Topic: The Reasons I Trust Binance for my Crypto Trading (Read 540 times)

So Binance has halted some BTC retirement. Are you still trusted them?.

https://seekingalpha.com/news/3847961-binance-the-worlds-largest-crypto-exchange-briefly-halts-bitcoin-withdrawals-ceo-says

You can look, you dont have power in your own coins.

We have a massive childhood in the crypto world always thinking in SUPER HiPER BULLISH market and thats its not how life works.

You have found a reason but I have also the reason why I can't trust any exchanges to hold my funds instead of doing it.
 * you can't be sure of what they are doing - likely you can't urge them to give you money back whatever happens to them eg. hacking incidents
 * exchanges wallets are not safe - you will have to think about that

It is way better to use your own and full-controlled wallet upon holding. That be sure that you are the only one who have an access of your assets, nothing else.

There is 100% secured for online security, especially in the exchanges. Binance was also hacked although they could solve the problem. But it proves that nothing is perfect. Here, we can consider again how long we are going toninvest. If this is for short term, it may not be a big problem to save in exchange wallets. But if this is for long term, I will prefer to choose offline wallet.

The good reputation of an exchange is never a good reason to make it a safe wallet for investment assets. You should not completely trust a centralized exchange for all your investment assets, but trust me you will be much safer by having a private wallet. Sure I have some on exchange accounts, but I never make them long term investments because I believe that centralized exchanges can still change at any time.

You may be safe to trade your assets on a centralized exchange like Binance today, but don't make it a safe haven for your investment assets.

Where money is concerned, the only one you can trust is yourself. Therefore, no matter how much you trust the exchange with Binance, you should not use it as a wallet to store your assets, especially since you understand the advantages of a cold wallet. Keep on the exchange wallet exactly as much as you need to trade.

I laugh in ignorance because you are making a mistake that you may wish to revert one day and by that time, it may be too late. I hope you have seen the allegation label on Binance, they have been fighting for the past 3 days with SEC, I can't say about BNB been sold as a security but for SEC to say they have processed illicit transactions and are not fit enough for standard KYC demonstrates that SEC is really interested in every document users provide on Binance, I don't see reasons why they would say that Binance has a weak KYC system, they want you all to submit every detail you have, I hope you will be ready to provide more information when they request for more document MR/MRS Binance Ambassador.

Binance might be relatively safe and that you have all security functions on the site enabled doesn't mean your completely safe from infiltration and your funds be chattered alway. You might be winning for now but you must remember the phrase, "Not your keys, Not your coins". It actually sticks and for all we know, your activated security might be able to prevent your account from being hacked but the case is different if binance is the one that is being hacked. It might be difficult given that, binance has got some tight security upon its system but supposing a staff goes ruge and the exchange is hacked, it overrides all your security details and the rest is history.

Exchanges aren't the best in saving huge funds, you might get to move and trade or save value and more but,don't always be that confident in going for a long term savings on a huge fund.

I use Binance for trades and yes store my crypto there until I transfer the funds to exchange into my local fiats. Been using the wallet since 2017 and I did not have any security issues as I had all security features enabled. This helped to keep the wallet secured till now. I love the features they provide and yes cust service as well is so quick in giving resolutions.

Can never trust my money to the hands of a centralized exchange like Binance where I don't have full control of my funds.
As large exchange it is that runs huge transaction, such website is prone to be attacked and hacked by hackers I can only keep a little portion of my of funds in the exchange in use for the purpose of trading.

Yap..!
Wherever it currently stores the best crypto assets is in our own wallet. Use a Hard wallet like Ledger or something else. At least this will be safer from internet access even if not completely. The best advice is not to keep all your assets on the exchange. Currently, Binance is indeed the best exchange. But we don't know what will happen so storing on an exchange is more risky than storing in a hard wallet.

The day I registered my binance account I had to properly give adequate credentials before I was verified this goes a long way to show that binance is very safe... Also measures they put in place to checkmate hacking or failed fund transfer is top notch

Well i read most of the message of the thread. The whole community say the same, an  they have several reason to say that.

In my opinion, you can have an ammount of "money" in exchanges for making what you say in a very fast way like P2P or trading. This ammount can be a percentage what you need to do in that moment.

Lets do an example, you make an offert for sell x quantity of BTC and when you have a buyer, you can send your funds from yours external wallet to your wallet in Binance and make the sell. I know is one step more an a transaction more to do , but you are plenty safe.

If you have all your founds available in Binance , i dont want to say this but.... you are a fool man. Not only because the exchange can close any day also because you can experience this kind of troubles.

1- Your example of make an analogy between banks and exchanges, are completly wrong. Because when a bank have problems the goverment can make a save or we have a ton of law who prevents or help the citizen to recover their values. In exchanges we dont have this kind of "security" like another users say to you, they are radicated in "tax havens" and the cost to do a movement its a lot more and only if you have a big ammount of money its viable to recover if you win.

2- HACKERS, and yes with all kind of storages you can be hacked but in an exchange more.

3- Changes in terms and service.

I completly understand your point and i think its okey to have some founds to make P2P or trading or whatever, but putting all yours founds in Binance its clearly demential.

LOL, that sounds unsafe for anyone eager to keep their investment assets safe. Remember, it doesn't matter how reputable the exchange you are currently using is, but you have to consider that in the past people have lost in major accidents. You should have learned a lesson from it, or did you never know?

You may be able to keep your assets on the exchange if you are a really active trader but if you are a long term investor then please have a safe wallet for your assets. This is the best recommendation for anyone who wants to invest in the long term (holders).

There are a lot of reason this is not a wise choice. In this industry we repeat the mantra "don't trust verify".
You are giving trust to their people, software,  etc etc  even the law that regulate this sector.
if something get wrong (as happened a lot of the time in the past with exchange) what is your next step?

Plus They are a business. Business = profit.
It means also they have to follow several regulations.You can't never known what changes can happens in this field...

I also trade a lot but its sure not a good thing to store all your coins in an exchange even this trusted binance. We all know the risk of hackers but that is not even what I worry.

SEC already started looking into them and BNB was seen as Security which they may face critical examination.
Remember that they are still under the jurisdiction of governments and if they are investigated, the government can possibly do things like halt their operation in a particular country. Don't put all your coins in binance.

Bisq is user friendly. Sure, it's a lot more simple to register on Binance, understand there's a CEO that runs this thing, just like any other account you've made on the internet, deposit money and have your assets exchanged than installing a software, reading how it works and comprehending the advantages.

But, if you're not here willing and disciplined to learn more in the first place, you've already started going in the wrong path of this revolutionary space.

Perhaps not. If you are storing your funds in Binance there are two points of failure, you and Binance. You could fail in keeping your information safe. But aside from that, Binance could also fail in keeping your funds as well as your personal details safe. So whether you made your Binance details safe, Binance could end up getting hacked, could suddenly exit, could be ordered for closure, and so on and your funds will perish. That's a lot of difference when your funds are kept in a cold wallet.

I kind of get what you mean but I also kind of do not.  I get why someone would trust Binance more than their own actions over Bisq.  Mostly because Binance is very user friendly and newbie friendly while Bisq is not.  You have to have a little bit of knowledge to use Bisq, it was hard even for me at first even if I already knew about Bitcoin, how it works and all.

But on the other hand, I do not get why some people truly believe holding their own life savings in someone else's account is a good AND safe idea.  This can go wrong so easily and so quickly.  How can you trust someone else more than yourself?  Even if Binance is the Exchange of choice, at least use a Cold Wallet for the larger part of your coins and keep just the coins you need to trade more often on Binance.  Otherwise it may be a huge, unnecessary mess at the end of the day.  For what?  A false sense of safety?  A lot of laziness and not willing to understand what safe and secure storage of Bitcoin is?

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Regards,
PrivacyG

As much as I respect Binance for enabling us to add extra layers for protecting our assets from scammers and hackers, I wouldn't really trust them 100% in terms of storing my assets. Why?

As the old saying goes, "Not your keys, not your coins".

We don't have the custody of our assets there. They can put the withdrawals on hold, maintenance activities, freezing our accounts, etc. And worst if the exchange gets hacked, our funds will be lost for good.

It's good for crypto trading activities, but not great for storing them. I would prefer to invest on a hardware wallet like Ledger Nano S, SafePal, etc.

So, why not being your own exchange too? Sure, you don't use them for the long-term, that'd be dumb, But, why continue using them, when you can get rid of them completely? The decentralized spirit of this community has taken care of you. You don't have to mess with KYC, their fee policy, their privacy policy etc., if all you need is to trade bitcoin.

Unless you want to trade every second, like a trader. There aren't enough benefits on using a DEX, if that's the case. You need a centralized platform to "make bets".