Topic: Question (Read 295 times)

See the term electro wallet is not familiar with us but trust wallet is surely known and renowned wallet used by many.

By electro you mean electrum wallet or something else? Yes it's safe to transfer funds on them but be sure as there are fake copies of these wallets which are built to scam new users of funds so be sure about it.

See this : Fake trust wallet app

Until you make more clarifications to your statement then nothing can be said and we won't be able to explain any further according to me.So learn more about them because funds once gone are not easy to recover so be sure first.

Exactly there are so many opportunities for scammers to play around newbies and the common way is building up these fake apps with same name and UI also but you need to differentiate between them.

I have seen people safely securing tons of bitcoins also in their hardware wallets and whales have stored them on exchanges with care but exchanges are always prone to risk as not your keys not your funds is preety common.As you can see dormant address rising from graves making transactions.But they have scattered them on different addresses with full security.So best is to keep them with safety avoiding these mistakes you can because the funds are involved.This market needs education and awareness because one little mistake could make you loose funds instantly.

@Cheap Afghan worker
Make sure you download any wallet you use from the original website. Your post that "you found" the wallet can mean many things. You could have found it on a blog post by a scammer or a Google ad pointing to a fake software. Put the links of the software "you found" if you are in doubt and someone will comment on it.

All multi-currency wallets have certain flaws and issues. They are always closed-source and you can come across complaints of various types. Trust Wallet is one piece of software I haven't heard many people say bad things about, so that's good. But the more important question is what are you intending to store in your wallet? Only Bitcoin or altcoins as well? Depending on your needs, we might be able to suggest something better. 

That doesn't mean anything. You can keep $50 million in such a wallet if you want, it doesn't mean that you should. You can keep the same amount in a centralized exchange as well without anything happening. But again, that doesn't mean that's the way people should store their coins. When something happens and you lose your crypto, it's too late to start thinking about the mistakes you made. Avoid mistakes before they turn into problems.

Are we certain that we are even making sense on OP's questions and the better question even is, if the OP is actually following up on this discussion at all. Else, I suppose OP should have cleared the air on the rather confusing question that is making users have there assumptions and responding as deemed fit.

Possibly, someone could explain or the OP clarifies what is implied by found Electro wallet by name of trust wallet and it being safe or legal to transfer things. It doesn't make perfect sense that way.

I wouldn't bet on that, honestly. It's just his opinion and doesn't represent binance. Binance as a company has to comply with laws and "follow international sanction rules" as per CZ's own words. Just read what he wrote on this post about Ukraine, Russia, Sanctions and Crypto.
Uers from sanctioned countries should move their funds to non custodial wallets, just to be safe and avoid any bad surprises.

Everything that Binance takes over is becoming centralized, that's to be expected since they have the ownership and right with it.

Yeah, that's possible that they can block those users if they want to. But with CZ's stand on this war, he's still neutral so I think that's a statement that people should be relying on that there won't be any blockage for users within those regions that's part of the war.

Yes, trust wallet was an open source project till Binance aquisition in 2018. At first, they claimed that only the android version is no longer open source and they made its repository private to prevent scammers from copying it  which I find unconvincing. But if you check their github, you will see that even the iOS version hasn't been updated for more than three years.

I read their ToS and I think this is the most important part:
We may still refuse to let certain people access or use Trust Wallet
MetaMask started blocking access from certain sanctioned countries and I wouldn't be surprized if trust wallet does the same.

Thank you for that additional info, yes, before trust wallet is open-source but with Binance taking over that's one of the changes that has happened. I've read old threads about it that says, they really are open source. Sad to say that they're still saying that they are an open source through their dev page.

I don't use this wallet but if it's about the local jurisdiction on who can use it, there could be some info that can be found there if that's what Op wants to look at.

But you've given more than of that and that's an important factor that not only can op should know but everyone else too.

You shouldn't believe everything you read in their terms of service.
They claim that trustwallet is open-source, but they are lying. Trustwallet used to be an open-source wallet. But, now it's close-source.
If I'm not wrong, trustwallet was open-source until it was bought by binance.  

There's no need to worry about legality if it's just about using and transferring a balance from one wallet to your trust wallet. Everyone is free to use it but if you want to make sure then you can read their TOS.

https://trustwallet.com/terms-of-services/

If you're storing bitcoin, I'll just keep it to a wallet like electrum if I don't own a hardware wallet.

I haven't heared anything wrong about trust wallet yet. It gain a lot users because it is ability to connect to a lot of Defi dapps running on Binance chain. Being a closed source wallet does not necessarily mean the wallet is bad. Ledger hardware wallet is also closed source but everyone recommends it more than Trezor which is an open source wallet. What is important is that a wallet should be non custodial and should provide multiple functionality.

honestly, I would be cautious to store any significant amount in Trustwallet, just because it falls into mobile wallets 'bucket'. Air-gapped hardwallets are definitely better, however you gonna miss some perks like built-in exchange, earn interest, etc., so it’s sort of trade off between security and functionality. Personally, I always gravitate towards security.

Yes I tried import my trustwallet to metamask and it worked.

Since it's closed source, I don't think anyone can tell you whether it's safe or not with total certainty. What I know is that it was created in late 2017 and since then no security issues have been reported ( pls correct me if am wrong here). So, personally I wouldn't mind using it for small amounts.
I don't know what you mean by legal! but trust wallet is non custodial wallet so no one can seize your funds as long as you have saved a copy of your seed. Even if trust wallet doesn't work anymore, you can easily import your wallet into any other app.

I am using a trust wallet too, and so far I did not encounter any serious problems like losing an amount for no reason. But if you doubt trust wallet then you can use other safeties wallets to store your money. Bu what I do is that the that I made the trust wallet as a receiver of my coins and then transfer it to other wallet to be safe.

If you are going to use trustwallet then don't store huge amount of crypto in it. Better use a hardware wallet though you can use trustwallet for smaller amounts. To tell you honestly, I have been using Trustwallet for years but didn't experience any problem regarding crypto funds I have been stolen something like that so I didn't worry about what others said since I only transacted small amount of btc using Trustwallet. What do you mean by electro wallet?.

A hardware wallet is best for a high amount of money or asset but if you are a daily trader or you just have a max of 500$ just stick with a mobile wallet I've seen people holding 50,000$ worth of crypto on trust wallet before.

There is only one reason to keep using trust wallet and that's because it belongs to binance exchange, if there is any centralized crypto exchange I could trust is binance, trust wallet isn't fully open source as I heard but if that's not an issue then you are good to go.

It is safe to transfer a few hundreds of dollars, maybe  a bit more.

But you shouldn't store your lifesavings in a mobile wallet, or any other type of online wallet.

For newbies, the most recommended wallet is a Hardware wallet. The most used are Trezor and Ledger Nano, and they are both safe to use. They are not expensive, and newbies should have one.

Your beginning sentence is rather vague, but if this is the trust wallet you are talking about, then yes you can use it, so far, I haven't seen any serious issues about it leading to loss of funds from users. It's a multicurrency wallet backed by Binance, but one thing you need to know is that it's not open-source. So who knows what goes on behind the scenes.

What do you mean electro wallet?

Trust walet Is a fairly popular wallet, but there are a number of question marks about their safety and security and I would not recommend it.
There have been reports of them having a bad customer support system and they switched from being open source sometime back.

There are many more reputable options for a wallet software which you can use instead. What coins do you want to store?