Topic: Staking through mobile phone (Read 298 times)

I'm away from home and will be for the next few months, and I won't have access to my computer, but I want to continue staking and investing during this period. So far, I've been using Binance savings and staking because their mobile application is convenient, easy, and relatively safe. However, the yield has tremendously decreased while it's centralised, so it would be best to move to a decentralized platform, such as Beefy. I used to use the Metamask extension and had no issues; however, how safe and reliable is it to use through my phone?

I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience. I could possibly start staking from my computer now that I'm back home, but leaving coins staked on a decentralized platform without any monitoring isn't the safest option.

I just recovered my Metamask wallet on my phone, connected it to Beefy through WalletConnect, and moved some of my funds over from Binance. At first, I'm going to test how it functions, and if everything turns out okay, I might go ahead and move the rest of my coins there. Beefy offers some exceptional vaults that involve the known stablecoins (USDC, USDT, BUSD, and a few others); thus, the risk of the coins unpegging and crashing is pretty minimal. I might report back after a few days to share my experience and how satisfied I am. One thing seems certain: earnings should significantly increase compared to Binance.

Is it true that Apple are more secured compare to any Android devices?
This is also my problem when it comes to downloading anything on my phone where Android can easily be corrupted.

Basically the security of your phone depends on your browsing & installing app activity. If you don't open suspicious links and no one else opens your phone, there should be no problem. If you are worried about the security of your phone from any viruses and other applications running in the background, install an antivirus that you think is reliable to avoid suspicious apps and links. But, one thing is for sure, if you have any doubts, you shouldn't be staking from your phone, it will be better.

Basically the security of your phone depends on your browsing & installing app activity. If you don't open suspicious links and no one else opens your phone, there should be no problem. If you are worried about the security of your phone from any viruses and other applications running in the background, install an antivirus that you think is reliable to avoid suspicious apps and links. But, one thing is for sure, if you have any doubts, you shouldn't be staking from your phone, it will be better.

I've only used the Chrome extension without any issues. I've just installed it on my phone and connected on Beefy through Wallet Connect. Theoretically, I'm more worried about my phone's security rather than Metamask itself.

I do not want you to make you feel anxious or scared, but if the computer you have installed Electrum on has access to internet, it can be quite dangerous to your funds. For obvious reasons, if the computer is air-gaped then it is relatively safe for you to store your coins there.

Please get a hardware wallet as soon as you can from the official store, I would hate if your money ended up being stolen by some lowlife hacker. 

If you cannot buy it, you can also try to create your own cold wallet, when you have time.

Good luck, and please be careful.

I don't have one yet. I was planning to buy one but never actually proceeded with the purchase. Some of my funds are stored on Binance (Stablecoins and BNB) while the majority is stored in my computer's Electrum wallet (Bitcoin).

Don't you have a Ledger or a Trezor?

It would be way safer if you staked using an address generated from either of those and I have found documentation from Ledger confirming that you can indeed use your HW together with that app. I mean decentralized apps for that purpose, of course.

If you do not have a HW, it would be advisable if you moved your funds to your safest wallet (cold one), either if it is paper or a airgapped computer you use for that purpose, because in my opinion some yield is not worth risking the bulk of your holdings if you are going to be away. In the worst case scenario, you could lose all of it to some malware while you are distracted.

I honestly don't trust centralized platforms in any service, especially staking when you need to lock your coins/tokens for a certain period before you are able to withdraw, so if some bad thing happens to the exchange, you won't have the ability to withdraw your assets immediately. Instead, you can use the main wallet for the coins you stake.

Metamask is already good for me. Just make sure your phone is not infected with some malware because even with any application you will use, once your device is infected with some malware, it will be always in danger.
Once you use Metamask, you just need to be careful on the websites of platforms you are using because some could be phishing, always double-check.

I'm away from home and will be for the next few months, and I won't have access to my computer, but I want to continue staking and investing during this period. So far, I've been using Binance savings and staking because their mobile application is convenient, easy, and relatively safe.

I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience. I could possibly start staking from my computer now that I'm back home, but leaving coins staked on a decentralized platform without any monitoring isn't the safest option.

(....)
I used to use the Metamask extension and had no issues; however, how safe and reliable is it to use through my phone?

I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience. I could possibly start staking from my computer now that I'm back home, but leaving coins staked on a decentralized platform without any monitoring isn't the safest option.

Yeah, I have seen that percentage before because it was considered high and very enticing.

I understand why it is being liked by many and even it is a centralized platform and have been decreasing the APY for it on interest accounts like USDT staking because as you have said, it is convenient.

Did you checked Abra? That is the another platform where I am interested in putting my USDT because it offers compound interest and 10% for USDT and for other stable coins, 7%.

They only got 2.37% from the binance saving app. Actually thats a little bit lower no matter what you see it. For sure there are better rates on staking or joining farm on pancakeswap than this. But the only thing you need to worry is the safety of your asset on dex too. Plus the inflation or the impermanent loss youll experience on farming. Im not sure though if there is a single stakingfor bifi but maybe the rate wouldnt be that far from Binance maybe.

For at least four months. I used to use Binance savings for stablecoins; it started at 10% for up to $2,000, and now it has decreased to 3-4% at best. I don't trust either type of platform; both have their benefits and drawbacks, but Binance is at least quite convenient to use.

Staking thru your computer is always the safest option.
If you can't use your computer because you're away from months, I guess staking thru your phone isn't a good choice.

On the other hand, why choosing to stake thru your mobile phone if you can do it in your computer, and even though you will not have an access to your computer, you can just stake your coins into the platform that's supported by that coin, and let it grow. I mean you don't need to see it very often. Just put your coins there, and let it sit. I don't know if I will agree with you in the part where not monitoring isn't the safest option. I'm currently staking ADA coins, and there was a time where I can't visit their decentralized platform where I put my coins for I think 6 months because of lack of space in my computer (Daedalus is eating lots of space in my disk drive), and because of that, I saved some money to upgrade, and bought a SSD with more space. I opened it after 6 months, and nothing changed aside from the fact that I got more ADA now because I staked it there.

Not having an access to your computer isn't mean you need to convert, and use your mobile phone and stake. Safety is the primary option still, and you don't need to constantly visit your computer if you are staking. I rarely open my Daedalus software (where I stake my ADA). I think once every 2-3 months just to visit whether my coins are still there, and earning or not anymore.

How long are you gonna be away from home? I have been hearing a lot with both actually but more with decentralized platforms and I don't want to trust neither of them.

Binance staking keeps on decreasing its percentage because of many users that do trust them. However, just as the decentralized platforms , they are not safe too because you do not hold the keys while decentralized platforms they are targets by most hackers.

I'll choose to keep it to a wallet first where I have full control if I go somewhere else. I wouldn't even trust my mobile on keeping in either.