal and trust wallet as alternative solutions if you strongly believe in binance products. Know your risk DYOR.

For electrum on android you can instal on =>https://bitcointalksearch.org/topic/split-how-to-create-an-electrum-wallet-on-android-5412471 .

Latviand

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Quote from: jrrsparkles on January 28, 2024, 03:54:27 AM

Quote from: Latviand on January 28, 2024, 02:04:54 AM

~

So you're listening or choose to be as it because it gives convenience? Because I can't able to understand that you learnt storing Bitcoin in an exchange is risky but you're not concerned about losing it.

If you only have bitcoin and just install electrum wallet and store your bitcoins in it, the non custodial wallet actually gives the complete control of your funds and you can sell whenever you want just sending the funds back to exchange only paying the fee required at the time.

Correct, I'm not concerned it's not a big deal amount so I do it anyway, the convenience is a bonus. I do plan to install an Electrum wallet but I don't have my own computer yet and I want to learn how to navigate in Linux so I can be much safer so that's the deal for now but rest assured, that's what I plan to do someday with my bitcoins.

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Quote from: Latviand on January 28, 2024, 02:04:54 AM

Thanks for everyone that said that I shouldn't do the exchange storing thing and sorry that this is the only time that I was able to reply, got a lot of shit going on and books to catch up but just so you know, I don't have a lot of bitcoins that I fear losing it in an exchange and no I haven't been scammed by an exchange, Binance has been a pretty good exchange to me, the convenience that it gives to me whenever I want to sell my bitcoin is why I'm storing my bitcoins there, I don't know if you all know my philosophy but I've posted about it a long time ago so I can't find it or I'm just lazy (that's for you to decide) but I don't really care too much about money or material things, I always try not to put myself in position where I'm stressed out on things that involves things. But for the sake of others that might take this post the wrong way, don't do what I do when it comes to storing your bitcoin, listen to the pros.

So you're listening or choose to be as it because it gives convenience? Because I can't able to understand that you learnt storing Bitcoin in an exchange is risky but you're not concerned about losing it.

If you only have bitcoin and just install electrum wallet and store your bitcoins in it, the non custodial wallet actually gives the complete control of your funds and you can sell whenever you want just sending the funds back to exchange only paying the fee required at the time.

Latviand

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Thanks for everyone that said that I shouldn't do the exchange storing thing and sorry that this is the only time that I was able to reply, got a lot of shit going on and books to catch up but just so you know, I don't have a lot of bitcoins that I fear losing it in an exchange and no I haven't been scammed by an exchange, Binance has been a pretty good exchange to me, the convenience that it gives to me whenever I want to sell my bitcoin is why I'm storing my bitcoins there, I don't know if you all know my philosophy but I've posted about it a long time ago so I can't find it or I'm just lazy (that's for you to decide) but I don't really care too much about money or material things, I always try not to put myself in position where I'm stressed out on things that involves things. But for the sake of others that might take this post the wrong way, don't do what I do when it comes to storing your bitcoin, listen to the pros.

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Quote from: Latviand on December 12, 2023, 12:17:43 PM

...so my question is, what alternative wallet or exchanges I can store my bitcoins, wallets would be appreciated and some of my irl crypto friends already recommended me two wallets and an exchange and hopefully they're going to be the same as your recommendations so I can finalize my decision.

Let's start by not recommending any exchanges, since you need somewhere to transfer your wealth!

I know it might be convenient for you to store your bitcoins on an exchange, but it it really worth the risk of losing access to it all?

Remember that something can happen to any exchange overnight, and you might wake up locked out of your account. That is why you must use a non-custodial wallet.

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Quote from: arjunmujay on December 17, 2023, 05:25:41 PM

no one can guarantee an exchange to last long. except those that are legal and licensed in your country.

Even those fail sometimes. Celsius was registered in US and we saw how that ended up, so in any case you shoulnd't trust exchanges for storing your crypto and should be mainly used for their primary purpose which is trading.

Quote from: PX-Z on December 17, 2023, 07:42:52 PM

Trustwallet is owned by Binance as well, moving your funds from Binance to Trustwallet doesn't have any difference in terms of security since it's closed source.

While Trust wallet is indeed owned by Binance and it is a closed source, I woulnd't say that funds there are equally in danger as they would if kept on Binance. With that being said, Trust wallet is definitely a bad idea for a long term hodl but its not the worst for a multicurrency hot wallet where you hold up to $100-200.

Topic: Binance alternatives (Read 324 times)