Is Binance safe to store cryptos? - page 6.

pinoyden

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Quote from: AlienWithBTC on January 28, 2018, 10:02:14 PM

Quote from: bigboy61 on December 27, 2017, 06:15:57 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!

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.

AlienWithBTC

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Quote from: bigboy61 on December 27, 2017, 06:15:57 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!

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

mihalich

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Activity: 238

Merit: 10

Quote from: rappydoo on January 26, 2018, 01:25:16 AM

its not really safe every exchanges are all prone to hackers, better have a wallet

I really like Binance, they are amongst my top exchanges. Anything you plan on holding long term you should put in cold storage.

Dennys52

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If you trade every day, you do not need to take coins from the stock exchange, but the main funds that you are going to store for a long time.

mihalich

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Quote from: TheReverend on January 26, 2018, 07:10:25 PM

Hello , which of course the account in binance will be safe.
it will be fine and there is no influence in my opinion

If Binance sees continued success on its current level, it will certainly implement more features and programs.

vdiablo3

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Activity: 274

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Your Data Belongs To You

Quote from: andiko on January 27, 2018, 12:02:42 PM

Today it is one of the safest exchanges. I advise you to use two-factor authentication. But still it is better not to store large sums on the stock exchange.

I use two-factor authentication everywhere. But it doesn't help from hacker attacks. So I store my money on 5-6 exchanges.

CryptoIsGold

newbie

Activity: 11

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It's not exactly safe to store your cryptos in any exchange and just leave them there. Your best bet is getting a hardware wallet

moe68

newbie

Activity: 3

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For the short term yes but for long term / large amounts you should always store them locally

markMAD

newbie

Activity: 3

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Nothing online is 100% safe, store them localy

Tuan Kuan

newbie

Activity: 50

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Exchanges should be used for trading.
Like everyone says, you're better off with a hardware wallet and if possible a paper wallet.

andiko

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Asura – Self Sustainable eSport ecosystem

Today it is one of the safest exchanges. I advise you to use two-factor authentication. But still it is better not to store large sums on the stock exchange.

dacmac

newbie

Activity: 12

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One of the largest exchanges , so yes.

Sunil Timo

newbie

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Never dare to leave on the stock exchange, the risk though is small, but it is better to be save! Despite Binance is a good one.

samster

newbie

Activity: 69

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Don't leave your money on any exchange ever.if you don't trade it better to order hardware wallet and put your coins and token into it.if you leave your token or coins in the exchange those are to not belong to you.you don't have control of your money.your 600$ may worth more than 6000$ end of this year
so go get your hardware wallet.

best hardware wallet

1.ledger nano S
2.trezor

bhadz

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Payment Gateway Allows Recurring Payments

Quote from: TheReverend on January 26, 2018, 07:10:25 PM

Hello , which of course the account in binance will be safe.
it will be fine and there is no influence in my opinion

Your account is safe but we can't tell if binance will be hacked and all funds are transferred to someone that we don't really recognize. Crypto's are our financial wealth so you don't store that much in their place but doing trades there is good but if you have coins that you have decided for long term hold then there's no use to let it stay there. Use nano ledger s for safety reasons, no matter how safe an exchange and legit is still don't trust that much.

hadi07

newbie

Activity: 6

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Even though the Binance is very valid, it's best to keep it in your wallet. If it's not possible, just save the wallet address and backup file.

Bouriffe

member

Activity: 336

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My Pros/Cons as a Binance user:

+ Stable and usable platform despite recent huge registration increase
+ High volumes so most pairs are very liquid and very close from CoinMarketCap prices
+ Low Fees (especially if you pay fees in BNB)
+ No registration verification below 2BTC / 24h

= UI is average

- Binance Limited registration jurisdiction is not clearly mentioned: it seems it is Shanghai and not Hong-Kong (which I see as a potential risk)
- Impossible to easily track Gain and Loss
- No PGP keys for mail exchange
- Support seems currently a bit overwhelmed

I obviously fully agree with BTCmax24 advices. No question about using 2FA or not: it is a must for any sensitive website. Btw, WinAuth can do the job nicely on a PC if you want to avoid phone or Google. Use a dedicated email to open the account (ProtonMail is quite nice with a email notification feature to warn on any incoming email).

BTCmax24

full member

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Here are my advice to you to secure your trading account in binance.
*Use unique email addresses and password for your account and dont tell anyone your password. You can use a official password manager like Lastpass or Keepass.
*Enable 2fa
*Make sure the domain name is www.binance.com
*Don't click links and open attachments in emails.
*Subscribe to a good antivirus software and keep it up to date.
*Secure your email account and phone and use PGP on top of it. Like using a secure email provider; enabling fingerprint and passcode lock.
*Secure your computer. Don't install too much software on your computer. I recommend using a dedicated computer, install Linux on it. L, the Chrome browser, a password manager plugin and nothing else.
*Secure your internet. I recommend always using a wired connection if possible. If you have to use a WiFi, route all your traffic through a VPN.

I hope this tips may guide you to secure your accounts not only in binance but to other trading platforms.

Rambukwelle

jr. member

Activity: 313

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Up to around $ 5000 , I don't believe Binance exchange is bad to store Your coins. But If you have more than that , Always good to store them on hardware wallets rather than on exchanges or even the decentralized wallets seems to be not the safest as we saw with Etherdelta on the last month.

rvalipio

newbie

Activity: 14

Merit: 3

Online exchange wallet is never safe.

Topic: Is Binance safe to store cryptos? - page 6. (Read 2767 times)