I know that people are not really in favor of keeping your money in exchanges but I put binance to the side on this subject. They have been hacked again and again, they have been also getting hacking attempts every single day from a million different sources, but no matter what happens they never let any of your money to go to waste at all, they are always in support of you.
That is the reason why I think binance is a place you can buy a coin and keep your money there, it wouldn't be really that amazing if they didn't keep your money safe, they are so much more awesome than anyone else because of their security levels. Which is why I am in favor of keeping your money there if you want to. Obviously this also depends on the money amount we are talking about, if we are talking about millions of dollars that would be bad idea, but if we are talking about few thousand dollars, that shouldn't matter.
Topic: Investment Platform (Read 498 times)
If you are planning to hold you cryptocurrencies and not trade them I think you just need to withdraw it out from an exchange and keep it into a desktop or hardware wallet which is more safer when it comes to storing your cryptocurrencies. There is really no use for you to keep your cryptocurrencies inside a wallet of an exchange since you really don't have any control in it and you won't even trade it so you are just risking yourself in putting your money there.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
It's not a good idea and it's the same as you didn't own your funds. Think about the possibility for exchange site to be hacked. BTW that's your own decision about what will you do with your money.You should think about that dude. It's better to keep your fund in your wallet. It's a good idea to buy some promising coins and used it as long term investment but it's not about keeping your money on exchange site.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
The first point is the security of the investment platform, which is very important. Secondly, do you have a good helper who knows how to operate, which can make your investment faster and more stable
Because i have heard bad things about some famous exchanges such coinbase.
What kind of bad things have you heard about Coinbase?
In general, the legal entities with good reputation like Coinbase and Bittrex, etc... can be trusted to follow their standard procedures. Whether these are sufficiently secure or not, is up to you to decide. My advice is to keep only cryptos that you are actively trading on these platforms and everything you are HODLing should be on cold storage. If you don't have access to the top trusted exchanges and have to deal with more obscure ones, then proceed with caution. Assume they could vanish at any points and keep your transactions small and spread across multiple exchanges, rather than all the eggs in one nest.
The question I always asked myself about all these sites or platforms is that. Can they be trusted with your coins? How long will they be in business? How do they resolved their problems anytime is rises? Do they have ways or measure put in place to savage or pay back anyone that has coin with them. All these questions till now, I don't know if any of the Exchange can give me an answer to them. But until then, keeping our coins with third party application will be the best thing. By doing such, you have the control of your coin.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Yes, there are a lot of good exchanges at the moment, but for Binance I think it will be a little different from the others, because apart from the many features that can help Binance users, the exchanges have also prepared super security for their exchanges, because of Binance It has also been hacked by unknown people, so there are other options, such as storing some popular tokens and coins like Bitcoin in your own wallet, according to the required platform. Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Are you referring to staking plans or something else?
If it's just staking I highly recommend you to just keep those assets in your personal wallet and stake them there, and as I know there are many proof-of-stake coins that you can hold in their supported wallets and your rewards will be assigned to you on that wallet and the rewards amount should be the same as what exchanges are offering too.
Specially if you're going to hold an asset for a long time exchange's 3rd-party wallets are not best place to keep them since they are mainly the target of most online threats in crypto, it's true that Coinbase and Binance till now proved to be really safe but who knows about what future brings really?
Only use exchanges for their sole purpose: BUYING or SELLING cryptocurrencies; NOT holding.
For holding coins, use non-custodial wallets. Learn more about them here: https://notyourkeys.org/
For holding coins, use non-custodial wallets. Learn more about them here: https://notyourkeys.org/
Yup, huge risk is involved when you store money over an exchanger. The main problem with them is, they are liable to hacks with no guarantee your funds would be secured with backed up money. I mean there is no way they will return your fund if any such tragedy happens over the period.
As stated by other users, the best place is cold storage, paper wallet, hardware wallets etc.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Yes binance is trusted and good to store coins but it is not suggested or recommended by experts because there is always risk to store your coins at third party exchanges or wallets without the private keys. So what you can do is after buying from exchanges you should transfer the coins to your private wallet in this way you will be in full control of your coins and investments.Its never been ideal for you to store your coins in platforms which you dont possess the keys because once there is some hack then for sure you would really be having a hard time on recovering those coins because you dont own the keys unlike if you do store it on your wallet then you do really be having that feeling of security of those coins since you know that you do have the keys of it. unlike if you do store it on a platform on which you dont know
on when it would be hacked and there no chance for recovery.
All centralized exchanges are strongly discouraged from being used as long-term investments, if it's just for trading I don't think
it's a problem. But if you plan to hold coins, you should avoid using centralized exchanges such as Binance or Coinbase. Although
both exchanges are popular and have good security systems, still if we do not keep the private keys ourselves it is too risky.
My advice is that we can store our coins in a hardware wallet, where only we can access the crypto that we have, because only we
keep the private keys ourselves.
it's a problem. But if you plan to hold coins, you should avoid using centralized exchanges such as Binance or Coinbase. Although
both exchanges are popular and have good security systems, still if we do not keep the private keys ourselves it is too risky.
My advice is that we can store our coins in a hardware wallet, where only we can access the crypto that we have, because only we
keep the private keys ourselves.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Yes binance is trusted and good to store coins but it is not suggested or recommended by experts because there is always risk to store your coins at third party exchanges or wallets without the private keys. So what you can do is after buying from exchanges you should transfer the coins to your private wallet in this way you will be in full control of your coins and investments. Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Nope, it is definitely not a good idea for long-term investments. As far as I know the current exchanges on the market are not insured by any financial authorities. So in case they lose access to your Bitcoin you will be left with NONE and you won't receive any compensation.
If I were you I would keep funds on exchanges only as long as I am trading with them.
For me, binance may be a good platform for long-term investment. it's a really secure site and hackers cannot easily hack Binance features a lot of recognition for exchanges within the crypto market. they need many advantages of coin trading. Its interface, design, support Many good investors can easily learn the knowledge of their site. Moreover, its market graph is far easier than other markets so newcomers won't have any difficulty in understanding the market graph. additionally the quantity of fees for Basic and Advance users is far lower.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
There are so many reasons why exchange aren't recommended to be used in storing your funds. The biggest of them has been mentioned here hundreds of time which is the risk of the exchange getting hacked but excluding that we have others disadvantages like them been centralized and operate exactly like the bank meaning you're not in control of your funds and can't access it when even you wished.
We also have the risk of losing them due to personal mistakes like not been able to log into your email to confirmation. I changed my phone and lost access the my Email login details which prevented me from gaining access to my account as I was asked to authorize my login since I was using a new device and unfortunately I have lost access to my email login details.
Lucky though my laptop was a recognize device and I have to go through the stress of changing my email to a new one after successfully loginng into binance from the system. There's some many disadvantages to storing your funds on exchange that I'll be best you store them offline.
We also have the risk of losing them due to personal mistakes like not been able to log into your email to confirmation. I changed my phone and lost access the my Email login details which prevented me from gaining access to my account as I was asked to authorize my login since I was using a new device and unfortunately I have lost access to my email login details.
Lucky though my laptop was a recognize device and I have to go through the stress of changing my email to a new one after successfully loginng into binance from the system. There's some many disadvantages to storing your funds on exchange that I'll be best you store them offline.
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Yes, it is a good idea to buy some crypto for long time investment plan, but it is a bad idea to save that crypto in the exchanges because you will not know if that exchanges can always protect the member assets. You must hold it on the other wallets, which you can control, and you can access it anytime. Maybe you need to have a hardware wallet or other wallets which support multi coins, so you can get it all in one wallet and save it in your secret place.
Do not forget that even the tightiest security got hacked before.
E.g. Binance
So if you are about to plan for long term hold, mk4 said it right to choose non custodial wallets lr hard wallets are highly recomnended. I myself used non custodial wallet for quite some time now as long term holder and so far I never encounter such issues and my hold btc were safely stored there.
E.g. Binance
So if you are about to plan for long term hold, mk4 said it right to choose non custodial wallets lr hard wallets are highly recomnended. I myself used non custodial wallet for quite some time now as long term holder and so far I never encounter such issues and my hold btc were safely stored there.
The security advancement during MtGox and Bitfinex are far different from the current security advancement of the current well known exchange like Binance and Coinbase. Binance has an insurance incase a security breach happened which we already saw in the past when they experience an attack. Regulators is also more aggressive right now compared before that's why exchange can easily runaway.
Besides, Exchange is the most profitable business on crypto industry. I believe they are pretty heavily invested on there security system compared before.
But still, Exchange Should not be use to hold crypt for long term since you don't have full control of your funds.
Besides, Exchange is the most profitable business on crypto industry. I believe they are pretty heavily invested on there security system compared before.
But still, Exchange Should not be use to hold crypt for long term since you don't have full control of your funds.
I’d agree with your statements concerning security improvement; but let’s not also for get that with security advancing, hackers are also getting a lot smarter. And besides, it’s not as if exchanges aren’t even getting hacked these days.. https://cryptosec.info/exchange-hacks/
Is it a good idea to buy some crypto for long time investment plan from exchanges such as binance as keep it there, any alternatives ? Because i have heard bad things about some famous exchanges such coinbase.
Binance is a good exchange indeed, a few times ago when a bad thing happen they replace all the user fund and also they promise that the incident is the last because they will tighten their security so that hackers can't get into their security system. However, it does not guarantee that their security system is safe by hackers, hackers must have many ways to hack them back. So, I don't think a good idea for someone who have an intention to hold their bitcoin a long term investment in the exchange. As other people above me said you must choose cold wallet to store your bitcoin, the security is depend on your hand. 
If you want to invest in the long term, you should hold your coins on your wallet that owns its private keys such as a desktop wallet or cold wallets such as Ledger or Trezor because these wallets are safe, I never advise you to hold your coins on exchanges such as Binance or CoinBase because they are not safe and they can block you as happened With me, Binance and Coinbase have banned me because I am from a prohibited country, so you have to pay attention otherwise you could lose your coins.
Jump to: