Quote from: Pedale89 on February 16, 2018, 12:59:25 PM

Hi,

I am relatively new in crypto world and I need recomendation for keeping money..

I seen a lot of people are talking about MY ETHER WALLET and it looks very good.. Problem is If i send my funds there, what is the difference between that and keeping my money on BINANCE..
I am asking because in both cases my funds are on internet.. It isn't on my hard disc or USB so I can be calm and not to worry..

Is there any wallet similar to MEW (a lot of coins can store) that is free to download and at the same time safe enough..?

Thank you very much for your help!!!

You have to understand first what are private keys.

So you have receiving address (it is lets say like your PayPal email) and you have private key (PayPal password). When you hold your coins on binance you are trusting 3rd party with your funds so if in any case they fail to secure good their service you could potentially lose your coins. Or for some reason they have to many requests at a time and you are unable to get that money. Either way if you use cold storage or even offline wallet your funds are on the internet, but with binance your coins belong to them and if your account gets frozen or something you can say goodbye to your funds.

What MEW essentialy does is it lets you in charge of your private keys so with MEW only you should know your private keys and not any 3rd party should be able to compromise your coins.

Although with MEW you are exposing your private key to be able to send money from that address, basically you have to do this with any software since you sign an transaction with your private key to prove an ownership of your address.

Bascially how this work is that lets say that all addresses are created instantly when the network was created and you simply chose a random address by generating random private key and thus some address is assigned to you. You can see now that all addresses are out there and by generating it offline you just lower the chances of somebody finding out what is your private key. Please watch this video as here it is very well explained all of this fuzz about private and public keys : https://www.youtube.com/watch?v=I1uefzJJ6nM

Other ethereum wallets include: exodus and jaxx (don't have support for all ERC20 tokens and not open source) ; Mist, MetaMask (browser extension - it is good for ease of use of some smart contracts)

For android: Eidoo wallet, guarda wallet, coinomi, enjin wallet and there might be some more

Don't know for IOS since I don't have one and thus never searched for those wallets.