Is Binance safe to store cryptos? - page 4.

gbenga88

newbie

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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!

Exchanges have made it easy for crypto investors and other people by creating wallets on their exchanges. It is a good thing, but i usually advice people to get a wallet for their coin because they will have access to the private keys for their wallets. Moreover, some exchanges can be tampered/compromised.

Before a coin can be on a exchange, I believe it will have its own wallet. It is advised that you get a wallet.

PETES

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Quote from: DaveWave on March 12, 2018, 11:11:35 PM

I am also storing lots of crypto coins in different trading sites too and Binance is one of them. I think it is just fine storing them in a reliable exchange if you are planning to sell your coins anytime.

Before I always missed good pump because of the delay transaction of congested network of eth and when my coins is already in the exchange the price is already dump, this is all because my trading coins is in my wallet. So I decided to take risks and store my coins in Binance so I can easily trade it, idk but I still feel safe there even the recent fud said that Binance was hacked. But of course, I know the risks so I just store what I afford to lose.

onebtcforlife

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Quote from: jsxcryptoman on March 13, 2018, 01:52:24 AM

How many times saying - do not store your money on the crypto exchange. Simple remember - Mt.Gox, Bitfinex, Bitstamp, Btc-e, Yobit, Binance and etc. Use safe software and hardware wallets - Bitcoin Core, electrum, MEW, ledger and etc.

Sometimes it is good to store your coins in the exchange because when withdrawing they are charging the very high fee in terms of the coin. Some people cannot effort those rates so they want to store their coins in the exchanges, we already know by storing the coins in the exchange is always risky.

ethereumhunter

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I think to save our crypto in binances is not bad idea although it is better to save in other wallet because we can directly to sell our coin if the price is increase and we don't have to spend much time to waiting. but we need to be careful to do this because there are no guarantee for us to keep safe in that site and even for other sites. but it is safe to keep our coins in binance and so far, I don't have any problem with this.

paklungipin

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Activity: 461

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quarkchain.io

One important point that differentiates between a Crypto Exchange
and a Crypto Wallet that is from the service provided.
When you imagine cryptocurrency as gold,
Crypto Exchange is a gold store, where you can sell / buy gold.
While Crypto wallet you can use as a safety deposit box to store gold.
Security level of the safety deposit box can you set yourself at will,
and only you hold the key to open it without needing to rely on anyone.
The difference with gold, 'safety deposit box' Crypto can be easily stored
in the smartphone and can be taken anywhere to spend.

Although you can keep your Crypto in the temporary wallet
provided by an Exchange, but many things are not provided
it should be kept in a personal wallet.
You can not sell or buy your Crypto in your Crypto wallet,
but the Crypto wallet can provide comfort, convenience and security
extra without server - cold storage. It is rarely provided by Exchangers.

Arian247

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Binance is a good exchange but it's better to be safe than sorry, so get a wallet it's much safer.

jakezyrus

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Quote from: jsxcryptoman on March 13, 2018, 01:52:24 AM

How many times saying - do not store your money on the crypto exchange. Simple remember - Mt.Gox, Bitfinex, Bitstamp, Btc-e, Yobit, Binance and etc. Use safe software and hardware wallets - Bitcoin Core, electrum, MEW, ledger and etc.

not all times storing your coins on an exchange is dangerous or risky. There were also benefits of storing your coins in an exchange, like for example when you cant oftenly monitor the market in order to trade , you can use the auto trade feauture of the exchange in ordef to trade automatically so that you can earn a profit whenever theres a specific change in the market. You can also set an automatic buy aside from automatic sell. these are the advantage of putting your funds in an exchange.many people do actually do this especially if they are too busy enough.

jsxcryptoman

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How many times saying - do not store your money on the crypto exchange. Simple remember - Mt.Gox, Bitfinex, Bitstamp, Btc-e, Yobit, Binance and etc. Use safe software and hardware wallets - Bitcoin Core, electrum, MEW, ledger and etc.

miningguru

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Quote from: DaveWave on March 12, 2018, 11:11:35 PM

I am also storing lots of crypto coins in different trading sites too and Binance is one of them. I think it is just fine storing them in a reliable exchange if you are planning to sell your coins anytime.

There is no problem for storing them in the exchange but the major problem now most of the hackers are targeting mostly Binance, so it is always better to keep them in MEW instead of holding them in Binance. Of course, there are charges for it but we have no choice once it is attacked means we cannot recover our coins.

DaveWave

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I am also storing lots of crypto coins in different trading sites too and Binance is one of them. I think it is just fine storing them in a reliable exchange if you are planning to sell your coins anytime.

mkmdoc

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Quote from: Hueristic on March 08, 2018, 10:43:32 AM

Binance IS NOT giving away ETH it is scammers impersonating them. Don't fall for it.

Offficial:
https://twitter.com/binance_2017?lang=en

SCAMMERS are second reply:

https://twitter.com/cz_binance/status/971454040704872448

CZ (not ɡiνinɡ cгypto aѡay) @cz_bjinjance

Not only with Binance, there are many fake account created by the people with the names of the credibility members and stealing people money. One thing we have to remember whoever asks the private key, just stay away with those stupid.

Hueristic

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Doomed to see the future and unable to prevent it

Quote from: LaLegiste on March 10, 2018, 03:23:36 PM

Quote from: jerry0 on March 10, 2018, 12:39:46 PM

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.

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.

jerry0

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If you had to keep your coins in an exchange, which exchange would be the safest to do this at?

I assumes its probably

Bittrex and then binance? Or the other way around?

And would most agree if you do this, these are probably the only 2 exchanges you should keep cryptos there?

SHAWN-MIDWAYS

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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!

Rule of thumb when it comes to storing of cryptocurrencies, its always safer to keep your crypto coins in a wallet you have access of private key.

But two-factor Authentication is equally good when its applied to a wallet you have control of and Binance being a good exchange I think for the purpose of faster exchange you can store them their.

deevan

jr. member

Activity: 238

Merit: 7

As you have enabled 2FA for your Binance account, so you are more secured from hacking attempt to your personal account but not for the coins that you have stored on Binance exchange, as the exchange may be hacked and you can lose your funds. And most probably you have listened last week many Binance users complained that all their altcoins are sold automatically at market rate for BTC and some claimed that from their account automatic buying of ViaCoin with BTC occurred. The users that affected were those using API trading bots. So it is not advisable to store your crypto on an exchange unless you are a day trader. Better to store in your personal wallet & pay transfer fee which is very little instead of losing all coin due to a hacking attempt.

LaLegiste

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https://eloncity.io/

Quote from: jerry0 on March 10, 2018, 12:39:46 PM

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.

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.

jerry0

full member

Activity: 1750

Merit: 186

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.

maeusi

sr. member

Activity: 462

Merit: 254

No exchanger is safe to "store" cryptos as any third party service. You should keep your funds in your wallet, where you own private keys, if you actually don't trade. Even some exchangers don't allow in their TOS, to store funds without trading.

LaLegiste

full member

Activity: 434

Merit: 100

https://eloncity.io/

Of course it's better not to store your cryptocurrencys on any exchanger. But after yesterday's hacker attack on binance i must say i trust it more than any other centralized exchanger. The attack was very smart but binance's automatic risk management system has worked pretty well. You can check more details about the attack in this summary: https://support.binance.com/hc/en-us/articles/360001547431.

djlenna12345

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https://www.soar.earth/

There is always a possibility that the exchange will be able to crack. Any exchange is subject to hacker attacks, when you open an account on the exchange, you must understand this.

Topic: Is Binance safe to store cryptos? - page 4. (Read 2776 times)