Is Binance safe to store cryptos? - page 16.

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: Renzarra on January 07, 2018, 11:33:33 AM

At least Binance is one of the larger exchanges.
But you should be careful. Coins on exchange is not in your control.

If you do not hold much coins and only do a short term trading then it is fine to use the exchange because its one of the big exchanges. Though you should always be withdrawing some btc when you make profits and keep storing in offline wallet or to a better wallet in order to have the better control of your own coins.

iwill100

member

Activity: 223

Merit: 10

if you are going for a long term hodl i just recommend you to get a desktop or hardware wallet. that is the best choice out there for the safety of your coins/tokens.
if you are going to do this long term, it will be very much helpful for you to have a hardware wallet.
Ledger Wallet is a best hardware wallet which will cost around $110.
Just an idea for the safety mate.

Renzarra

newbie

Activity: 33

Merit: 0

At least Binance is one of the larger exchanges.
But you should be careful. Coins on exchange is not in your control.

cryptoblazter

full member

Activity: 421

Merit: 100

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!

Instead of keeping your coin in the exchange it is much safer to keep it in your wallet like myetherwallet than to keep it on binance exchange due to it is too risky especially this exchange is not that stand long yet in this field of industry.

HotHot143

member

Activity: 294

Merit: 11

Quote from: mrjoy15 on January 06, 2018, 01:51:55 PM

Quote from: HotHot143 on January 06, 2018, 01:11:17 PM

Quote from: kohlicool54 on January 04, 2018, 12:48:38 PM

Not advisable to do so.
Never store on any exchange.

If I would like to trade daily still not safe to store my cryptos on Binance?

Yes, I can allow in this case. But i dont use it much, its not as safe as other exchanges, i just used it get some cheaper assets and im moving it as soon as other safest place only when I think long.

Thanks. May I ask last question what exchange do you think it has good security that I can store my cryptos and can do a daily trade?

enes2

member

Activity: 89

Merit: 11

If you make daily trade, I think there is no other option. However, if your intention is keeping for the future, you should use wallets.

among

full member

Activity: 350

Merit: 100

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!

i think it is as long as you have two-factor Authentication enabled or you put your password in a safe place, but its better to store your als in a private wallet where you control the private key.

Hosam Mazawi

member

Activity: 129

Merit: 10

Quote from: HotHot143 on January 04, 2018, 11:00:50 AM

Are my funds is safe with Binance?

funds are safe only when you hold the private keys for your coins

Hosam Mazawi

member

Activity: 129

Merit: 10

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!

nothing is safe, what if the exchange go like BTC-E

loky4i4

newbie

Activity: 55

Merit: 0

will binance allow new users to register in near future ?

mrjoy15

hero member

Activity: 868

Merit: 504

Quote from: HotHot143 on January 06, 2018, 01:11:17 PM

Quote from: kohlicool54 on January 04, 2018, 12:48:38 PM

Not advisable to do so.
Never store on any exchange.

If I would like to trade daily still not safe to store my cryptos on Binance?

Yes, I can allow in this case. But i dont use it much, its not as safe as other exchanges, i just used it get some cheaper assets and im moving it as soon as other safest place only when I think long.

HotHot143

member

Activity: 294

Merit: 11

Quote from: kohlicool54 on January 04, 2018, 12:48:38 PM

Not advisable to do so.
Never store on any exchange.

If I would like to trade daily still not safe to store my cryptos on Binance?

cachalote

newbie

Activity: 8

Merit: 0

One question: If you have a Ledger Nano, and decides to transfer funds to Binance wallet, can you still keep the keys at Ledger and fully control the funds ? Is that doable ? I already know that using hardware wallets or a Ether network wallets you keep the Key (although AFAIK ether network wallets still pose a threat, such as what recently happened with EtherDelta), but if you keep the funds out of the Binance wallet you may lose a trade opportunity when sending from your hardware wallet to Binance wallet. Please let me know if hardware wallet will allow for the best of both worlds, that is, keeping the funds at Binance wallet ( or any other exchange wallet) while keeping the Keys unhackable at my hardware wallet (Ledger Nano or any other good device). I suppose that would create a win-win scenario where transaction at the Exchange is immediate and funds are locked out of the exchage and unhackable any exchange attack at the same time. If there is one place on earth that can have this question answered must be this thread

Thanks !

#CapsLOck

full member

Activity: 205

Merit: 100

Quote from: jaeden1024 on January 03, 2018, 01:51:47 AM

Exchanges are not safe to store your coins for long term hold, better to put in a secured wallet.
Only put your couins if youre going to sell them.

Why is it, its not safe? Because I think someone already use it to store coins, what are the wallet that you can possibly suggest to store a coin in a longer period of time.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

They are a trusted exchange but it's not advisable to store all your wealth in crypto's there. Remember that every exchange is vulnerable with attacks and if you'll try not to follow that suggestion then you probably might at risk. Whenever you'll use binance or store crypto's there those coins should be good for trading not for holding.

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: HotHot143 on January 04, 2018, 11:00:50 AM

Are my funds is safe with Binance?

Why would ask again the same thing on what OP is asking on here,instead on answering him? Despite of that I will answer this for the benefit of those people who do have the same questions including you. Storing amounts on any exchange doesn't even guarantee you that it is safe no matter how you do set 2fa or security measures If the site gets hacked then your coins is at risk too even no matter how big those exchanges are,they are not excluded or exempted into those kind of scenarios this is why its ideal to store up on small portions.

qwertylolxd

member

Activity: 322

Merit: 31

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!

Do double authentication and you can sleep peacefully, I did so and so far there have been no problems with this exchange.

btcyoda

member

Activity: 644

Merit: 10

Quote from: kohlicool54 on January 04, 2018, 12:48:38 PM

Not advisable to do so.
Never store on any exchange.

Exactly you are right it is not at all good to store in the exchange and it is always for us to store wallets of their concerned coins because this might be always good to hold them.

kohlicool54

member

Activity: 61

Merit: 10

Not advisable to do so.
Never store on any exchange.

X7

legendary

Activity: 1162

Merit: 1009

Let he who is without sin cast the first stone

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!

No exchange is safe to store things

Topic: Is Binance safe to store cryptos? - page 16. (Read 2776 times)