Topic: The Reasons I Trust Binance for my Crypto Trading - page 3. (Read 540 times)

If you're afraid that Binance "cold wallet" be hack and get emptied, don't you think you should therefore be more afraid of your personal cold wallet? Because I believe it's likely million times easier to hack yours than theirs.

But the good news is that no exchange platform can be hacked to the level of getting everything emptied. The worst could be a billion dollar worth of coin. Correct me if I'm wrong.

I trust binance just as much as you trust it too friend but we are humans and we both know what humans are capable of right? A trusted human can change some day and do the unexpected, I trust CZ but he is a human after all.

Being cautious with leaving large funds on exchanges for a long time and self-custody of assets is what people are telling. That's not being hysterical.

I'm pretty sure some people in here also use centralize exchanges but for trading purposes only. That means they remove their funds out once the trade is done. Majority of people you said that trade millions or billions probably does the same.

You're perfectly right but let me point out that even some who are technically savvy chose to keep Crypto at Binance because of other values they get. I am a risk taking entrepreneurs and would like to risk and grow my assets rather than having it sit somewhere safe and secure with zero growth. Like I stated in the original post, if you have nothing to do with your assets, you just want to keep it safe, then go learn cold storage. But if you want your assets to keep working for you, Binance is safer than we think.

Added to the list of "Last topics I want want to read on a Monday morning"


This is where you've got everything wrong.
Who are you going to hold responsible for it? Please let me know, who?
A company claimed to be registered in the Cayman Islands that is NOT authorized to operate there?

Ability to pay it back! Lol!
If their BTC cold wallet address gets emptied they will have zero way of compensating for that, no way in hell.!
Remember the fiasco when the so-called SAFU fund was not able to compensate even 6 000 BTC and they've had to get funds from somewhere else?
Binance claims to have 1 billion of energy funds set aside, that's 30k coins,  while they have 250k of their customer funds in one address, and that's just BTC.

No large exchange will ever be able to pay back a total hack, and it makes no sense, they would rather go bankrupt and start again under a different name.

Perhaps this assertion is one of the keys to discuss here. In fact, there are bound to be many people that are Ok using an Exchange, and who have no idea nor skills to perform self-custody of their crypto assets. For those that need to use an Exchange at some point, or do not know better, Binance is an option to consider amongst others.

Of course using an Exchange bears potential dangers (some of those are mentioned on this thread), and we’ve seen these come true for this or that Exchange with gruesome consequences historically. On the other hand, there are people that are technically incapable of managing their custodial environment alongside the security considerations it requires. It could even be counterproductive for some people, who’d get muddled-up and end-up making a mess out of the whole situation.

It’s all going to boil down to what one is capable of doing, and for a whole spectrum of people, an Exchange is as far as they’ll get. Now that doesn’t make it the most recommendable solution, and for those with some degree of crypto-savviness, one wouldn’t put on the same scale having your funds on an Exchange as performing a healthy and secure self-custody of the funds.

Binance is a crypto exchange platform where millions of people trade Billions of USD worth of Cryptocurrency assets on daily basis. Countless of traders and investors have millions in their respective accounts, trading, holding, and investing there on daily basis. These people are not fools. It is extremely difficult to understand why making a post about why I trust the platform and how I secure my account could generate such negative reactions?

Does it mean that trading on Exchange platforms is not part of Crypto related matters that this forum supposed to cater for, and discuss about? Cryptocurrency is money, a medium of exchange, and not everyone wants to remain 100% anonymous with it. If people like Elon Musk and Michael Saylor were 100% anonymous, perhaps they won't have influenced and helped inspire the Crypto growth the way they are doing right now.

All I wanted was to share my experiences with Binance and the steps I'm taking to secure my accounts, with hope that someone or some members would learn one or two from it. If you're not using Binance, Coinbase, or any KYCed platforms, that's your personal desicion and you have your well founded reasons for that, which I also respect but mind you, millions of people are using the platform on daily basis and we too are part of this Crypto community.

Healthy discussion is the lifeblood of every useful community. The moment single opinion cult like discuss is allowed to prevail, independent thought begins to die.

Everyone is coming up with one permutation or the other about how Binance could wind up tomorrow, how Binance could be hacked and all the asset will disapear. Hello! Nothing is assured in this life. Not even the life we live. Binance and other Exchange platforms are not building their multi billion Dollars company just to fold up or get hacked. These companies are responsible, ethical, and in many cases well audited. Nothing is 100% fail proof, not cold wallet or anything for that matter. Life could happen and you lose access to your keys. Many have. As at my last check, over 140 Billion are sitting in cold wallets inaccessible forever.

So please, quit being hysterical and understand that Crypto was money before anything else.

Thank you for your powerful responses and I indeed respect your opinions. That doesn't mean my own opinion is invalid.

Thank you.

How can you prove this statement will be valid for Binance forever?

Yes, Binance got hacked but the traders didn't lost their money but turn back the history lot of exchanges which were popular but got hacked and ended up paying nothing to the users. You're thinking the exchange are more of a bank no they aren't because banks can refund the money incase of robbery in their vault or something but there is no assurance to cryptocurrency exchanges.

#Not Your Keys Not Your Funds

Speak for yourself, if you have done something that is general doesn't mean everyone in other parts of the world wants the same thing. Why do you think some people prefer privacy coins for transactions to pseudonymous coins? Everyone on earth doesn't think the same thing.
Again, making a mistake and repeating is a foolish thing, you know that your personal information is not safe with banks, why repeat such mistakes by doing it with centralised exchanges.

All this does not matter if you have no control over your private keys. "Not your keys, not your money"

If you woke up one day and Binance was gone completely offline. That would be the end of "your funds". There would be no way of accessing or withdrawing them.
Stop this kind of misleading posts please.

Actually my first time seeing someone trusting a KYCed exchange than non custodial Wallets in this forum. The gospel has always been "Not your Key, Not your Coin". But I am reading a totally new and different gospel from you mate.
But I have this to contribute.:
There is no doubt that Binance has in place sophisticated security system. But no matter the armour and Arsenal that Binance uses, if government or any agency wants to freeze your coin, they will do it within a second and non of those security types will save you.

You can make an argument that Binance is the best exchange and it will be clearly understood. But not to compare Liberty with an exchange.
Bitcoin is liberty and anything that thwarts total liberty is not a better option anyway.

At this point, you should read and grasp the differences between centralized and decentralized exchanges, custodial and non-custodial wallets. You are attempting to defend the benefits and values of centralized exchanges over cold wallets, which are not the same thing.
There are other aspects that are unpleasant with centralized exchanges, but your subject focuses on security, which is very poor when it comes to the protection of your coins. You won't understand the importance of cold wallets unless you learn more about privacy.

There's Binance P2P which is a very active marketplace with billion of USD worth of Crypto exchanged every day. If you're a P2P Trader and you're not there, you're probably leaving a lot of money on the table. Some of you, if not all, probably have one of two accounts with banks. And your personal data are already all over the places with credit Cards companies. I don't really understand why we can't do transactions with exchange platforms because you fear for your personal data?

Like I said, if your concern is on privacy and personal data, you don't want government to ever know anything about your Crypto holdings, then stay anonymous with cold wallets. But you want efficient use of your Crypto while minimizing profits, stay with exchange platforms. You may never understand what  I'm talking about until you begin to experience it.

Around early last year, when I didn’t know any better I would have shook hands with you on this subject. My time on bitcointalk has taught me to never trust my crypto to centralized exchanges no matter the rep they may have. You have spent significant time here as well yet you still trust Binance to hold your bitcoins. I don’t think there’s anyone here that will support your opinion on centralized exchanges being safe for storing crypto. Not your keys not your bitcoins

A piece of paper isn't close to perfection, inscribing it on metallic pieces in different locations is one of the ideal ways of storing a seed phrase and private keys to your assets or bitcoin, papers are vulnerable to fire and highly fragile material.


That's why proper backing up your private key(s) or seed phrase is the first thing you do before funding any associated wallet address from that seed. If you take caution while making sure that your recovery phrase is done as recommended, you can always have a shoulder you can lean on when problems ensued in the future.



I don't want to be biased, let's keep things on a neutral ground. In your second paragraph, what do you mean 'if you ever lose your private key', you think Binance is incapable of penetration because they own the best cyber security employees in the world? Because nothing has happened doesn't mean it 'may' not happen. If Binance has a security bridge, I hope you have read their policy terms, you may get compensation but SAFU doesn't have enough liquidity that guaranteed you 100% of what they hold in their custody.






Some people don't know the difference between Google Authentication and Autthy, the second is tied to phone number and many used it on their Binance and other exchanges accounts, any hacker or bad actor can recover your authy with phone number and get access to your exchange account, can you see now that a lot of people lack proper information. Using of cold wallet remains simple and safe for everyone.


Some days ago, I wanted to use Kucoin to swap BTC because of their KYC-less terms and I never knew they disable Native segwit address(Bech32), I decided to confirm before broadcasting the transaction, I was surprised it was disabled without making an announcement. This problem cannot happen to wallets where you hold their private keys, Cold wallet remain the best.


Let's not discuss these, I believe you know the implication of Email and phone numbers when it comes to security.



Allow me to add this bonus, I have a colleague who uses Binance and for some reason, he used VPN a lot, he forgot to switch his VPN IP address from the US and was using Binance consistently, they warn him multiple times in his email but he doesn't go there to read as he hasn't made any recent withdrawals, do you know his account is still locked despite many messages and explanations to customer support, they haven't released his funds. Just be cautious of centralized exchanges, you may not have any issues, but others are silently making the same mistake of trusting centralized exchanges.[/list]

The problem with.your very quick response is that you didn't take time to read my post. If you do, you'll understand that there's no contradiction.

At Bunance, you have options to do more with your Crypto to grow it. You can't do that while your coin is sitting at the cold wallet. We know that you have total control when you have your asset secured in cold wallet but that control is never absolute. You can still lose your assets through other means.

I don't recommend storing my crypto in Binance even though you said it's safe but a platform that have huge funds in it is more likely to get attack by hackers so, I'd rather store my cryptos in cold wallets. If they get hacked or goes bankrupt then it's either you are funded (not 100% chance to get refunded) or not. They have your personal information too if you did complete KYC. Better just use Binance for trading and once you are done transfer your crypto to other wallet. It's up to you and we can't force you to stop using Binance to store your crypto.

You lost me here already. Why do you need a centralized exchange for P2P trading? That defeats the entire purpose of using P2P!

That doesn't sound right. 

Dude, read what you write. At first you say that there's nothing like having a cold wallet, because you have full control over your assets. Now you say that handing out your coins to Binance maximizes your benefits. It's contradictory.

Platforms like Binance get hacked all the time, and that's reasonable; they keep a lot of money in reserves and thus, are marks for hackers.

Except that if something goes wrong, either they get hacked, or they run bankrupt, they have every right to use your that money since it's legally considered their property. The moment you deposit money on such platform, you lose custody.

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Furthermore, you have a false sense of security. You've already done KYC; prepare for all that info, such as what you own, what's your name, where you live, what your face looks like, what's your drivers' license etc., to roll over the dark net, chain analysis companies, other companies that want to spy you, governments and every other pal who'll pay for them.

Doesn't sound like a piece of mind at all to me, someone else being in control of my crypto.


Tell it to the people that lost bunch of money during MtGox fiasco, and many other exchanges that failed miserably. Even though it may seem like Binance is at the top since forever, they are around only for a couple of years and there were other exchanges like them that went bust so if you think that Binance/Coinbase are too big to fail, think again. Also, there is soemthing called selective scamming, you might wanna check it out.

Once shit hit the fan (and it will eventually), "your" money won't be safu.