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Need Advice with Crypto Wallets - Hardware vs Mobile Wallets

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by COINS NEWS 91 Views

Hi, my cryptocurrency portfolio has been growing, and I am reaching the point where I think I should get them off Coinbase, and have self custody of them. I've been looking into both hard ware wallets (like Trezor and Ledger), and also mobile wallets (like trust wallet, exodus, coinbase).

Are there any strong differences between them, and any reasons to favor one over the other? All I really know is that hardware wallets are a little bit safer as phones can be stolen, get hacked, malware, and could be storing your seed phrase on the device.

I also have a question about seed phrases, I know most are generated with the BIP-39 standard, and this allows you to access your coins regardless of which wallet you lose, however I was trying out Coinbase wallet and have some funds there, and the seed phrase is only 12 words, and I noticed that the Reddit vault phrase is also 12 words. Can I import and access this on a hardware wallet like the Trezor or Ledger, even though they use 24 words? How many different phrases do you even get on a hardware wallet? Is it one for each coin, or one phrase that covers everything? On Coinbase wallet you can make a bunch of wallets each with their own coins and seed phrases

Finally, do Trezor and Ledger support custom networks and tokens? I know that some mobile wallets.

Thank you :)

submitted by /u/Stright_16
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