Topic: Mobile Wallets - page 2. (Read 423 times)

If that's the case the person who finds your phone  cannot access your wallet but also make sure you save your keys from separate device and don't left any hint on your phone  so that you will be totally secured. But since it's mobile phone much better if you wouldn't trust so much since anything from it is not secured that's why it's advisable not to store huge volume of crypto's to avoid any risk in future and if you are  a big holder  then much better to grab a hardware  waller for safe storing.

If we are download wallet from real developer it will safe to use. I have multicurrencies wallet in my phone, it still safe to use till now. What i do to make sure my phone safe is i only installed important things to supports my work on my phones. Limited access to people to use my phone contain crypto wallet, and make sure to check app permission request before accept to install.

The definition of security is limited to the way you deal with the wallet. For example, if you are neglected and you download a lot of applications or give a lot of permissions, you will lose your money.
Downloading the wallet on the phone is safe if you do not download any untrusted application on that phone.

The fingerprint and others prevent the physical access to those currencies, meaning that they will benefit you if someone “physically” tries to access/hack your phone.

The risks also exist on computers or laptops but I thought the risks on mobile phones/ devices are higher. It comes from total online time people spent on mobile devices likely higher. It means they expose their wallets with more risks.
Incorrect. If one backup wallet seeds/ private key, then even they lose their mobile phones, they won't lose their money only if they response fastly because the others can crack wallets' PIN/ passphrase to steal their money. Reponse fastly mean accessing the wallet on other devices and move their funds in that wallet to the others ASAP. If you lose your phones, I think you have enough time to secure your fund but you have to do this quickly. Because the odds to have the one who takes/ steal your phones have enough technical skills to hack your wallet's PIN/ passphrase immediately by his/herself is very low. There are not high coincidence like that.

Mobile wallets are convenient for fast and easy trading. But there is a risk of malware and virus attack. Also, if the phone is lost or damaged, then the cryptocurrency in the wallet is lost. The mobile wallets can be used for small purchases. For storing large number of coins, hardware wallets are the best option.

Not all the mobile wallets are considered less secure but majority of the wallets are! Wallets like mycelium are trustworthy in the sense you can use them for spending your small amount of bitcoins. I have been using mycelium for quite a long time as a mobile wallet for spending my funds immediately when I am away from my PC. But on the other hand, you shouldn't be having large chunks of bitcoin in mobile wallets, web wallets or hot wallets. Hot wallets and Web wallets are some of the bad wallets which one can trust upon as they have poor security when compared with mobile and desktop wallets.

I would suggest you to have a hardware wallet like Ledger/Trezor for holding your btc for longer term and electrum as a desktop wallet connected with Ledger and mycelium in your mobile. Electrum mobile wallet is certainly bad at times and they could create problems at times. Here is a post of mine about the disadvantages of using a Electrum mobile wallet over another mobile wallet like mycelium : Bitcoin account my mobile


Fingerprint/Pin alone wouldn't make a wallet secure as far as mobile wallets are concerned. Your mobile would always be connected to internet which might pose a problem for you if your mobile is affected by a malware. Consider like the hacker has injected a malware in your mobile, and when you send btc it might redirect to his address.You should always use wallets like Electrum in a offline computer or a hardware wallet for storing large amounts.

I would not use them as my main wallet for keeping and holding Bitcoin and crypto.
You can lose your phone easy.
Yes, you keep your backup in safe place and you can always recover your seed  words, but why risk it?

Fingerprint copy is very easy to get.
With anything you touch you live your fingerprints, and if someone wants to take it, he will.
It is better to use password instead of fingerprint.

This is the reason I like Electrum dekstop wallet and hardware wallets like Ledger.

Mobile Wallets are not considered less secure. The less secure are the web wallets and browser wallets.

Mobile wallets are like desktop wallets. Seeds never leave the device if you are using a good wallet. Certainly trustwalley is not one of them and I recommend more reliable wallets such as Electrum mycelium or Samourai .

Fingerprint or password doesn't give any extra security. If a hacker is to steal your coins it is through a virus, and he will try to access your seed code

Your seed must be kept offline , in a paper. Take care of it

Additionally, the only real secure wallets for newbies are hardware wallets, such as trezor and ledger. If you keep significant amount of money there, buy a hardware wallet

I use Electrum in my phone but really do not keep much coins in there. Make sure you keep the passphrase somewhere in a safe place so you can restore it in the desktop version too.

Not sure about this Trust wallet. But in this kind of cased you have to be the first one to move the funds to another wallet. This is why you need the passphrase to be safely saved in somewhere else.

Curious about the security of mobile wallets. Why are they considered less secure than other wallets? I currently use Trust Wallet which uses fingerprint ID or a pin. If my phone were to be compromised how would anyone be able to access it? How could they obtain my pin/fingerprint?