Topic: Is Binance safe to store cryptos? - page 2. (Read 2776 times)
binance is a promising platform that offers good security, user-friendly and powerful performance, it is one of the safest trading places for you, you can peace of mind Binance safe to store cryptos
What if you have say 10 or more altcoins. You really going to download a wallet for each that isn't compatible with nano ledger or trezor?
Exchanges are not good if you want to store your tokens, what if they closed do you think you can still bring back your coins. I recommend a wallet that you are in control pf your private keys.
It is safe you just have to know things to keep your Binance account safe, but storing new tokens on Binance that are not yet registered will cause loss on your side.
Binance is very good exchange to hold but holding in exchanges will always be risky, so it is good to transfer the coins to concerned wallet it will safe. Even they are following good security measures but we are risking our money, so the best idea is to move the coin concerned wallets only.
Binance is good and reliable exchange with maximum security to save your funds . but still i will suggest you to prefer personal wallet like MEW to store your coins so that you have private key of that wallet or best option is using hardware wallets like trezor . in case you are day trader then you can keep funds there .
They are good indeed but it doesn't mean that we can trust them up for our funds since if something bad happen they can say whatever reason just to get excuse for bad incidents and either I can't trust the MEW for long term huge volume of holdings since any huge possibilities that they will be compromise also anytime soon. Read the header notice in MEW dev itself give a good warning upon using their site and maybe the best thing we need to do is to grab a hardware wallet where we can assure that our balances will be more safer since hardware wallet is close to impossible to be hack by other intruders.
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 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!
of course very change. because with the added authenticator you are very safe. because if someday there are people who want to break into your account. surely the authenticator will be active, and people who break into it will be very difficult to open it. indeed it is the best decision.
Binance is good and reliable exchange with maximum security to save your funds . but still i will suggest you to prefer personal wallet like MEW to store your coins so that you have private key of that wallet or best option is using hardware wallets like trezor . in case you are day trader then you can keep funds there .
better download a wallet and put your coins in it
With good secure, secure and low transaction fees, plus the advantages of ultra fast transaction processing as well as high liquidity and new surfing opportunities, Binance is a good choice for you. There is a need to conduct Bitcoin and Altcoin trading to look for profits in the international cryptocurrency market. The downside to Binance's purse is that private keys are not in your control as they are stored on Binance servers. If you plan on storing long term ETH, use hard purses like Trezor or Ledger Nano S.
Of course, as a world-renowned exchange, I believe that they can do their security defense system. I remember that they seem to have been attacked once, and hackers did not successfully steal coins, indicating that their security performance is Very powerful.
Yes, Binance is reputable exchange but storing your altcoon in not good because past we have seen many exchanges got hacked. Storing in wallets is always good because in this way we can easily secure our coins.
If you are a trader and have limited coins then binance is a good option as security wise it is considered to be better than others but yes if you are a long term or have thousands of dollar worth coin than you need to ideally store it in offline mode.
this is a double security, when we install google outenticator, because we will feel more secure when the first login can open with others. the important thing is not to loogin google outenticator code forgot and can not to enter it.
Just to comment on reputation, and that reputation means little or next to nothing when the platform is hacked. Of course, the very best platforms have high-grade security, but you know what they say, everything is eventually hackable.
In short, even blockchain can theoretically be hacked one day, but that is not yet proven, so that is what you should trust. It is never safe to store crypto on any platform that doesn't give you SOLE OWNERSHIP of your private keys.
If you intend on making cryptocurrency a long-term engagement, learn how to use it properly. Avoid using third-party services. Control your own funds, the way crypto intended.
In short, even blockchain can theoretically be hacked one day, but that is not yet proven, so that is what you should trust. It is never safe to store crypto on any platform that doesn't give you SOLE OWNERSHIP of your private keys.
If you intend on making cryptocurrency a long-term engagement, learn how to use it properly. Avoid using third-party services. Control your own funds, the way crypto intended.
What if you have like 10 crytocurrencies or more and they are not compatible with the nano ledger or trezor? You guys download the wallet from the site for every single one?
Depends on amount. If it's like 0.1-1% of your portfolio - you can use even exchange for storing it.
I have a portfolio of nearly 30 cryptocurrencies and some I store at exchange (in total less than 1% of portfolio).
And yes - i have 10-15 wallets installed on my laptop to store coins not compatible with ledger.
A exchange is simply the place to sell and not save your money there. two-factor Authentication only ensure that your account is not attacked but it doesn' t mean that binance is not attacked by hackers. The prestige of the exchange is still uncertain 100% look at btc-e and learn from experience
What if you have like 10 crytocurrencies or more and they are not compatible with the nano ledger or trezor? You guys download the wallet from the site for every single one?
I know you must have read from a lot of people here already, but for the umpteenth time, no exchange is safe to store your cryptos. This is because these exchanges are unregulated and they can become insolvent at time and go under and as such can go under with your coins still on their exchange. So it's always preferable to store your coins in a wallets whose private keys you have control over. Exchanges are meant for trades mostly.
I never store my money at third parties. Only my ledgers and local wallet.
I send money to exchange only to trade and withdraw.
I send money to exchange only to trade and withdraw.
BInance is an exchange. it is better to store your coin in the online wallet
you can control the private key, if you store your coin at exchange you do not have the private key.
Binance is indeed an exchange site but still can be used to save and make no mistake Binance security is very safe because it uses some keys including 2FA so I think saving your assets on Binance is quite safe. you can control the private key, if you store your coin at exchange you do not have the private key.
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