Trust Wallet vs Binance

deppo

deppo

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So on Trust Wallet your transactions can be tracked from your address because it does not change right? You might not be identifiable as a physical person but anyone can see what goes in and out from your address, no?

Now when you move around crypto on Binance, my understanding is that a new address is being generated when you send to a third party. So noone can track the whole of your transactions back to the single entity behind this, aka you.

Do I got that right?

So for privacy isn't it better to use Binance for transactions?
 
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To some extent, it may be profitable to store money on the stock exchange, but while it is there, it does not belong to you.
 
Proxy_prinz said:
To some extent, it may be profitable to store money on the stock exchange, but while it is there, it does not belong to you.
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Yes, I understand that basic premise but it seems to me that for daily transactions or if you wanna take in larger deposits generating a random address for each one automatically sounds like a very good idea.
 
When you send from binance, no new address is generated. It goes from your address to receiver address directly and it can be tracked easily.
 
lotsofmoney said:
When you send from binance, no new address is generated. It goes from your address to receiver address directly and it can be tracked easily.
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Are you certain? I had a detailed conversation of this with a cards wallet support agent where they basically could not credit my crypto directly into my account and for each deposit I had to manually ping them because I was sending from Binance each time and they saw a new address for every new deposit into their wallet.
 
TrustWallet is x10 better, because as we know Binance's situation right now, FTX in the past, if you hold your funds in Binance and they bankrupt or IDK what happens, your funds will be frozen and bye bye, but in TrustWallet, you only need your secret phrase and you can log in to Exodus or any other multi-chain wallet.
 
salamalatala said:
TrustWallet is x10 better, because as we know Binance's situation right now, FTX in the past, if you hold your funds in Binance and they bankrupt or IDK what happens, your funds will be frozen and bye bye, but in TrustWallet, you only need your secret phrase and you can log in to Exodus or any other multi-chain wallet.
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Yes, I totally get the security of that, but the point of this thread is privacy, not security.
 
They can still track the transactions, with crypto you don't need any big requirement to start sending that money like a bank but there is some way to track some details of who could sent that money, so you have a lot of privacy but until you become someone of interest no one will check your transaction history.
 
deppo said:
So on Trust Wallet your transactions can be tracked from your address because it does not change right? You might not be identifiable as a physical person but anyone can see what goes in and out from your address, no?

Now when you move around crypto on Binance, my understanding is that a new address is being generated when you send to a third party. So noone can track the whole of your transactions back to the single entity behind this, aka you.

Do I got that right?

So for privacy isn't it better to use Binance for transactions?
Click to expand...
You never ”move around” any actual crypto on binance, all you do is change the value of your account If you spot trade, there’s no actual on chain activity apart from the withdrawal and deposit.

anyone that has your wallet address out of an exchange can indeed track the movements of your funds. there‘s more privacy oriented cryptos though if you’re looking to prevent that, Monero (XMR) being one of them.
 
deppo said:
Now when you move around crypto on Binance, my understanding is that a new address is being generated when you send to a third party. So noone can track the whole of your transactions back to the single entity behind this, aka you.

Do I got that right?

So for privacy isn't it better to use Binance for transactions?
Click to expand...
trust wallet is owned by binance
& from what I remember, binance wallets dont change regularly if ever.
 
Binance also stores all KYC and they will share with government if they are presuured.
 
I think trust wallet is not safe also. There have no any security
 
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