Binance is showing Zero Balance | Bitcointalksearch.org

Darker45

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Quote from: virasog on February 21, 2021, 03:19:54 AM

Quote from: Darker45 on February 20, 2021, 08:46:52 PM

With Binance, your funds are also insured so you are somehow protected if the exchange got compromised. This is encouraging and will somehow allay the fears of many as regards keeping funds in an exchange, although I would also prefer that such insurance fund is held by a third party.

There is no point of having insurance fund on the same site. Consider for a moment, if the site is completely hacked, the funds on the site and the insurance funds both are lost. (although chances are less of hack with binance)

The Secure Asset Fund for Users by Binance or commonly called SAFU is not really stored along with the rest of the exchange funds. Accordingly, it is being kept in a cold storage separate from the site's fund. So, I guess a successful hack on the site does not mean the insurance fund is also compromised. That's highly unlikely. CZ must have known better than storing the site's fund along with the insurance.

virasog

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Quote from: Darker45 on February 20, 2021, 08:46:52 PM

Are you sure about it being the only drawback? Aren't you going to consider the exorbitant fees a huge drawback? While it is advisable not to store funds in exchange wallets, it is also a pain in the ass if you prefer making deposit and withdrawal each time you want to trade. It costs you a lot.

I am not saying that we should move funds in and out of exchange and bear the tx cost. I am only saying the risk does remain there when our funds are on the exchange.

Quote from: Darker45 on February 20, 2021, 08:46:52 PM

With Binance, your funds are also insured so you are somehow protected if the exchange got compromised. This is encouraging and will somehow allay the fears of many as regards keeping funds in an exchange, although I would also prefer that such insurance fund is held by a third party.

There is no point of having insurance fund on the same site. Consider for a moment, if the site is completely hacked, the funds on the site and the insurance funds both are lost. (although chances are less of hack with binance)

Darker45

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🙏🏼Padayon...🙏

Quote from: virasog on February 20, 2021, 05:15:31 PM

Quote from: Oceat on February 20, 2021, 03:39:32 PM

Quote from: joniboini on February 20, 2021, 07:35:49 AM

Quote from: virasog on February 20, 2021, 02:41:11 AM

Don't know why people still consider its safe to keep funds on the binance exchange even we face these issues every now and then. I know they inform on twitter and come back to normal but consider one day they don't come back Shocked

Honestly, that applies to any exchange in existence. You should not store your money on exchanges unless it's your trading bag. Binance, Coinbase, or whatever platform that you're using right now, always withdraw your profits and be prepared for the worst scenario.

Aren't we judging too quickly here?
What if OP just sent a few balance on binance but the later he tried to trade maybe he's been waiting for the right price then suddenly the problem started to occur? There's a lot of factors that would be reasonable enough to consider why OP did that plus the fact that binance is fully aware of what is happening is a sign that it's one of the exchange fault. And yes, you were right this is happening in every exchanges also due to massive traffic/traders doing trade.

That's the only drawback of crypto i have seen so far. We can keep the trading funds only at the exchange but those are also not very small. If the exchange is hacked or scam, people will lose their big amount of trading funds. However, this does not happen in physical banks. There needs to be third party insurances for the exchanges so the traders have piece of mind.

Are you sure about it being the only drawback? Aren't you going to consider the exorbitant fees a huge drawback? While it is advisable not to store funds in exchange wallets, it is also a pain in the ass if you prefer making deposit and withdrawal each time you want to trade. It costs you a lot.

With Binance, your funds are also insured so you are somehow protected if the exchange got compromised. This is encouraging and will somehow allay the fears of many as regards keeping funds in an exchange, although I would also prefer that such insurance fund is held by a third party.

virasog

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Quote from: Oceat on February 20, 2021, 03:39:32 PM

Quote from: joniboini on February 20, 2021, 07:35:49 AM

Quote from: virasog on February 20, 2021, 02:41:11 AM

Don't know why people still consider its safe to keep funds on the binance exchange even we face these issues every now and then. I know they inform on twitter and come back to normal but consider one day they don't come back Shocked

Honestly, that applies to any exchange in existence. You should not store your money on exchanges unless it's your trading bag. Binance, Coinbase, or whatever platform that you're using right now, always withdraw your profits and be prepared for the worst scenario.

Aren't we judging too quickly here?
What if OP just sent a few balance on binance but the later he tried to trade maybe he's been waiting for the right price then suddenly the problem started to occur? There's a lot of factors that would be reasonable enough to consider why OP did that plus the fact that binance is fully aware of what is happening is a sign that it's one of the exchange fault. And yes, you were right this is happening in every exchanges also due to massive traffic/traders doing trade.

That's the only drawback of crypto i have seen so far. We can keep the trading funds only at the exchange but those are also not very small. If the exchange is hacked or scam, people will lose their big amount of trading funds. However, this does not happen in physical banks. There needs to be third party insurances for the exchanges so the traders have piece of mind.

Oceat

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Quote from: joniboini on February 20, 2021, 07:35:49 AM

Quote from: virasog on February 20, 2021, 02:41:11 AM

Don't know why people still consider its safe to keep funds on the binance exchange even we face these issues every now and then. I know they inform on twitter and come back to normal but consider one day they don't come back Shocked

Honestly, that applies to any exchange in existence. You should not store your money on exchanges unless it's your trading bag. Binance, Coinbase, or whatever platform that you're using right now, always withdraw your profits and be prepared for the worst scenario.

Aren't we judging too quickly here?
What if OP just sent a few balance on binance but the later he tried to trade maybe he's been waiting for the right price then suddenly the problem started to occur? There's a lot of factors that would be reasonable enough to consider why OP did that plus the fact that binance is fully aware of what is happening is a sign that it's one of the exchange fault. And yes, you were right this is happening in every exchanges also due to massive traffic/traders doing trade.

joniboini

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Quote from: virasog on February 20, 2021, 02:41:11 AM

Don't know why people still consider its safe to keep funds on the binance exchange even we face these issues every now and then. I know they inform on twitter and come back to normal but consider one day they don't come back Shocked

Honestly, that applies to any exchange in existence. You should not store your money on exchanges unless it's your trading bag. Binance, Coinbase, or whatever platform that you're using right now, always withdraw your profits and be prepared for the worst scenario.

virasog

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Don't know why people still consider its safe to keep funds on the binance exchange even we face these issues every now and then. I know they inform on twitter and come back to normal but consider one day they don't come back Shocked

I will surely move my funds to my personal wallets in this weekend.

milewilda

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Quote from: virasog on February 19, 2021, 03:18:26 PM

Binance is showing zero balance for most of the users. If this does not got fix quick, it can give heart attack to many of us Huh

You wouldnt miss out on whats happening if you do just simply follow up their twitter.
https://twitter.com/binance/status/1362838120367030274

Its stated:

"We are aware of an issue causing users to see incorrect balance figures.

We're working on it. Sorry for the inconvenience. Rest assured our team is working on it.

Thank you for your patience and apologies for any inconvenience caused."

withdrawals are on hold, Oh here we go again, anytime that Bitcoin is on sudden rise or rally, these kind of issues
never fail to show up. lol

gabbie2010

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Vave.com - Crypto Casino

Quote from: JohnBitCo on February 19, 2021, 03:43:38 PM

Quote from: DarkIT on February 19, 2021, 03:37:44 PM

Actually don't get panic. The Binance is a good exchange, may be due to some technical problem. Their may be zero balance, surely it will rectify soon. Hold for now and don't send a money to any support people. Some may try to scam by saying they are support people and send money to rectify such issue.

Do you still think it is a technical problem ? Why their site always go down when bitcoin is making new highs. This is all part of manipulation. Keep your funds out of binance once this is sorted and keep the minimum funds in the exchange for trading.

It had been resolved I also experienced the technical hitch on my binance account there is no cause for alarm and room for panicking by creating unnecessary fear, It has been back to normal and I agreed with you on withdrawal of excess or unused funds in the exchange to avoid touching stories, I believed binance is well secured and trusted with a good firewall to prevent hackers gaining access to investor's funds.

bclucho

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I think that is not a technical problem and looks more a intentional manipulation, remmember that they "keep your private key" safely, but if you dont have the private key then is not your coin.

JohnBitCo

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Quote from: DarkIT on February 19, 2021, 03:37:44 PM

Actually don't get panic. The Binance is a good exchange, may be due to some technical problem. Their may be zero balance, surely it will rectify soon. Hold for now and don't send a money to any support people. Some may try to scam by saying they are support people and send money to rectify such issue.

Do you still think it is a technical problem ? Why their site always go down when bitcoin is making new highs. This is all part of manipulation. Keep your funds out of binance once this is sorted and keep the minimum funds in the exchange for trading.

DarkIT

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Quote from: virasog on February 19, 2021, 03:18:26 PM

Binance is showing zero balance for most of the users. If this does not got fix quick, it can give heart attack to many of us Huh

Actually don't get panic. The Binance is a good exchange, may be due to some technical problem. Their may be zero balance, surely it will rectify soon. Hold for now and don't send a money to any support people. Some may try to scam by saying they are support people and send money to rectify such issue.

NeuroticFish

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Indeed. Spot was 0, card wallet still has the money on it.
Checked twitter, they are working on fixing the problem.
I guess that it's related to the fact that some cannot even access their account.

Update: it looks like my coins are back

virasog

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Binance is showing zero balance for most of the users. If this does not got fix quick, it can give heart attack to many of us Huh

Topic: Binance is showing Zero Balance (Read 115 times)