Topic: Staking through mobile phone (Read 313 times)

All the work that you are going to do you can definitely do it all through the mobile phone. You may have never worked with a mobile phone so it seems too complicated for you. I do all crypto currency work through mobile. But you would still be wiser to stay with a centralized service. Right now you should not go for decentralized services. You do your work from a centralized staking service.

Share us your experience with beefy. I haven't heard about this wallet. Is that the BIFI that's integrated or partnered with Atomic wallet?

You're not going to be sure how safe they are as both of them are still targeted by hackers but it seems that there are lesser hackers through iOS or Apple's OS.

So whatever OS you use, do not be too careless with your browsing activities.

Taking preventive measures inother to avoid scams and also have a lifestyle of privacy have been one of the coolest way to exhibit character with people. Also, clicking on any how links will also led one into be victims of phishing links and mails that will drained our wallets. We become victims of scams because we easily allow people to be accessible to our phones, one never can imagine what our friends have for us. I've witnessed situation where my friend tried to invade my wallet when he was in possession of my phone, if not for the security phone setup, I would have been shock of words.

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. Anyway, staking using your phone are still possible maybe you can just use the browser of Metamask and if its not working, walletconnect is a good one though I’m curious why Metamask is not in the option where in fact this is one of the major wallet for staking.

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.

Don't worry, you're not. Basically, you're right: funds are never 100% safe, but hardware wallets are actually one of the safest options out there, starting at less than a hundred bucks. It's not a costly accessory to secure your money. Currently, my laptop doesn't have access to the internet because it's not being used since I'm away, so I guess that for now I'm generally safe. However, purchasing a hardware wallet is one of my top priorities in the near future, unless I buy a new laptop and use the older one to isolate my wallet from the internet.

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).
I'm not a fan of centralised platforms either, however, they are convenient and in general, safe. I can't speak for other exhanges but at least in Binance you can choose flexible options with no lock-in period. I haven't thought of wallet integrated staking feature, I might as well check it out.
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.

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. For example, I use Keplr (mobile wallet) to stake Atom. Indeed, every asset that's a POS should have its own wallet that offers direct staking. This might look a much safer solution than handing your assets to centralized service. I also use the service offered by Atomic wallet, in which you can stack a wide range of assets, including ETH, that has been added recently. I have good experience with them as I have been stacking ADA with them for more than one year and without any problems.

Most wallets do not include staking but you can do liquid staking "stETH". The best solution I have found so far is the portal built into the Q Blockchain protocol, which includes escrow, staking, DeFi, digital ID etc.. Look into Omni mobile app, that might help you but I haven't tried that one yet.

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.

stake it out from the exhcange or you can simply just install binance app. option 1 is better afaik becuase binance will not have to take percentage.

you never know what could happen to binance soon, we can see its been attacked by regulator every now and then, if they spot a weak link to it, the coins you stake might be at greater risk.

Wallet connect let you connect your wallet such as Metamask, Trustwallet or any decentralized wallet you are using to access the Beefy.finance website. Wallet connect just compile all the decentralized wallet and automatically connect you to the dapps without choosing the specific wallet. Just choose wallet connect and click connect then a request to your wallet will appear for approval.

Wallet connect is trusted and the most popular option on connecting on a Dapps.

Yeah, it was great, but it didn't last long; it was short lived. It has constantly been decreasing; even when a new option comes up, the APY crashes in the following days. I added liquidity to USDC/USDT a few days ago, with an APY of 9%; two days later, it's down to 4%. I haven't heard of Abra but will definitely check it out, thanks!
Binance's options are pretty poor and out of competition if you ask me. DEX offers some pretty decent returns, but I'm worried about the safety of my funds with me being away.

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.

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%.

It's not necessarily a safety issue, but a combination of several matters that concern me about leaving my coins unmonitored. The first and least important, since safety of funds is always the number one priority, is that the vault I choose may no longer be profitable after a few weeks. Another issue I had faced in the past was that one of the vaults I was using to stake was discontinued, while others had suffered exploits, such as Iron.Finance.
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.

This is also difficult to assess as the point of view of risks and benefits with which we look at these products may not be the same. I immediately see as my own use, I don't trust some of the top CEXs like binance, okex, houbi,... but as you also know some events have since happened in the market that made many people lose money trusting CEX. And similarly DeFi platforms do not guarantee absolute security, so being flexible in the market through devices that support computers and phones is not a problem that I find difficult to reach. I have a laptop and several mobile devices, so being on the go is always handy when in the market.

Staking is not mining, but rather the use of a POS protocol or CEXs, in PoS you are using your money to guarantee the network and in CEXs/DEXs your money used for liquidity and you gain a return for that.
Therefore, it does not make a difference if you use it on a phone or a computer, although some sites may not look perfect on the phone.
The problem does not lie in the device, but in the staking itself. If the currency does not support the Proof of Stake protocol, then it uses a centralized platform in one way or another, even if it claims to be decentralized.


The currencies that work on the Proof of Stake protocol are Ethereum, Cardano, and others.

If you don't feel safe leaving your coins on any exchange, you should withdraw all your coins to a more secure wallet such as a hardware wallet and leave them at home.
And if you also don't feel safe leaving your coins on a decentralized exchange, you should also withdraw all your coins from a decentralized exchange.
It will be safer for you that out of the house for a few months than worry about your coins sitting on a centralized and decentralized exchange.
But you can also look for wallets that support decentralized exchanges so you can monitor the movement of your coins on the decentralized exchange via your phone while away from home.

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.

If you are faced with the choice of having to stake from your phone at Beefy Finance again, you need to first install Trust Wallet, mate. Then for the connect option you can choose WalletConnect. Trust me, it's completely safe (At least until now). But I don't recommend it if the value of the asset you want to stake is a large value. For me, it would be better staking on CEX platform than DEX if the value of the asset I want to stake is large value for me (Although with small interest).

Staking from home is the best option.I use a non custodial wallet meaning I have full access in my funds like Atomic wallet is and I use that platform to stake Zilliqas but it supports another 20-30 cryptocurrencies for staking so you can check their website at atomicwallet.io and see for yourself.This way as long as you have the 12 word seeds safely safeguarded somewhere you can safely be away from your computer for months and nothing will happen to your funds.I never agree to keep a lot of funds in a centralized exchange like Binance is no matter how reputable they are as they are still a third party.

First thing I would want to know is if you are in some kind of a rush and have a need to really stake your holdings. If so, then a little risk wouldn't hurt, just never forget to take proper measures to ensure that you are being cautious enough with how you use your phone to stake. Would even be better if you have an extra phone that is mainly used on crypto or crypto wallet related stuff. And about wallets and platforms, read on at least a few of them first to find the ones that would suit your taste or would make you feel the most comfort on using.

Now, if it really isn't that urgent, then I suggest you take a time off of your crypto and focus on things other than your holdings. It won't hurt to take breaks if circumstances makes it difficult for you to engage on your cypto related stuff. Plus, you wouldn't have to take unnecessary risks that could endanger your crypto holdings. Well, whichever you decide to do, hope you don't lose anything and gain more instead, good luck.

SAFU doesn't make your funds completely 100% safe, Binance SAFU has a limit, it's not an unlimited money or they have bigger funds than all money from their customers. If Binance got hacked and the hacker can steal all of the money, CZ can't made a refund since they're in lost. But it doesn't mean decentralized apps is more safer than centralized platform, decentralization in altcoins mostly less decentralized and the security is weak.

Depends on a lot of money you refers, but it's not really need to wait until he have a lot money because reputable hardware wallet only cost around $50-$100.

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.

If your problem is to watch your PC at home while you are away or far from your home you can use chrome remote desktop I already tested this to my mining rigs. The only problem is if my mining rig crash due to overheating even the rig restart and run normally again the chrome remote desktop app cant connect but yours is different you are staking so this thing should work to you.

I'd say you should generate an address in which you back up your private key into your computer so that if you accidentally got metamask in your mobile error you can just recover it, after all from my experience using metamask in mobile phone seems really buggy in which I don't recommend but actually many has used metamask in their phone for long and fine with it anyway.

1. Never use a centralized platform to stake your coins. You could wake up tomorrow and Binance is no more. I hope you remember what happened to the different staking platforms such as Block Fi, Celsius, and even FTX

2. To some degree, staking on a mobile phone using a decentralized platform is much safer than using a centralized platform, so long as you safely keep for seeds.
Wallet connect is actually compatible with so many noncustodial wallets, including trust wallet.

If you have a lot of money, buy a hardware wallet.

This is the main reason I'm still using Binance, I probably wouldn't if I had access to a computer, but that's a different story. I won't have access to my computer for more than 4 months, I wouldn't bother if it was for such a short time period, I mentioned for a couple of months in my starting post, I wish it was for just a few weeks.
Thanks, I literally have no idea, I've only used the Metamask extension and never bothered with anything else in the past. It's a complete different occasion this time and I'm clueless. Would you advise against staking through an Android phone?

WalletConnect is not a wallet, but an open source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking. source: https://walletconnect.com/

You can find a list of supported wallets here: https://explorer.walletconnect.com/?type=wallet

The most important thing is to protect your fund, a bird at hand is better than thousands of birds in the forest. The protection and security level of mobile phones is still weak as compared to the PC. I will advise you to stake on centralized staking service than Decentralised during this period because in a place like Binance you know for sure that your funds are SAFU the way CZ used to put it but on DEX you are on your own. Just weigh the risk and the reward before taking any decision, you can't lose many rewards from 2 weeks' absence from your PC

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.