What is your opinion on Crypto.com's Earn and Binance's Savings?

rexxarofmoknathal

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Quote from: ReiMomo on July 21, 2020, 07:01:13 PM

Crypto.com is not popular here, just keep using Binance because they are the most trader's choice here in the community.

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?

If you compare these two exchange, I will prefer to use Binance.

Same here. Although Crypto.com has some benefits I regard Binance a much more safer exchange platform to use. I can't comment much on the former as I haven't used it yet - Binance is satisfactory enough for me. As part of the savings system they can give ~10% APR in interest so it is not bad at all even as a Savings platform.

Mrengage

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Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Although I am not a terrible day-trader, I am pretty much occupied with work, family and friends, and other hobbies, stock trading, etc.
So I tend not to do too much day trading.

I do have a good amount of crypto holdings since 2015 tho, and unfortunately, they have been just sitting there for the most part.
Since 2 years ago or so, I used loan on Poloniex to earn extra coins, and now I am currently using Crypto.com's Earn and Binance's Savings / Staking to make some profits.
Although I am pretty confident that Binance is a safe place to keep my coins, since it is highly reputable and am aware that they have insurance for users' assets,
I am not too sure about Crypto.com. I have researched, of course, but I have never gotten a definite answer that it is safe, as there are answers from both sides.
So even though Crypto.com offers more percent return, I am reluctant to deposit more because of my doubts in security.

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?
What do you think of these two options for making extra profit?
Do you think they are worthwhile?
And do you know any other safe options I can try out?

In my own saying this two have just been the whole talk in town. The Crypto space is becoming different and easy which is what everyone wants and so as to enjoy being among this generation who adopt.

wiss19

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For me, Reputation of the platform > the profits they offer. So, I would always go with Binance no matter how much money/returns crypto.com is offering me. I haven’t heard the name of crypto.com much. This is like just the second time I am hearing about it whereas Binance is on the tongue of people all the time.

Also, as you mentioned Binance exchange has insurance for its user’s assets, it’s the safest platform if you are thinking to stake your holdings for long term. If you have stable coins like USDT etc, I would recommend you to hold them on Nexo platform as they offer 10% dividends on them and the platform is highly trusted, simple and managed by team of professionals.

bitcoinisbest

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Quote from: ATSgrowth on July 23, 2020, 04:47:05 AM

If you are used to storing your cryptocurrencies on exchanges, then it could be a choice of earning at least something while your cryptocurrencies lie there. But, it is highly recommended to store your cryptocurrencies at personal wallet because you never know what can happen to the exchange. Roll Eyes

For those who are regular traders or require some liquidity and keep in online exchanges then such things are worth it as you can get some extra interests on the amount kept with them rather than just lying idle under those exchanges. Also, one can easily exit anytime as well in Binance.

iged_war

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Quote from: tvplus006 on August 01, 2020, 03:13:52 AM

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

...So even though Crypto.com offers more percent return, I am reluctant to deposit more because of my doubts in security. ..

I have met many different services that offer high interest rates on deposits and stakes, but this is exactly what they caused me to distrust. I didn't use it Crypto.com in my work, because I have been using Binance and Poloniex for this purpose for a long time, and I am completely satisfied with their service.

in binance exchanges we find complete feature and services that needed for each traders. from margin trading, staking support and many other could found here. personally there is no reason to use another exchanges,moreover binance has biggest trading volume in crypto market.

tvplus006

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Quote from: 3227jw on July 21, 2020, 03:15:22 AM

...So even though Crypto.com offers more percent return, I am reluctant to deposit more because of my doubts in security. ..

I have met many different services that offer high interest rates on deposits and stakes, but this is exactly what they caused me to distrust. I didn't use it Crypto.com in my work, because I have been using Binance and Poloniex for this purpose for a long time, and I am completely satisfied with their service.

n0ne

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The trust these exchanges have gained even after facing several and hacks is the reason for people stating it a secure place to store funds. In simple during the recent hack on Binance, it distributed funds to the users who lost during the hack. These were a way to improve their market, if one is into day trading sure it is difficult for him to move to wallet between trades. This is why people with smaller funds keep it on the exchange itself.

rexxarofmoknathal

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I think they're both good ways to generate a decent return on your investment if you're holding cryptocurrency long term.

You can't match 6-10% interest with fiat currencies, and both of these platforms have an excellent reputation, so you really don't have too much to worry about. Unless they suffer a catastrophic breach, your money is almost certainly safe.

I personally have a good some in Binance savings... Mostly just coins I know I wont need to touch for at least several months, like Bitcoin, Litecoin and some stablecoins.

A few DeFi protocols also offer non-custodial ROIs too, might be worth checking out.

bearexin

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Quote from: mk4 on July 21, 2020, 05:04:08 AM

I honestly don't recommend leaving funds on these platforms. Though those platforms seem secure, we all know exchanges get hacked all the time[1]. 4-8% interest in exchange for the security risks is simply not worth it in my opinion. I'd rather wait til my coins increase in value in the long-term.

[1] https://cryptosec.info/exchange-hacks

Storing the coins on ledger or offline wallets is secure but won’t earn you any profit or interest. He has been holding the coins since 2015 so I don’t think it would’ve a smart idea to just let the coins rot without trying to make use of them and increase portfolio. Other than that, Binance is a reputed exchange and holds insurance against users’ assets so I don’t see any point of questioning the security.

Compound interest is a strong concept that could do miracles if made proper use of. Exchanges being hacked is common just like debit cards, credit cards and bank account of people are hacked on daily basis. Everything has certain risk factor so does trading, investing and staking in cryptocurrencies.

Lanatsa

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Quote from: Oasisman on July 22, 2020, 06:45:42 AM

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?
What do you think of these two options for making extra profit?
Do you think they are worthwhile?
And do you know any other safe options I can try out?

IMO, exchanges aren't totally safe in terms of hacking and other digital attacks, and that's based on the events on big exchanges that happened before.
Since you have mentioned you are more committed with work and stock trading. These both could generate income for you.
Now, is the extra profit worth risking, than just keeping a good amount of Bitcoin in your offline wallet and wait for the price to reach new heights or not?
As much as I also want to find an honest review about Crypto.com, or even If someone confirms it's legitimacy, my question above still remains.

I personally don't recommend savings or storing on exchanges, though I'm not saying they aren't trustworthy, but what I'm afraid of is the attackers, since there are no exchange that aren't susceptible to hacking.

Even if you do held of funds on your wallet does still have that kind of risk of losing those coins.How much more if you dont have the full control of it since you do allow others to get hold of those?

I would say the same thing where i cant trust up those platforms when it comes to fund handling yet you can just earn a little amount for year and as other said it isnt really worth for the risk.

Its up to someone if he would really be willing for that.

Shasha80

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If you compare crypto.com with Binance, of course Binance is safer for storing your coins. From the start of popularity,
until the Binance security system is much better. But I am not saying that crypto.com is not safe to use. My suggestion is
to save 50% of your coins in Binance, then 20% in crypto.com and the remaining 30% are certainly stored in the hardware
wallets proven to be very safe to save coins compared to save on exchanges.

BitcoinTurk

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Quote

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?

Although I am not actively using Crypto.com and I have very little money in my account here, I think that this service has been growing very fast recently and is therefore reliable. The fact that it is a successful project, its team is constantly working for innovations and constantly doing different activities to gain new users are among the factors proving that the project is for the future. For this reason, I think it is reliable service.

Quote

What do you think of these two options for making extra profit?

I think there are good investment options to get absolutely extra income compared to today's popular earning methods without risking your money too much.

Quote

Do you think they are worthwhile?

Yes, both services are very important and valuable for the crypto money markets. I think that if both services end, they will have a serious impact on the crypto money markets. I think this thought will be enough to prove how valuable they are.

Quote

And do you know any other safe options I can try out?

Unfortunately, apart from these options, I do not know a more reliable and more secure earning method in the crypto money markets.

ATSgrowth

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If you are used to storing your cryptocurrencies on exchanges, then it could be a choice of earning at least something while your cryptocurrencies lie there. But, it is highly recommended to store your cryptocurrencies at personal wallet because you never know what can happen to the exchange. Roll Eyes

Josefjix

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yes

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Although I am not a terrible day-trader, I am pretty much occupied with work, family and friends, and other hobbies, stock trading, etc.
So I tend not to do too much day trading.

I do have a good amount of crypto holdings since 2015 tho, and unfortunately, they have been just sitting there for the most part.
Since 2 years ago or so, I used loan on Poloniex to earn extra coins, and now I am currently using Crypto.com's Earn and Binance's Savings / Staking to make some profits.
~~Although I am pretty confident that Binance is a safe place to keep my coins, since it is highly reputable and am aware that they have insurance for users' assets,~~
I am not too sure about Crypto.com. I have researched, of course, but I have never gotten a definite answer that it is safe, as there are answers from both sides.
So even though Crypto.com offers more percent return, I am reluctant to deposit more because of my doubts in security.

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?
What do you think of these two options for making extra profit?
Do you think they are worthwhile?
And do you know any other safe options I can try out?

Binance isn't entirely safe for holding your assets for you, it is a centralised platform prone to hacks or sort anyday. It is a big risk giving your large sum of money for them to help you hold for a long time, even with their insurance policies it doesn't guarantee the safety of your assets. Buy a cold wallet and save your coins under your watch. It is safer.

lixer

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Savings in bitcoin doesn't really make that much sense to some people. I mean think about it, they are not here to make 2% profit yearly, they are here to make thousands of dollars very quickly and suddenly become rich. Obviously that is not going to happen but people in crypto world are not the same people who put their money into savings accounts most of the time, they are the people who buy shorts and longs and leveraged stuff they are the people who want to get out of this rat race very quickly so that they could have a good life before they retire and become too old to do anything.

This is exactly why I believe there should be some sort of informational place in bitcoin world where we teach people how bitcoin is not some get rich quick scheme and tell them what it really is all about.

Oasisman

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Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?
What do you think of these two options for making extra profit?
Do you think they are worthwhile?
And do you know any other safe options I can try out?

IMO, exchanges aren't totally safe in terms of hacking and other digital attacks, and that's based on the events on big exchanges that happened before.
Since you have mentioned you are more committed with work and stock trading. These both could generate income for you.
Now, is the extra profit worth risking, than just keeping a good amount of Bitcoin in your offline wallet and wait for the price to reach new heights or not?
As much as I also want to find an honest review about Crypto.com, or even If someone confirms it's legitimacy, my question above still remains.

I personally don't recommend savings or storing on exchanges, though I'm not saying they aren't trustworthy, but what I'm afraid of is the attackers, since there are no exchange that aren't susceptible to hacking.

CryptopreneurBrainboss

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eXch.cx - Automatic crypto Swap Exchange.

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

Is there anyone that uses Crypto.com who can confirm that it is indeed as safe as Binance?

Out of curiosity just asking who declared Binance as a save platforms to store coin? They're one of the most reputed out there in the exchange business but that doesn't mean they can't be shutdown at any minute since they're not decentralized but operating through a centralized server.

The moment you start storing your coins on exchanges, you're putting your money at risk to getting hack as this big platform are target to hacks daily and there's no assurance of getting your funds back if they get hack. They platforms might have savings as insurance to such scenario but don't relay on those as precaution is better then cure

Store your coins, stake or save them on personal wallet, just by holding bitcoin you get profit, what extra are you searching for?

pakhitheboss

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Top Crypto Casino

Quote from: mk4 on July 21, 2020, 05:04:08 AM

I honestly don't recommend leaving funds on these platforms. Though those platforms seem secure, we all know exchanges get hacked all the time[1]. 4-8% interest in exchange for the security risks is simply not worth it in my opinion. I'd rather wait til my coins increase in value in the long-term.

[1] https://cryptosec.info/exchange-hacks

I also agree with @mk4.

Exchanges have been getting hacked and there was an instance in the past when Binance was also hacked. So I would not recommend you holding funds on any exchanges.

Crypto.com is a non custodial wallet which give you interest on your crypto assest but it is a mobile based application and can get easily hacked.

It is better to wait for the price to increase rather use any of these platforms and later regret.

dandannel

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I have experience with both binance and crypto.com,
I wouldn't leave much of my coins in any exchange, but they both are legit and relatively safe imo.

3227jw

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Quote from: crwth on July 21, 2020, 05:48:51 AM

Quote from: 3227jw on July 21, 2020, 04:20:34 AM

Do you personally have experience using Gunbot?

I do and I continuously use it in Binance futures. If you are interested I could help you with setting it up and support. Let me know.

Thanks, I will be doing some research over the weekend then PM you if I go through with using the bot.

Quote from: nelson4lov on July 21, 2020, 03:50:14 PM

Quote from: 3227jw on July 21, 2020, 03:15:22 AM

What do you think of these two options for making extra profit?
Do you think they are worthwhile?
And do you know any other safe options I can try out?

Both Binance savings and Crypto.com earn are promising programs. I have only tried out Binance savings. It was for a short term period but I was satisfied with the rewards. It was better than leaving my assets idle. From what I know, Crypto.com programs is good too. You should give it a try. If you're still unsure, test the waters with a small amount and see how it goes.

I am already using both, and I am satisfied with the result so far.
But like what most people are saying, I am always worried about the risks involved with leaving my funds on these exchanges.
So just wanted to hear out different opinions about using these programs.

Thank you all for your kind answers, all of them were really helpful

Topic: What is your opinion on Crypto.com's Earn and Binance's Savings? (Read 459 times)