I have many tote type bins...the one most important thing is to have ventilation. If you drilled holes in your existing bin, you could be done with the extra step of covering/uncovering. How does your system drain?

Many, many years ago, before Rubbermaid bins became so inexpensive, I used styrofoam bins. They worked, but they really weren't very strongly built. One day one of them broke while I was moving it, and I spilled worms and bedding all over the place. I retired the styrofoam bins after that incident.

[SQH1] How does your system drain?

I've had the bin for 5 days now, so it's still all new to me. I'm trying to experiement and figure things out as I go along. Hopefully I won't kill any of the worms as I climb my learning curve :) I checked the bin for the first time this morning. I was worried about getting a "soggy bottom"...LOL...I found most of the worms on the bottom and the bedding was moist, with no water accumulation. I was ready to add cardboard and newspapers if I found any puddles, but so far so good.

However, I did notice a strong moldy smell - though I couldn't see any white or green mold anywhere in the bin. I read in the archives that worms eat mold, so hopefully with the lid off all day, the smell will eventually dissipate.

Is it normal to have moldy smell in the bin?

[Bob PA6] They worked, but they really weren't very strongly built.

Yikes! Didn't think of that happening...I guess I'll stick to Rubbermaid.

I received the worms, along with some bedding, from a woman who had them in a tall Rubbermaid bin, not much bigger than mine. She had the bin under the kitchen sink, no lid, no holes (drainage and/or ventilation) and the worms seemed quite happy. The bedding seemed too wet and when I asked her about it, she said it was the right amount of moisture. Her bin smelled like wonderful earth - so I suspect she must have stirred and mixed the bin quite often. I was surprised to see her setup because I didn't think such system would survive, given what I read so far about ventilation holes and false bottoms etc.

Another vote against Styrofoam. The weight of the poop will surprise you.

Is it normal to have moldy smell in the bin?

The "sweet earth" smell that you describe in your friend's bin is normal for mine. But your bin hasn't had time to get going, so don't sweat it. Even so, molds come and go in my bin from time to time.

I was surprised to see her setup because I didn't think such a system would survive...

Well, those of us obsessed enough to actually participate in a worm forum are the types likely to over engineer a worm bin. :)

I use a styroform bin - because I got it for free. Was the container in which a leg of beef was sent to me. It's been 4 months now since the worms moved into the styroform bin. Yes, it might break, but I don't move it much. It's sitting on an old table in the back porch. I do not fill it to the brim - just half way up.Because of that it's not too heavy. Except for the initial period when I miscalculated the amount of food I should put in and lost all my adult worms, the bin and the worms are doing fine.
Before the free styroform bin, I used an old suitcase with broken handles.

you could do one thing
just stick doctor tape to around the bin from outside
this way the bin will get extra strong and will not break while handling and will also be protected by the roddens like rats to some extended

http://www.flickr.com/photos/65647313@N04/6129135199/in/photostream

as you can see that i've done the same the work is not complete but i think you will get the IDEA ;)

Here is a link that might be useful: styrofoam worm bin