Topic: Is Binance safe to store cryptos? - page 3. (Read 2776 times)
I think with the value of cryptocurrencies less than $1000 on the binance exchange with two-factor Authentication is quite safe. You can buy and sell coins every day, if the value is higher and you do not buy every day, then keeping your wallet is safer.
Binance is the largest exchange. Size does two things:
1. It's so large people assume it must be safe, so they store crypto on the exchange.
2. It's so large, with people storing crypto on it that it becomes a target for hacks.
So be careful trusting it with everything! Now with its turnover I assume it can afford to keep its security top level, but alot of people would have said the same for nicehash....
1. It's so large people assume it must be safe, so they store crypto on the exchange.
2. It's so large, with people storing crypto on it that it becomes a target for hacks.
So be careful trusting it with everything! Now with its turnover I assume it can afford to keep its security top level, but alot of people would have said the same for nicehash....
Great discussions there guys. Before it used to be poloniex and bittrex reigning at the top and I never heard on them getting hacked. Now I have lots of coins in binance too. It is indeed hard to withdraw coins especially when you are a short time trader. I am diversifying my exchanges though to avoid higher risks.
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.
Binance is a reputable exchange for me as well but then when it comes to just leaving your coins there even though you have turn on your 2FA, there is still a possibility that it will be hacked so it is not safe. Storing the coins in your wallet would be the safe way especially in hardware wallet so that it will not be accessible just by anyone online.
But then, if you only have a small amount then it would be better to just leave it there because withdrawing it would be much more expensive for you. You just have to be cautious though because there are countless times when exchanges are hacked and the latest one is Bithumb. Binance was able to act accordingly though when that incident about Via being pumped and those who use API are affected so they have a good reputation.
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.
Me I am confident my altcoins stored in my Binance account this exchange is really new but their service was really amazing they make sure all of the funds their user on their exchange are always safe and nothing to worry about. 
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.
Do you ever heard the MT.Gox incident before? they are so good and trusted before but all of the trust has been turn off due to their bad actions and many people are still finding some ways to sue them up and retrieve what they lost for Mt.Gox events and we should make this as our basis to not fall and make them as cold storage wallet since binance is prone to anything and might have still huge chances to became a Mt.Gox 2 if their security and other means will fail out.
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.
For me yes, binance has a top security feature and you also register on 2-FA which make your accounts more sure.
But for top safety it still best to store you're tokens on your personal wallets as crypto exchanges tend to hack by hackers more because of large amount rather than hacking a personal wallet account.
But for top safety it still best to store you're tokens on your personal wallets as crypto exchanges tend to hack by hackers more because of large amount rather than hacking a personal wallet account.
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'm in the same boat as you. IMO if we have the two-factor authentification on, we're safe. I'm saving for a trezor though and I think you should too! Just to be safe. 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 very good exchange with many good features, it is reliable and secure but I do not advise you to save your coin in binance but in a wallet that is very good or a wallet that is meant for the coin and keep your private key very well and try not to forget it.
Though binance is safe and secure but I think it is very safe and better if you store your coin in the appropriate offline wallet for the coin where you have the private key to yourself and you can be sure of the safety there than storing your coin on an exchange platform.
well if you are into day trading then it sounds logical to keep funds on the exchange and binance is one of the best exchange out there. Make sure to enable 2FA with SMS or with google Authenticator to protect your account. However the best practice like most of the pro's said is an offline wallet for which you have the private keys. On the hardware side ledger nano is the best one out there.
If you're Talking about Exchanges,
Then there is no better Option then BINANCE!
Although they are only good for whales or big traders!
For small traders like us it doesn't fit right!
And if you're talking about actual safety!!
then there is no better option then LOCAL WALLETS.
Not possible to hack!
And hacker wont put much effort to hack your little ammount!
So be your boss!
use own wallets!
Then there is no better Option then BINANCE!
Although they are only good for whales or big traders!
For small traders like us it doesn't fit right!
And if you're talking about actual safety!!
then there is no better option then LOCAL WALLETS.
Not possible to hack!
And hacker wont put much effort to hack your little ammount!
So be your boss!
use own wallets!
hi! I think Binance is very good. If you have enabled 2 factor authentication then you can be assured. I think it is very difficult for binance to be attacked. I've kept my tokens on binance for 6 months. And around that time I did not test them.
Fortunately, when I came back, everything was still intact
Fortunately, when I came back, everything was still intact
In general everything can be hacked. And i totally agree with you about bookmarks. But what is your suggestion for the exchange i use for the first time? I guess checking it's URL on the site which is bookmarked by almost everyone involved into crypto and tracks loads of exchanges isn't so much idiotic. And i didn't say to click any links on coinmarketcap, did i?
I'm sorry that is exactly what I inferred from your post as that was your reply to someone who asked how to find and exchange.
To clarify, my point being that it is poor practice to use links from coinmarketcap or anywhere else. I have seen people use sites and always use their links to exchanges rather than their own bookmarks which is the worst OPSEC ever. AFA how to get the bookmark in the first place, like I said type it in yourself and doublecheck that you are at the correct site. As in make sure you were not redirected, make sure you are in a Https domain and save the link as a bookmark when you create the account. Examine the email header of the registration verification as well, if it doesn't match the correct domain then find out why.
There is not a single option 100% sure:
-ledger, there may be a fire at your house
-Binance, it may get bankrupt or hacked
-the same for any other option
-ledger, there may be a fire at your house
-Binance, it may get bankrupt or hacked
-the same for any other option
What is the official binance site?
Do i just type in
www.binance.com
I did not have it bookmarked and when you google it, it doesn't show the actual site link.
Thanks.
Do i just type in
www.binance.com
I did not have it bookmarked and when you google it, it doesn't show the actual site link.
Thanks.
Yes, this is the legit one. I would advise you to check the legit links of exchangers on https://coinmarketcap.com/ not to be phished, they track 195 of them. Same thing with social media or site links of coins.
In your own words...
I would advise you to check the legitimacy of links from coinmarketcap.com so as not to be phished
...coinmarketcap can be hacked so anyone using the links from there without checking them first is an idiot.
Don't put your faith in any links from ANYWHERE people. Type them in yourself and double check them and bookmark them.
In general everything can be hacked. And i totally agree with you about bookmarks. But what is your suggestion for the exchange i use for the first time? I guess checking it's URL on the site which is bookmarked by almost everyone involved into crypto and tracks loads of exchanges isn't so much idiotic. And i didn't say to click any links on coinmarketcap, did i?
Expect that to came since every exchange have flaws although it is not been seen by the hackers right now on binance but surely they could find a ways to break the security as months pass. So better we shouldn't take any exchanger site as our wallet and take those hardware wallet as best choice for us since it is much safer than any other online/exchanger wallet alive.
it is not advisable to keep coins in any exchange market in the long term because the exchange market is not for storing coins but for buying and selling or trading
should be stored in your personal wallet only
should be stored in your personal wallet only
What is the official binance site?
Do i just type in
www.binance.com
I did not have it bookmarked and when you google it, it doesn't show the actual site link.
Thanks.
Do i just type in
www.binance.com
I did not have it bookmarked and when you google it, it doesn't show the actual site link.
Thanks.
Yes, this is the legit one. I would advise you to check the legit links of exchangers on https://coinmarketcap.com/ not to be phished, they track 195 of them. Same thing with social media or site links of coins.
In your own words...
I would advise you to check the legitimacy of links from coinmarketcap.com so as not to be phished
...coinmarketcap can be hacked so anyone using the links from there without checking them first is an idiot.
Don't put your faith in any links from ANYWHERE people. Type them in yourself and double check them and bookmark them.
In general everything can be hacked. And i totally agree with you about bookmarks. But what is your suggestion for the exchange i use for the first time? I guess checking it's URL on the site which is bookmarked by almost everyone involved into crypto and tracks loads of exchanges isn't so much idiotic. And i didn't say to click any links on coinmarketcap, did i?
save money or altcoin in the stock is not recommended but if it is activated 2FA I think it is amaan but more secure you pull in your personal wallet because the exchange is not a place to save money and altcoin us
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