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Kelvinid

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

There are a lot of trading platforms in the market but don't overthink that it makes good for you as it also depending on your capabilities.
If you heard about bad things toward Coinbase, you might possibly hear also the same about Binance. It is because some traders didn't find themselves comfortable with them and that also they suffered losses making them say that this exchange is bad.

I suggest you to choose exchanges that have a huge market volume because this will simply mean that many traders and investors are trusting them.

Coin_trader

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Quote from: mk4 on December 24, 2020, 01:34:30 PM

Quote from: LUCKMCFLY on December 24, 2020, 12:02:52 AM

What people always look for is security, the agreement is in Binance and Coinbase, their security is good, it should be noted that Binance received an attack where it was fought very quickly, however there are many coins that are Pump and Dump, the best For Holdear it is Bitcoin, the other cryptocurrencies only depend on Bitcoin, as you have been told before, use the Exchange to buy and sell, the negotiations at that level turns out to be much better.

It sure seems like Binance and Coinbase are pretty secure due to their cold wallets being unbreached. Though yes both seem to be great platforms(security wise), let’s not forget that giant exchanges like MtGox and Bitfinex were also deemed “very secure” by a lot of people in the past. And we all know how it ended..

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.

goaldigger

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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 good idea here is that to buy a good coin and you can hold it for long but never to trust any exchanges, if you’re planning to become a hodler then use your own wallet, and a more secure wallet which you can use any time you want. I like Binance on how they work to improve their system, but I don’t like to hold huge money on any exchanges.

carlfebz2

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

Dont make these exchange platforms to be your main wallet specially if you do store up your coins. Always remember "Not your keys, not your coins".

When these platforms or exchange would be hacked then theres no chance for you to recover those funds you have stored into that place.

Make use of this when you are just trading off or buying coins in that place and then pull it out if you are already done with your transaction.
Store your coins in non-custodial wallets like Electrum for Bitcoin or Myetherwallet for erc20 etc.

samcrypto

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Quote from: mk4 on December 23, 2020, 10:00:51 PM

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/

I’m not aware that Binance offer an investment plan which I think is not the core of a trading exchange and I really have to agree on this one because their purpose is to facilitate the buy and sell activities of their customer. Holding big money on exchanges is not a good one even if its on Binance, you have to get your own wallet which you can control, this is the safest thing that you can do instead of putting big money on exchanges.

nelson4lov

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

In my opinion, the only time you can store your crypto on exchanges is when you're actively trading them. Otherwise, it's just best to use them for the services they render. That is - to exchange your crypto. Since you're considering investing long term, I would suggest you buy whatever crypto you want on binance and then you move them to a wallet which you own the private keys . When that's done, you can check the value of your assets/investment at periodic intervals. That is the recommended approach.

With all the exchange hacks this year, the best way to stay afloat the crypto ecosystem is to take full custody of your assets.

TimeTeller

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Quote from: Lhaine on December 24, 2020, 05:35:48 PM

Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

You can buy it there but for storing you need to transfer it to your own wallet and save your keys. It's not good idea to use exchange for holding any crypto currency for long time ,since you will never know what will going to happen to that exchange for long term compare to holding it to your own wallet which is much secured it's for your own safety and you are able to open it any time as longa s you save the keys. Even it takes 5 or 10 years.

I hope the OP is reading all these valuable posts and at least considering those suggestions.
As others have said, better store your coins in your own wallet. If he's planning it to store for long time.
Even top exchanges are vulnerable to attacks. Though Binance has SAFU as insurance to its users, but it is still best to hold your coins on your own.
When your coins is in your own wallet, you have the full control of what's gonna happen to your funds.

Lhaine

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

You can buy it there but for storing you need to transfer it to your own wallet and save your keys. It's not good idea to use exchange for holding any crypto currency for long time ,since you will never know what will going to happen to that exchange for long term compare to holding it to your own wallet which is much secured it's for your own safety and you are able to open it any time as longa s you save the keys. Even it takes 5 or 10 years.

DarkDays

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

If buying and holding is your plan then I think Binance is a good place to start. Though, if you are no going to do any trading then you should not keep it on the Binance's wallet, best to keep your funds on a cold wallet.

Alternatively, you could put your coins to 'work' by locking them up via staking so you get some % interest but you'll have to lock them up for a period of time.

Another option is to keep them on a savings platform like Nexo where you earn a set % for each of your coins. So a few options for you, best of luck!

thesmallgod

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Never keep coin on exchange for long time because of hacks or security bridge which might result in losing your cryto asset. Take for instance if you have purchased coin on cryptopia before the hack and you keep it there for long time. You probably will be regretting by now. Secondly, there is nothing bad in long term investment on crypto especially on bitcoin and ethereum which you can buy from centralized exchange such as binance but in case you are considering investing huge amount for long term gain then you should be ready to withdraw your coin and store on non custodian wallets. Hardware wallet is one of the safest means through which you can store your coin

mk4

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Quote from: LUCKMCFLY on December 24, 2020, 12:02:52 AM

What people always look for is security, the agreement is in Binance and Coinbase, their security is good, it should be noted that Binance received an attack where it was fought very quickly, however there are many coins that are Pump and Dump, the best For Holdear it is Bitcoin, the other cryptocurrencies only depend on Bitcoin, as you have been told before, use the Exchange to buy and sell, the negotiations at that level turns out to be much better.

It sure seems like Binance and Coinbase are pretty secure due to their cold wallets being unbreached. Though yes both seem to be great platforms(security wise), let’s not forget that giant exchanges like MtGox and Bitfinex were also deemed “very secure” by a lot of people in the past. And we all know how it ended..

Jawhead999

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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 ?

There's another alternatives such as Nexo, crypto com,celcius network and block fi or you can invest in casino bankroll, but there's a risk if you funds can be frozen and ended up lossing all of your coins. If you think 5-8% APY is worth to take the risk, go for it.

Actually it's a bad idea to hold inside exchanges for long time since many exchanges has been hacked multiply until now

Read : Hacked Exchanges since 2011

harizen

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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 always good to buy crypto for a long-term investment plan but to keep or save it on exchanges or to what platform did you buy it, that's a wrong move.

Yes, Binance and Coinbase are some of the big exchanges today, and the chances of them turning into sh*t exchange is so far won't likely to happen, but are you willing to store your coins on a third-party?

If you regularly doing some trades, then it's just fine to keep your coins there but always do some casual withdrawals just to be safe. But if you don't plan on doing that, then do some research about non-custodial wallets.

passwordnow

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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, they are good as an exchange but if you want to keep it here then that's the problem and the bad idea starts. You don't wholly your cryptos there if you allow it to be kept there for a long time. Before buying a specific crypto on Binance or as such, search for the main wallet that it has or any wallet that supports it which gives you the private key. It is the most important part of owning a wallet, to hold your own private keys. If you still got no idea which is the best wallet to keep your cryptos for long time, hardware wallet is the best for many of us here. Like, Ledger wallet and Trezor.

Reid

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Never keep your coins in an exchange.
That's the worse decision you will make especially if you are keeping it long term.

Better invest with hardware wallet first and keep it all there.
Sure you can buy cryptocurrencies in Binance but you will never know when they will shut down.
So, it would be best to keep it yourself rather than using a third party.

LUCKMCFLY

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What people always look for is security, the agreement is in Binance and Coinbase, their security is good, it should be noted that Binance received an attack where it was fought very quickly, however there are many coins that are Pump and Dump, the best For Holdear it is Bitcoin, the other cryptocurrencies only depend on Bitcoin, as you have been told before, use the Exchange to buy and sell, the negotiations at that level turns out to be much better.

maydna

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

No, that is a bad idea to hold some crypto in exchange, any exchanges, because you don't control your money and give the exchanges access. I suggest you use another wallet, whether it is a hardware wallet, software wallet, or mobile wallet, to store all of your coins so that you can control your investment. You will lose your investment if something happens to the exchanges, and you can't do anything except waiting for the exchanges to refund your funds. And if you want to sell your coins, you can send them to the exchanges and get the money back to your wallet or your bank account.

goinmerry

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Quote from: LibertyShire on December 23, 2020, 06:25:29 PM

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.

Just use Binance and Coinbase for the convenience of buying, selling, trading but not in terms of holding your coins for long.

If the purpose is just to hold, then stored your coins at those wallets where you hold your own private key.
https://bitcoin.org/en/choose-your-wallet?step=5

But that's not the end to that as you will now be the one who will make it secure.

GreatArkansas

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Agree with mk4. You should first identify the risks of holding your cryptocurrencies within exchanges.
There are a lot of ways to invest in cryptocurrency, after you bought your cryptocurrencies, you can already store them in your personal wallet, which you hold the private keys, you can guarantee that you are the only one who has access to your cryptocurrencies. There are a lot of crypto wallets, try here or you can also buy some hardware wallet if you want.

mk4

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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/

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