Is Binance safe to store cryptos? | Bitcointalksearch.org

mulia sabee

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Quote from: bigboy61 on December 27, 2017, 05:15:57 PM

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

storing the coin dibinance will invite risk. in my opinion, it's very unsafe for you. you should prepare a special wallet to save the assets you have. do not save finance because it is not safe.

Douglasyukanov

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the level of security of binance exchange depends on the trading user itself,
I linked the headphone number where each login sends a verification code to be able to login in a binance account,
to date the $ 5000 asset is safe.

futureofeth

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Don't believe on any exchange even though they are reputable but one thing if you make a profit better move your money to the wallet. Holding coins in the exchange is not a good idea because previously we have seen many hacks.

Armstand

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Quote from: Adreman23 on November 10, 2018, 02:42:28 AM

Quote from: bigboy61 on December 27, 2017, 05:15:57 PM

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

Binance is a reputable and popular exchange, but it does not guarantee that your funds are safe even if you enabled two-factor authentication because if hacker hacked the whole system i think hacker can do what he want, he can control everything. Maybe better to store your coins in your own wallet and dont give your private key to anyone. Better to be safe than sorry.

Don't put too much amount in exchange especially if you were not going to buy or used it frequently, chances are you'll lose it without noticing it.

Adreman23

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Quote from: bigboy61 on December 27, 2017, 05:15:57 PM

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

Binance is a reputable and popular exchange, but it does not guarantee that your funds are safe even if you enabled two-factor authentication because if hacker hacked the whole system i think hacker can do what he want, he can control everything. Maybe better to store your coins in your own wallet and dont give your private key to anyone. Better to be safe than sorry.

faceoff97

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Quote from: hitman123 on December 27, 2017, 09:06:59 PM

Quote from: bigboy61 on December 27, 2017, 05:15:57 PM

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

The chances you will get hacked is very, very small.

Going to hard wallet means decreasing the chances of getting hacked from 0.01% to 0.001%

nonetheless, it's still 'possible', and a hardware wallet is always safer.

Absolutely true, there were reputed exchanges yet this exchanges does not guarantee you that your funds are 100% safe since you don't have the full control and have to depend on tge third trusted party. Hardware or closed source wallet is still the best to choose, currently I'm am trying HODLER since they have a very good project. This wallet is tge only opensource multi wallet available, and this gives users the full control over their funds and private key right after their hand unlike exchanges which doest provide key

MintCondition

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Quote from: hidrocop on November 07, 2018, 09:13:31 AM

If you are not trading daily, I certainly do not recommend that you keep your cryptocoin in a exchange.

Storing in exchanges even how trusted they are not good. It can be only if few crypto and you watch it and used it for trading everyday, if you left it there untouched and not being active, you'll soon surprised it was gone.

joromz1226

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Quote from: bitlyra on December 29, 2017, 10:25:59 AM

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

I doubt that etherdelta, is the most safest of all exchange. Instead, etherdelta is the most dangerous decentralized platform exchange compare to other platform. Because giving or importing your private key to this platform is the most dangerous things for the traders if you are going to use this one which is etherdelta. Besides, Etherdelta has already a bad record before in terms of the issues of hacking the account of the wallet of their users. So, for me I think binance is safe as long as you activate your 2FA and pass the KYC too.

hidrocop

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If you are not trading daily, I certainly do not recommend that you keep your cryptocoin in a exchange.

torry28

legendary

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Quote from: btcmegastar on November 07, 2018, 06:30:05 AM

I hope exchange is not good for storing coins in the exchange but Binance is one of the best of exchange for more than a year and didn't face any problem with the Binance exchange. But we have to take a risk in order to store the coins in the Binance wallet.

If there is no any risk, why should be take a risk to keep our money? If you think binance isn't good place to keep your money, just move your money tl somewhere else.

btcmegastar

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I hope exchange is not good for storing coins in the exchange but Binance is one of the best of exchange for more than a year and didn't face any problem with the Binance exchange. But we have to take a risk in order to store the coins in the Binance wallet.

panpine

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You peace of mind transaction floor security is good then should not worry, comfortable offline

toresto

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if you planning to use this money for a day trade or trading overall then it will be wiser to split your money between serval exchanges else you will be finding your self-paying a high fee for moving fund from exchange to the wallet and then back again every time you plan to trade

sergiorus

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nothing is safe but hardware wallets
exchanges are even more unsafe than online wallets and no one should hold any significants funds on exchanges
Liquid exchange is a decent option tho. they use only cold-wallet storages and it is also fully regulated by Japanese government

jrrsparkles

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Quote from: dalexc on November 06, 2018, 11:13:38 PM

In my opinion, if your two-factor is enabled, your account will be safe. There is no possibility of hacking if there is a two-factor. Secret key should be kept in security.Binance is very good to exchange. I always use the binance.

Not completely safe tho because even the two factor authentication also can be bypassed by the hackers so if you want your cryptos to be safe then it needs to be in a wallet where we have private keys to access the wallets.Biance is very good tho but we have to remember that lot of good exchanges are also hacked in the last year so be careful about this time.

milan81

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Relatively safe but still risk of loss, if you have the condition of using a trezor wallet

dalexc

member

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In my opinion, if your two-factor is enabled, your account will be safe. There is no possibility of hacking if there is a two-factor. Secret key should be kept in security.Binance is very good to exchange. I always use the binance.

davida

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In my opinion, I believe the best place to save your cryptonis in the appropriate wallet because there you will be able to monitor the token as you are in charge of your private key other than on an exchange, even if you most do this, I think you should diversify and not keep all in one place for safety reasons.

ikarasev10

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Quote from: ?? on ??

In my opinion, if your two-factor is enabled, your account will be safe.There is no possibility of hacking if there is a two-factor.Secret key should be kept in security.Binance is very good exchange.I always use the binance.

you're wrong.
there are methods of hacking even 2 two-factor aunteticate by google.
and do not forget, if you do not have a private key, then these coins do not belong to you!

1BTC EQUALS 1CAR

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I stored a few amounts of coins there and I'm confident enough to say that it is safe in Binance. I don't often trust any exchanges but Binance is an exception for me. It's been a 1 and a half years and they are still there while other huge exchanges couldn't last long without getting hacked.

Topic: Is Binance safe to store cryptos? (Read 2776 times)