Topic: Is it safe to save USDT and BUSD on binance for long term? (Read 354 times)

First of all you can secure your wallet by binding the phone number and also bind 2FA Authentication. These binding to secure your account by hacking no one access your account. I think both USDT and BUSD is best choice to save your money because both are stable coin and its price stable for a long time. Also you can do your own research

Since you are going for the long term, the safest place to save your funds is a cold wallet and not Binance exchange. Exchange can be hacked and Binance is not an exception as it has been hacked before.

Every exchange does not fully guarantee security for us although basically the exchange has provided several strong security level options for our exchange accounts, they certainly will not be responsible if our exchange account is hacked due to our own negligence such as accessing phishing sites, so I think storing assets in it for the long term is not the right choice for us.

If your friend asks you for money, and you don't send him the money, he won't get anything if he doesn't know your Binance email login and password.

As long as you can save your account data on Binance and don't tell your friends, your friends won't be able to do anything.

And if you want to keep USDT and BUSD long term, I suggest you install a Trust wallet and send the funds to that wallet.

Not your keys, not your money, even though binance has proven to be a strong and reputable exchange so far the fact remains you are not in possession of your funds which is not recommended at all. The best bet is to hold your funds in a personal wallet you can access at anytime without any restriction. better to look for a hardware wallet that support these stablecoins and transfer your funds to it. Better to be safe than sorry.

This is just an example case, in essence you can also receive similar funds from the proceeds of any transaction that may also have doubts such as the op perspective that the transaction can be reversed, unilaterally canceled or other risks as contained in financial services and how the internal risk factors of the token itself in the long term.

there you go
https://academy.binance.com/en/articles/how-to-use-binance-chain-wallet

Is your friend giving you the money as a gift or for you to him/her save it? If it's the former, why would he/she demands for it again? And if it's the later, why would you thought of depriving him/her is entitlement? I don't know what your answer might be to these questions but whichever, Binance is not a wallet for holding coins. It's an exchange where you can change your coins to fiat and vice versa.
Can you please edit this link so it can be highlighted for easy access? I'm sure many including me will try to check it out

For long term it is not recommended to use centralized services to store any cryptocurrency. Earlier this year Binance temporarily suspended Bitcoin withdrawals and some were speculating that they were in a similar situation as Celsius. It was a false alarm but you never know what could happen. Many people still can't withdraw from Celsius and they used to be one of the most trusted companies.

Maybe that is safe to save USDT and BUSD on Binance but it is not recommended to save your funds on the exchange because we do not know what will happen to them. Even if Binance is the largest exchange among the other exchanges, that is still not recommended. You can use the other multi wallet to store your funds, which you can handle by yourself. But it will be different if you want to use your funds to trade temporarily and withdraw the profit to the other wallets.

If you are interested in putting dollar on a exchange, you should not do so on a long-term basis. Our money won't be safe in any exchange, but we can store it in wallets instead. Even so, I placed some money for staking purposes to generate a few incomes. I've seen people make good profits over time from this, and it has been around for quite some time. Even though I've only just started, I don't want to be followed by anyone.

Not your Key . Not your Bitcoin/cryptocurrency so yeah it is perfectly act to send all your funds each month to your Desktop or any electrum wallet that you wanna use , this will add security for your funds though if you have 2fa in Binance then your funds will also safe but putting in electrum is much safer.

Yes, lets put up some link into that particular disaster on which BInance had been hacked wayback.
Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges
Link: https://www.cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html

People should always consider and should know at least even with the basics.Its is indeed that Binance is an exchange and not a wallet
for you to hold up your coins for long term.Nothing beats out if you do hold those coins on a non-custodial wallet
which you do possess its private keys which would really be easing out that worrying.

Many people have written similar responses to what I am about to write, so I hesitate to respond, but I think it is important to add some nuance to the responses.

In general, storing coin on an exchange will carry additional risk above the risk involved in storing coin on a private key that you exclusively control. Not everyone can properly secure (and backup) their private keys, and you should evaluate if you are able to properly do this or not. If this applies to you, in order for it to make sense for you to keep your coin on binance (or any other exchange), you will need to be compensated in some way for doing so, in an amount that outweighs the risks. Potential compensation may include interest payments, or the ability to quickly trade (when you plan on frequently doing so). It is up to you to decide how much compensation you need in order for this to make sense.

It is unclear to me which specific product you are using. It is possible that you are using the [ur=https://academy.binance.com/en/articles/how-to-use-binance-chain-wallet]"Binance Chain wallet"[/url], and if this is the case, it appears that Binance may have access to your private keys, at least based on the above guide. This is despite the fact that you are given a seed that can be used to recover your private keys. If this is the case, you should consider my above advice.

Hardware wallets would be good at the all-time upon saving your crypto assets safe.

Though Binance offers SAFU it doesn't mean your fund is totally safe, there are still frozen accounts that may happen and suddenly increase the KYC requirements, and failure to comply which means you can't withdraw your fund.  SAFU thing is just a marketing promotion of them.

I suggest not storing your coins in the Binance wallet for the long term.  As I repeatedly said that the golden rule of crypto is "Not your keys, Not your coins".  Centralized exchange wallet is very crucial to store in the longterm, they have full control over your fund.

Not safe anyway. I have heard before Binance froze funds when someone claim there was a fraud connection. Binance would ask for proof of how you got the funds. Keep in mind that Binance is a centralized exchange, not a wallet anyway. Keep your fund secure non-custodial wallet or better buy a hardware wallet. So you don't have to fear losing your funds. Don't trust the centralized exchange to hold funds for a long time.

If you want to move your funds to a personal wallet, you should choose a wallet that supports multiple coins to make it easier for you if you want to exchange USDT for other coins.
I've been using Trust wallet for a long time and haven't had any problems, so I suggest you try it.
There are still many wallets that support multiple coins, making it easier for you to install it on your computer, laptop or mobile.
Thus, you will feel save the funds in your personal wallet.

It seems Guarda already has a bad reputation here on the forum better read this thread below

- Atomic Wallet and Guarda' owners == SCAM ChangeNOW' owners
And like others said it's a close source so we don't know how safe their wallet is.

About Trust wallet maybe you can trust it a bit because it's open-source you can build it on your own and it's owned by Binance.

If I were you if you are planning to hold a big amount of BUSD and USDT I suggest buy a hardware wallet like ledger nano S which has better security than using app like trust wallet.

All wallets you mentioned are closed source junk hot wallets and I wouldn't trust any of them for any long term storage.
I don't understand why you keep saying long term storage of stable coins, there is no real benefit in doing that and you can only lose if you mess around with various tokens like that.
If you need long term stable coins simply use your own fiat currency, but I am sure most of them will collapse soon with inflation.

Better if you will use an external wallet where you hold your own private keys or seed phrases. I am not saying that I don't trust binance but they might get hacked or they might do some restrictions in the future as they are centralized. Have you heard those people who have issues with the banks where their money got frozen and sometimes the banks use it without their consent? They are so many active cases like that right now.

If the demand is fake then I think binance will know it but if it's a valid request like if the complainers claims that they got hacked and the money is still there inside the platform, then I think it's possible for them to get that money.

Both wallets are closed-source so no one can be certain how they manage the private keys.
(the source code isn't public so no one can audit it if their claims are true)

But I think rat03gopoh's point is if you're considering to store your funds to Binance's exchange,
then at least use their non-custodial wallet so that you're the one who have access to your funds, not Binance.

guarda looks like it supports both usdt and busd. Should I trust guarda for long term savings?
And does trustwallet also supports busd and tether such as guarda?
Are these wallets saves the private keys in an offline environment (in mobile/desktop) to prevent against hacking attempts online?

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because if I withdraw money from an exchange to the bank account, i have to convert it to domestic currency first and then to usd again on bank. So because of the exchange rates differency and some commissions i loose some money while transferring..
Also it is still unclear how and how much taxes will apply to the crypto exchange money from real bank side.

[moderator's note: consecutive posts merged]

Binance has a more decentralized product than its own exchange, Trustwallet - supports multiple chains. Or use a web wallet like Guarda and a browser extension wallet like Metamask(only supports chains with hexadecimal addresses - prefix "0x").
As long as you take good care of the seed phrases or privatekey, as long as the tokens you keep are safe.

Can I ask you why you want to hold stablecoins for long periods? If you do not intend to buy or invest for the next three months, it is better to keep it in cash than to risk hacking the platform or freezing your funds in the wallet.
Stablecoins are good for trading and short-term betting.

No it's not safe.
Exchanges should be used only for trading, not for storing any coins long term, unless you want to lose them.
Your account and funds can get frozen, and exchange can be hacked any times, that happened before many times.
Offline wallets can be used for storing, or how wallets for storing pocket money and smaller amount of coins.

Doesn't sound like he is a friend. He sends money every month, binance would probably think this is a reoccurring fee from a friend so it would really be unwise for binance to consider the demand to take it back. But they are between you and your friend.

Some will reason you they store stablecoin on exchanges because they are waiting for BTC or altcoin prices to dip so they stash some of it. But keeping coins inside a wallet is not recommended.

A Binance wallet is not good for holding coins in the long term if you want long-term holdings then transferring and having a hardware wallet is the safest way to hold USDT or any coins.


Like the above said Electrum only support Bitcoin so you need to trade them into Bitcoin and transfer them out to Electrum just make sure that you write the seed backup on the piece of paper physically or save it digitally on an offline machine and never expose the backup to the online machine for safety.

Yes, binance can do whatever they want with your crypto since it's in their custody.
I don't want to scare you, as this is unlikely to happen especially for small amounts, but even if you move your USDTs to a non-custodial wallet, there is still a risk that they get frozen since it's a centralized coin (issued by a centralized company, Tether). They did it before and they can do it again if needed.
Personally, I only trust bitcoin for long term storage.

Electrum only supports bitcoin.

For altcoins, I will advice you to go for open source hard wallet, or if you are able to get a completely open source wallet that is recommended.

I noticed people using altcoins may not have option than going for a close source wallet like Trustwallet which support such coins. But not worth going for close source wallet because the wallet source code is not publicly available.

A short answer to this question would be YES! do that. Keeping your coins on a wallet that you control it's secret keys is always recomended.

Should I send all of my usdt and busd into my desktop electrum wallet for long term savings?

Binance is not a wallet, it is an exchange.

If you use 2FA and other security, and you are able to secure your wallet, your friend would not be able to access your Binance account. But exchanges should be for trading, not holding.

Exchanges are often hacked, even Binance has been hacked before. Do not leave your coins on exchanges.

Use a wallet instead of an exchange. Use a wallet, have your keys, which means you have full control over your coins on blockchain.

Hi
I receive some money from my friend to my USDT address on binance web wallet from month to month. If my friend somehow fakely demand the money legally/illegally on binance from my wallet, can he get any money from my wallet in the future? Is that possible?

Is it safe to save USDT and BUSD on binance for long term?