trust wallet security | Bitcointalksearch.org

ABCbits

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Quote from: nhaila on August 08, 2021, 11:44:43 PM

Quote from: ghena on July 12, 2021, 06:59:27 AM

I am new in this.
I installed trust wallet my mobile phone. I got recovery phrase
But..i can do it whenever i want transactions. Trust wallet is open all the time.
Practically if i lost phone or someone robbs me he can send all funds away...
Not even asking passwords or anything to slowdown process...
I am worrid about sending there lots of sums. Exchange at least you need e-mail confirmations, when some gets access to your phone.

Trust wallet is the best Cryptocurrencies wallet but it has no securities systems.

Why do you think it's best cryptocurrency wallet while you criticize it's security?

Quote from: nhaila on August 08, 2021, 11:44:43 PM

Once you install the wallet then it no need to password, phases or authentication code for every login. So once one Lost his device then all cryptocurrencies would be lost for ever.

You could enable passcode manually, see https://community.trustwallet.com/t/how-to-enable-passcode-security-on-trust-wallet-android/2185/1.

airdata

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I read your question and your opinion about Trust Wallet security system. Our fund is secure or not on Trust wallet, nowadays most people use trust wallet becouse we are know that this is Decentralised wallet and this is Secure wallet for our fund. We know that when we send our fund from trust wallet to others wallet then not need any password confirmation, so i think that need some more extra security for our wallet.

nhaila

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Quote from: ghena on July 12, 2021, 06:59:27 AM

I am new in this.
I installed trust wallet my mobile phone. I got recovery phrase
But..i can do it whenever i want transactions. Trust wallet is open all the time.
Practically if i lost phone or someone robbs me he can send all funds away...
Not even asking passwords or anything to slowdown process...
I am worrid about sending there lots of sums. Exchange at least you need e-mail confirmations, when some gets access to your phone.

Trust wallet is the best Cryptocurrencies wallet but it has no securities systems. Once you install the wallet then it no need to password, phases or authentication code for every login. So once one Lost his device then all cryptocurrencies would be lost for ever.

Wind_FURY

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Quote from: dkbit98 on July 12, 2021, 08:54:13 AM

Don't hold large amount of crypto on your mobile phone and as extra security measure add strong password protection for your phone and for your crypto wallet.

Instead of using trust wallet, I would suggest that you use open source wallets like Electrum and Blue wallet for your mobile phone, or purchase hardware wallet if you want better security and keep more coins there offline.

Or just install Linux and Electrum in an old computer laptop, and use that as your “Main Bitcoin Computer” where you keep large amounts, and never use the laptop for ANYTHING except for the Bitcoin wallet. Cold wallet, or not, it would stlll be very secure in my opinion.

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Quote from: hosseinimr93 on July 12, 2021, 01:50:20 PM

I don't think so.
Trustwallet is owned by binance and is well-known enough. I don't think they need that kind of promotions. Trustwallet has been downloaded more than 10 million times from Google play store. That's 10 times Coinomi's downloads.

The numbers are huge because binance did a lot to promote it, such as airdrops that could only be exchanged in the wallet and also being one of the first multicurrency wallets to support BNB.

Anyway, most of the old the multicurrency software wallets have had a tinted past jaxx liberty and exodus inclusive. I haven't heard of any major issues with Trust wallet, maybe because it is not that old, but one would still use it for some amounts of funds. Anything can happen in this digital error.

bob123

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Quote from: hosseinimr93 on July 12, 2021, 01:50:20 PM

That's 10 times Coinomi's downloads.

Coinomi isn't a good example tho.
The developers are quite incompetent security-wise (e.g. claiming a vulnerability in their wallet is not as severe as it actually is).

I wouldn't ever recommend any wallet with such developers.

hosseinimr93

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Quote from: BitMaxz on July 12, 2021, 01:21:52 PM

trust wallet actually is a newborn wallet and most of the people who posted here are newbies and I believe they just promoting it just like this thread.

I don't think so.
Trustwallet is owned by binance and is well-known enough. I don't think they need that kind of promotions. Trustwallet has been downloaded more than 10 million times from Google play store. That's 10 times Coinomi's downloads.

Of course, I never recommend anyone to use a close source wallet like trustwallet.

Charles-Tim

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Quote from: BitMaxz on July 12, 2021, 01:21:52 PM

The issue is they use Google APIs before but right now I could see them they might remove this due to reported issues.

Aside the Google APIs, Coinomi was once an open source wallet, but nwt completely gone close source, be it any good reason this was done by the developers, the source codes for Coinomi can no more be known to the public, even if spyware or any other malware has now being included, nobody will know this, be it Coinomi or Trustwallet, non is advisable nor recommended because their is nothing more deadly than close source wallets as they can be the threat in the future for harbouring malware. Like you commented, it may be good for claiming forked coins, but there is nothing better than to get an open source wallet like hardware wallet that is open source for coin safety.

BitMaxz

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Quote from: hosseinimr93 on July 12, 2021, 12:21:32 PM

It's true you haven't experienced any issue with coinomi. But this doesn't mean no one has experienced any issue.
Visit the following topics to know what I am talking about.

WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
Coinomi wallet sends your plain text seed phrase to Google

Opppss... I remember that thing I was actually planning to transfer my funds after reading that news about Coinomi before but since the value of my coins/token is low compared to the user who hacked with $70k which is huge money I let stay use their wallet. I never put big amounts but I use them to receive mine coins not holding for long but sending them to another wallet after I received them from the pool.

The issue is they use Google APIs before but right now I could see them they might remove this due to reported issues.

Well, there is no other option but to use a hardware wallet for a better and secured wallet or cold storage, trust wallet actually is a newborn wallet and most of the people who posted here are newbies and I believe they just promoting it just like this thread.

hosseinimr93

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Quote from: BitMaxz on July 12, 2021, 12:00:56 PM

For another option you can check Coinomi I'm using this wallet for a long time since then never experienced any issue holding some coins It's a close source but they are operating since 2014 until now.

It's true you haven't experienced any issue with coinomi. But this doesn't mean no one has experienced any issue.
Visit the following topics to know what I am talking about.

WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
Coinomi wallet sends your plain text seed phrase to Google

BitMaxz

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Quote from: ghena on July 12, 2021, 09:45:58 AM

Ok thx i Trust enabled some password layer and also ther eis mobile phone password, so it takes time to go through even you lost your phone and people who finds it and knowsw which is crypto wallet can do lots of damage.

Why do you use a trust wallet? Any reason?

If your purpose is holding multiple cryptos then it's not safe for long-term hodl if you are planning to hold a huge amount of cryptos I would suggest you buy a hardware wallet instead like Ledger nano. For another option you can check Coinomi I'm using this wallet for a long time since then never experienced any issue holding some coins It's a close source but they are operating since 2014 until now.

hosseinimr93

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Quote from: ghena on July 12, 2021, 09:45:58 AM

Ok thx i Trust enabled some password layer and also ther eis mobile phone password, so it takes time to go through even you lost your phone and people who finds it and knowsw which is crypto wallet can do lots of damage.

As already suggested, it's not recommended to use a close source wallet and it would be better to go for a hardware wallet. But if you want to use trust wallet for any reason and you don't want to use it day by day, you can delete all trustwallet data from your device and then remove the application. You can recover your wallet using your seed phrase whenever you want.

Note that I am not saying that this will make your wallet 100% secure. There's the probability that your seed phrase has been stored in their server. It's also possible that someone can recover the deleted data in your device in the case your device is stolen.

And don't forget to keep your seed phrase in a safe place.

ghena

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Ok thx i Trust enabled some password layer and also ther eis mobile phone password, so it takes time to go through even you lost your phone and people who finds it and knowsw which is crypto wallet can do lots of damage.

bitmover

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Quote from: ghena on July 12, 2021, 06:59:27 AM

I am new in this.
I installed trust wallet my mobile phone. I got recovery phrase
But..i can do it whenever i want transactions. Trust wallet is open all the time.
Practically if i lost phone or someone robbs me he can send all funds away...
Not even asking passwords or anything to slowdown process...
I am worrid about sending there lots of sums. Exchange at least you need e-mail confirmations, when some gets access to your phone.

Exchanges are not wallets.
The only funds which should be in your exchange account are the funds you are currently trading. Otherwise, you should move them to your own wallet, because exchanges can be hacked, your funds can be frozen, and so on.

There are many kind of wallets, with different levels of security and different use cases.

Is trust wallet a bad choice? Depends on what you want to do with it.

If you want to hold your life savings in it, I would say that any mobile wallet is a terrible choice. Personally, I wouldn't hold more than 500 USD in a mobile wallet. Do you put 30k USD in cash and walk in the streets carrying it all the time? You shouldn't do that with your bitcoin as well.

Mobile wallets are important so you can buy a coffee or make other small purchases in you daily activities. You shouldn't put lots of money in it.

For you life savings, buy a hardware wallet (trezor and ledger are the best options)

dkbit98

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Don't hold large amount of crypto on your mobile phone and as extra security measure add strong password protection for your phone and for your crypto wallet.
Instead of using trust wallet, I would suggest that you use open source wallets like Electrum and Blue wallet for your mobile phone, or purchase hardware wallet if you want better security and keep more coins there offline.

Lakai01

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Quote from: Charles-Tim on July 12, 2021, 07:07:28 AM

The best is to go for hardware wallets like Trezor which is open source, supporting many cryptocurrencies and yet store private keys offline.

Exact. I would never manage large sums of cryptocurrencies via a smartphone, if then only in readonly mode via Cointracking.info, for example. The chance that the smartphone will be stolen or someone will get access to the keys through malware is simply too great. In extreme cases, all it takes is the installation of a scam app and your hard-earned coins are gone.

Hardware wallets give you so much more security and are also compatible with a smartphone, for example the Ledger Nano X. Here is a youtube-video showing how you can pair your HW with your phone: Ledger Nano X — Pairing your device

hosseinimr93

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Quote from: ghena on July 12, 2021, 06:59:27 AM

Exchange at least you need e-mail confirmations, when some gets access to your phone.

This doesn't mean that it's more secure to keep your coins in an exchange.
When you withdraw your coins from an exchange, you usually need to confirm the withdrawal with your email. But what if the email service provider doesn't allow to access your email for any reason? What if the exchange shut down and run away with your money? What if they block your account?

Note that when you put your money on an exchange, you don't have full control over your fund. When you want to withdraw, you actually ask them to process your withdrawal. You are not the one who make the transaction.
When you put your money on a non-custodial wallet, you have full control over coins.
Of course, as suggested by Charles-Tim, it's recommended to use open source noncustodial wallets.

Charles-Tim

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Go to settings, press security and enable passcode. You phone also will need pin or password before unlocking, if you do not set passcode on your phone, enable it for security and safety reasons.

Know that Trustwallet is close source, this is the reason I can not recommend it, but can be good for altcoins in a way no option for open source wallets, but the wallet is not recommended for being close source. The best is to go for hardware wallets like Trezor which is open source, supporting many cryptocurrencies and yet store private keys offline.

ghena

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I am new in this.
I installed trust wallet my mobile phone. I got recovery phrase
But..i can do it whenever i want transactions. Trust wallet is open all the time.
Practically if i lost phone or someone robbs me he can send all funds away...
Not even asking passwords or anything to slowdown process...
I am worrid about sending there lots of sums. Exchange at least you need e-mail confirmations, when some gets access to your phone.

Topic: trust wallet security (Read 231 times)