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!
There is no single exchange where your funds are 100% safe. A lot of things can go wrong there. They can get hacked/ regulated/ steal your funds and so on and so on. An authenticator won't save you from that. Therefor i suggest you to create a cold storage wallet or perhaps a hard wallet, like the ledger for example, and store your long term coin on there. To trade your coins, you have no other choice than using exchanges i am afraid. However there are some decentralised exchanges out there nowadays, like idex/etherdelta and so on. Maybe something to look into.
Enjoy your crypto adventure
but even hardware wallets can also have a risk like for example it is damage or shocked resulting for its software to corrupt therfor you still loose all your data that is stored in it or what if it was stolen or the hardware got broke? see? all things have a risk even though how secure is it , there is still a chance that it will have a problems later on. but overall binance is pretty legit exchange so i think your funds is safe at all.
agreed, there is no absolutely safe way on storing cryptocurrency well atleast everything on this world that is valuable. Even burying a big amount of cash on soil is still at risk of getting rotten.
In cryptocurrency i think storing on exchange is susceptible from the attacks of hacker to their system while storing it on a personal wallet is at risk if you are not organize on keeping your private keys and passwords. All i can say is that we should be careful everytime.
In cryptocurrency i think storing on exchange is susceptible from the attacks of hacker to their system
its verry rare for hackers to attack an online exchange not unless the exchange is poorly built or their system security is verry low, if thats the case then it could probably dangerous and your funds is always at risk but in the case of binance i think it woudnt happen because binance is pretty solid in terms of service and popularity.
while storing it on a personal wallet is at risk if you are not organize on keeping your private keys and passwords. All i can say is that we should be careful everytime.
storing funds in a personal wallet is much safer than leaving your funds in an online exchange because you have the right to control it and you also hold your private keys if ever something bad could happen on that wallet , you can still recover your finds using your private key.
