Bitcoin Forum

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

noooooooo...

Not binance and DEFENATELY not freewallet!!!
Binance is an exchange, it's very bad practice to keep your money in an online wallet, and binance isn't even a wallet (it's an exchange). Exchanges are made to deposit, trade and withdraw...

Freewallet is a completely different thing... It has tons and tons of fraud accusations from people that have given reliable testimonials that freewallet is selectively scamming. It is also widely believed by a lot of people in the community they're relying on fake reviews and bought adspots on search engines to lure in new victims *customers  ::)

Check out this site for picking a wallet: https://bitcoin.org/en/choose-your-wallet

Just my advice: if you're going to hold a lot of money and you want an easy sollution: go for a trusted hardware wallet. Personally i use a ledger and a trezor, but you should do your own research.

If you're just experimenting and you have access to a clean pc, you can hold a limited amount of funds in an SPV HD wallet like electrum or sparrow... or bitcoin core (eventough that one takes a massive amount of hdd space and time, since you're downloading and verifying the complete blockchain)

You are really asking this question in the right place (the forum). Since you want to purchase your first Bitcoin, I guess you also have less knowledge regarding the crypto.

I will advise you to use any authorized platform in your country. Here, Binance is simple to verify and purchase your crypto without stress, but if you will have to be using it more often, it's not worth your identity if you only plan to use it once. If you have passed the verification process, you can use the P2P option to buy USDT, which you can later use on Binance spot to purchase your Bitcoin (buying Bitcoin directly using Binance p2p sometimes has a higher price than usual).

You can also use P2P platforms like    Hodlhodl  (http://hodlhodl.com)  and    Agoradesk  (https://agoradesk.com) , which don't require KYC verification for any purchase.
If you have successfully purchased your Bitcoin, you can think of the best wallet for storing it. If the fund is large enough, I will advise you to purchase a hardware wallet like Electrum, Ledger, etc. They are among the highly rated wallets here in this forum.

if you are going to buy Bitcoin and hold it I suggest to don't use any centralized exchange site as a wallet to store your coins. mocacinno shared a link to help you figure out what wallet would be great for you, I suggest try checking it out.

anyway, you can also check this thread [General] Bitcoin Wallets - Which, what, why? (https://bitcointalk.org/index.php?topic=1631151.0) if you want more choices and info and feedback from members.

In my opinion, neither of the options you mentioned are popular or recommended. Binance is an online exchange and not a wallet, and while it can be used to hold a small amount of coins (specifically if you actively use the platform for trading), it's not advisable to do so for an extended period. As for Freewallet, it's a web wallet and mobile app. Although I'm uncertain if it's a custodial wallet or not (meaning if they have access to your private keys), the general opinion is that web wallets are less secure than fully-fledged desktop apps or hardware wallets.

You should avoid custodial wallets, which hold your keys on your behalf, as they can be hacked or shut down, and you have no control over it. If you prefer to manage your funds on your desktop, I recommend using a software wallet like Electrum. And if you want better security with less effort on your part, a hardware wallet is the best choice.

To ensure the highest level of security when storing cryptocurrencies, it is crucial to prioritize safe storage options. Custodial wallets or web wallets may not be ideal for long-term storage due to potential security risks. Instead, non-custodial software wallets or hardware wallets are recommended as they provide better security and allow users to retain control over their funds. For example, using a non-custodial software wallet like Electrum, which is a desktop app, enables users to have full control over their private keys and securely manage their funds on their own devices. It's worth noting that keeping large amounts of coins on an online exchange is generally not advisable as these exchanges can be susceptible to hacks or other security breaches. However, it may be necessary to use a centralized exchange at some point, and in such cases, it's important to choose a reputable and trusted exchange.

What kind of people here suggest that this wallet is popular? Binance and Blockchain.info are an exchange while Freewallet is totally unknown to me. Electrum is the best wallet for starters because it's open source and has been used by most of crypto users for a long time. Electrum Wallet is protecting newbies Bitcoin since 2011 though. if you have extra cash, It only took 69$ for you to have the Trezor Model One hardware wallet which saves you from worries of being hacked or scammed. Invest in a hardware wallet if you value your investment.

Never hold your coins on Centralized Exchange like Binance. Always remember that Not Your Keys Not Your Coins!

If you want to store your Bitcoin Assets later, you should use an official platform. the options you mentioned maybe they are global options so far, but don't use a centralized exchange site to store your Bitcoin assets, if the quantity is large we recommend you to try to get a hardware wallet, for example like Electrum they say so far very safe. maybe there are some other trusted secure hardware wallets you can try.

Dont fear if you wanted to invest cause thats the risk wr have to take if we want to gain profits. You are right that scams are everywhere but it will depend on you on how to control yourself from believing the idea of free or airdrops. Most scammers are tend to talk to newbies and beginners that are interested to people.

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up. Binance is not a wallet,it is an exchange and if you leave your coins in it,there is high possibility of you losing your bitcoin,therefore it is not advisable. You can buy your bitcoin with Binance or a decentralized exchange like Agoradesk or bisq. If it will be more complicated for you,try and do your own research too. From my own side,you can use electrum with lighting network, it is a noncustodial wallet which you will have full control of your private keys for safety of your bitcoin. It is also very easy to use.

There are lots of wallets to choose but all of them are depends on you how you protect your wallet from any attacks.

Do you have a budget? If yes then a hardware wallet is the best and yes it's technical but it is easy to use just make sure that you have a backup of your seed and passphrase to make sure in the future you can recover your wallet.
You can write the backup seed and passphrase into the piece of paper and save it somewhere safe in your house or your physical wallet.

Or if you don't have a budget you can start with Electrum cold storage/offline wallet which is very safe from any attack this is good if you are just saving your Bitcoin not for daily use because you will need to make a raw unsigned/signed transaction every time you make a transaction it is a bit hassle and it needs an extra device that connected to the internet where you can create raw unsigned and broadcast a transaction.

First of all if you have heard from someone Binance then definitely it's not a good advice and they are preferably directing you towards these centralised exchanges which can anytime restrict you from withdraw your own coins so how come do you classified them in safe category?

There are many good wallets but depends on which coins you want to hold like for bitcoin good choice is Electrum wallet as it's non custodial and your keys never leave your wallet without anyone having access to it but if you prefer more security then hardware wallets are the choice you have but you need to spend funds for buying it.

Thank goodness you ask this question if not, you were on the verge of making a big mistake that could have led to your fears because your two choices of wallets are bad ideas for self-custody since Binance is an exchange and Freewallet is fraudulent, it's not a good idea to store your assets in an online wallet but you can choose from trust wallet or blockchain wallet and if you have to go further, you may pay your own cold wallet device for 100% security and self custody.

Perhaps, they are free but the Binance wallet is an exchange wallet where it is not advisable to use any exchange wallet for holding, they are in control of your money, not you.

Blockchain wallet - well, you may choose Electrum instead. We can't say that it was not totally safe but granting that many people and holders are using this wallet (even me) without having a problem, then I would say this is not bad to use. However, if we are aiming to hold a lot of Bitcoin, then must go to a hardware wallet as it has an optimum level of security.

I had no idea that being a newbie also means incapable of learning and understanding how to use a hardware wallet.  :)

Seriously though, I respectfully disagree. While hardware wallets may require some technical know-how, they also come with clear instructions and tutorials to help even a newbie get started. As long as the user follows the instructions carefully and takes necessary precautions, such as keeping their recovery seed phrase safe, there should be no reason why a newbie cannot use a hardware wallet. Plus, it is always good to learn by doing and gain hands-on experience.

What is the alternative, anyway? A software wallet or a mobile app? Because there's no way a newbie could ever make a mistake or accidentally compromise their security with one of those, right?

Good thing that you've asked here first, all of the three that you've mentioned aren't viable and great choices especially if you're going to keep 1 bitcoin in them.

Aside from these recommended desktop wallets.

- Electrum
- Wasabi
- Bitcoin Core
- Samourai

Since you will able to buy one bitcoin next week then I'm sure that a few couple of bucks spent for a hardware wallet won't hit your budget a lot. It's a precautionary measure and will give you better security for your asset.

These are the options you've got for hardware wallets --> https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware

I'd personally recommended Ledger wallets but I only own one of its version, the old one.

Please don't use web wallets that you've mentioned as your choice, you'll regret if you proceed with those choices.

None of them, don't choose centralized exchanges nor centralized wallets, especially Freewallet.org, it will ruin your entire investment, believe me.
You may choose any of these wallets as long as an open-source wallet.

• LIST of Multisig Wallets (https://bitcointalk.org/index.php?topic=5324749.0)
• List of Open-source Lightning wallets (https://bitcointalk.org/index.php?topic=5252739)
• or much better hardware wallets BIG LIST of Hardware wallets (80+) (https://bitcointalk.org/index.php?topic=5282364.0)

Those are reliable wallets to choose when you're holding your Bitcoin in a long term, I just want to remind you about the golden rule of crypto, "Not your key, not your coin".

Prefer a noncustodial wallet where you have control of the private key, do not let these exchanges, and avoid wallets that claim to be custodial but had a bad reputation in the industry, the perfect choice for this is Exodus and Electrum read and watch videos about these two noncustodial wallets but the most important thing is educating yourself on how to protect yourself from scammers and hackers and securing your wallets.
Good luck on your Bitcoin journey I hope your journey is smooth and you learn how to secure your portfolio you did the right asking the community first.

Can't speak for others as I don't have any experience with them but as far as ledger and trezor are concerned, I actually think it's great for beginners. One main reason is that, it mitigates a great load of online attacks, most of which software wallets won't be able to do much e.g. some malwares, so in terms of slip ups, we have much more leeway with hardware wallets.

Another great thing for beginners is that some software wallets supports HW's which means they can switch to their GUI if they don't like the official application from the manufacturer. For bitcoin, I recommend electrum's, it's feature packed while keeping everything simple and straight forward.

Op, you can use Mycelium for mobile wallets while Bitcoin core, Electrum, Mycelium, Exodus for pc. You should note that the most secured wallet are the cold wallet because they store your private keys offline and so it add more security like ledger and Trezor.

Many wallets to choose from the site but if you choose Bitcoin Core or Electrum wallet, follow this links to download and follow their guides to verify what you download.

[GUIDE] How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)
Download Bitcoin Core and Verify your download (https://bitcoincore.org/en/download/)

Among the choices most of us right there prefer the use of the hot or cold wallet if you don't have a budget yet but have a device such as your PC and laptop you can use the hot wallets which electrum, exodus, etc. But if you have money same can have an investment suitable to buy a trezor or Ledger wallet.


Here is the supporting details you can be use in the future.

If you are ready to spend few dollars then hardware wallets are best option suited to you because they provide extra security and your funds are not connected to the internet so more safety of funds as hackers have online ways to scam you but you also needs to be careful with them as hardware wallet breaches and scams have been there when you connect them with internet.Safety is in your hands frankly saying even after having good wallet with you because your one mistake could lead hackers to drain your funds out of your wallets so you need to be extra careful with it.

Most wallets are supporting both of PC and cellphone, I don't think @OP need to confuse to pick a better wallet for him, the simple answer is he can use Electrum or hardware wallet. Exodus isn't a good wallet due to closed source and don't have many features.

@OP you also need to understand about privacy matter, security of your devices, how to prevent from online scam, the browser you're using, how to safely protect your seed phrase, etc.

Binance is a good choice for flexibility if it fully operates in your country, you will be able to deposit and withdraw your money easily, and you can also trade with it. But be mindful of the fact that it's a custodial exchange, meaning your coin will be in their care that keeps it for you but you don't practically own it until you withdraw it out.

In case you want the non-custodial wallets (where you own it with the private key), you might try the following;
1. Coinomi wallet (https://www.coinomi.com/en/)
2. Electrum wallet(https://electrum.org/)
3. Blue wallet (https://bluewallet.io/)
4. Unstoppable wallet (https://unstoppable.money/)

However, if you plan to invest so much money, then a hardware wallet is the best option.

Indeed those who seek advice never miss their way, choosing a wallet for your fund is an important thing when it comes to crypto because there are many crypto wallets in existence but legit and scam ones. There are so many things you consider when choosing a wallet, some are-
1. Know the kind of coin you want to go for because some coins defer in time of wallet, this happens to me when I transfer a token from my meta mask to coins bit which eventually leads to the loss of my coin.
2. Check their customer availability in case there is a problem you are facing, this aspect is also very important because the wallet you are using is just invisible to you, that's you can not find its structure anywhere close to you.
3. Checking its reputation is also an important consideration when choosing a wallet.
4. Security is also among, securing your money is the first step in time crypto, making more research, listening to what is said about the wallet and knowing how secure its.

There are more to consider when choosing a wallet,  I'm also ready to learn more apart from above mentioned.

Thank you everyone for contributing and guiding me on this choice, it was a tough choice since yesterday through to today. I stressed my brain before I finally made my choice. I read through your advice and preferences and go through links provided by many and  I did my research online to get more clarity.

In the end, the winner is Electrum wallet. I trust not to regret this but will not buy in large scale at first.

Hey, that is great news! I use Electrum, and it is a pretty solid wallet. Glad to hear that you did your research and found a wallet that you feel comfortable with. Just remember to pay close attention to where you download it from (make sure you are on the official website) and if you can, learn how to verify GPG signatures after downloading.

Good that you asked.
But if I may ask, have you taken your time to read around this forum? Especially in this beginners and help board, a post by Lauda was pinned and it explained about wallets and the rest of them. You can read it here https://bitcointalk.org/index.php?topic=1631151.0.

Any further confusion, feel free to ask questions and reply in this thread. That is how to learn, don't read and keep mute.

Electrum is not a hard wallet. Electrum is a software wallet

No, Samourai is not for desktop wallets, Samourai is just for phone wallets/for Android only,
except Whirlpool.

Good for you, from today you have learned how to sign in offline, and online, only for broadcast.
do not reverse like people did dude, this is a crypto world where only you control your asset.

This is really considerate of you, and asking your question here is the best course of action when you have questions on a topic involving bitcoin or other cryptocurrencies. Due to their lack of experience, beginners are constantly exposed to scams and are more likely to fall prey to them. One can quickly lose their assets if wallets are handled improperly, therefore you must be very careful. You must use caution when handling wellets even after selecting one. Before making a bitcoin purchase, you must read all wellet handling instructions.


Binance is not an ideal place to store your bitcoin, it's an exchange where buy sell bitcoin and also trade your bitcoin into other coins. Your wallets private key is what gives you access to your coins and whosoever have access to your private key can access you coins, and with binance your private key is not in your possession so you don't have total control over your assets. We have heard of how exchanges were hacked and how some exchange owners have scammed their customers and run away with customers assets. Always remember "Not your keys not your coins".

I'll recommend you go through this post and select a convenient wallet of your choice [General] Bitcoin wallet - Which, What and Why? (https://bitcointalk.org/index.php?topic=1631151.0)


I wish you well in your crypto journey.

He shouldn't use Trezor even if it was for free, let alone make an investment, Trezor uses zkSNACKs aka Wasabi Wallet, a service that censorship transactions based on a dozen of reasons only to "protect themselves" from the law and biased governments, mind you that Trezor did not have to use Wasabi as there are a dozen of other alternatives, in fact, they did not need to implement CoinJoin in the first place, but seems like an excuse to please the authorities while pretending to be offering "privacy and anonymity" to its users.  

I know many people think Trezor is a great hardware wallet with open-source code that is "approved" by the community and all that, to me, they are hurting the fungibility of Bitcoin and I would never use or support them.

The fine manner to keep bitcoin is to save it in a stable, offline pockets. This may be a hardware pockets like a Ledger or Trezor, or a software program pockets like Electrum or Bitcoin Core this is mounted on a pc that isn't always linked to the internet. It's vital to make certain which you have a backup of your pockets's personal key or seed word if you lose get admission to for your pockets. Additionally, it is vital to take steps to guard your personal keys or seed word from robbery or loss, including storing them in a stable vicinity and now no longer sharing them with anyone.

I also agree with you that although many people support the use of Trezor, I think that using Trezor on multiple devices is a bit complicated, mainly because Trezor is one device so it is a problem for many people to use. However, Trezor promises to provide a slightly more secure service than other software base wallets, which is supported by many people (I was also supportive at one time).

Note: But I think that with some user awareness and the use of the right software, so software-based wallets also play a very important role. (Preferable software base Wallet (https://bitcointalk.org/index.php?board=37.0) ).

Some of the wallets mentioned in the thread's first post are outdated, for example, Jaxx Liberty, which is no longer available (https://blog.jaxx.io/jaxx-liberty-sunsetting-update/ (https://blog.jaxx.io/jaxx-liberty-sunsetting-update/)); Cobo Vault, which has changed to Keystone hardware wallet (https://blog.keyst.one/leaving-cobo-to-continue-the-cobo-vault-legacy-29bb2f8f026e (https://blog.keyst.one/leaving-cobo-to-continue-the-cobo-vault-legacy-29bb2f8f026e)).

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Electrum is not a hardware wallet; I think you are confused about understanding the types of wallets.

---

Perhaps some of the following documents about Electrum will be useful:
- https://electrum.readthedocs.io/ (https://electrum.readthedocs.io/) (Official documentation)
- https://bitcoinelectrum.com/ (https://bitcoinelectrum.com/) (Unofficial guide - by Abdussamad (https://bitcointalk.org/index.php?action=profile;u=85981))

Perhaps, a lot of investors/holders are using this platform and the current number is quite growing fast, and they never encounter problems with their wallets. Because as a beginner, it was not necessary to buy a hardware wallet, especially if you are just about to spend small amounts, it is not worth it anyway.

We may hear about hacking, electrum wallet has no escaped from this but it was not because it was weak or something the security is not on the highest level. It happens because the owners of said wallet are so careless, yes it really depends on us no matter what kind of wallet it is. 

Binance is a centralized exchange and is strictly not a recommended place to keep your money, except for a pretty trade's, and as means of deposit but expect much KYC requirements. But if you're one of those not cool with KYC, then you go for AgoraDesk a good P2P exchange with no KYC requirements, well known for privacy and security.

For a choice of wallet to use for your bitcoin storage I think I'll recommend Electrum wallet, it's non-custodian, simple for newbies to easily get along with. Check this guide: Electrum wallet for beginners and advanced users (by BitCryptex) https://bitcointalk.org/index.php?topic=3456040.0

If you truly want to be in control of your coin, I recommend that you calm down and learn the basics of keys and addresses before you begin investing in Bitcoin.

Binance is a centralized exchange; they will require your personal information before you can use their exchange, which means they will have control over your Bitcoin because you are leaving it in their custody, which is risky.

I suggest you go through This (https://learnmeabitcoin.com/beginners/keys_addresses) to learn more on how to secure your Bitcoin and how to use your wallets.

All three options are terrible. Nevertheless, you did a reasonable thing to ask for advice, because hackers are increasingly breaking wallets and taking bitcoins from ordinary users of cryptocurrencies.
Of course, I want to advise you the best wallet is Trust Wallet. Its strongest advantage is open source. It turns out anyone can see how it works.
That's great!
Few wallets can boast of this. Also, a lot of reputable people recommend it.

https://trustwallet.com/ru/

There is no doubt that hackers are getting into many wallets these days.But there are also such wallets where it becomes difficult to access them.

Of course trust wallet is a good wallet but hackers often gain access to it,And I have heard many people losing their assets in this wallet to hackers.In my opinion, if a hard wallet is used instead of this wallet, the risks are much less.Hard wallet is an excellent and very secure wallet.
Your capital will be very safe in the hard wallet and it is not easy for hackers to enter here, rather it is somewhat impossible for hackers to enter.

But be careful to buy it from the official website because there is a risk of hacker attack if you buy from other online platforms.

Correct. For now my opinion is changed about Trust.
I recently wrote a post in my locale on this topic, here is its translation:
There have been discussions about its reliability. The code is closed (it is often written that it is open source, as far as I remember there is only a link to the dusty git version for iOS with the last commit of 2018), and the certification was also carried out by a muddy office. The same MEW or Electrum source codes are open.
A strange moment: On Google Play, he has a high rating, like 4.7, unlike Electrum, which has 3.6, while the latter has a lot of strange reviews with units, they say money is disappearing, etc. The feeling that someone is doing Electrum anti-advertising.

I have tried a number of wallets but since you're new, I would start with Blue wallet and learn how wallets work and how to send and receive with custom miner fees etc.

Once you are comfortable with using Blue and want a wallet with the highest level of functionality, I would suggest using Sparrow wallet. I can't think of anything that Sparrow can't do. It is literally the best wallet I have ever used.

- single sig
- miltisig
- all of the different script types
- time locks
- Hardware wallet integration
- BIP 32, 39, 44, 174 and others
- CoinJoin and PayJoin
- Coin control
- custom miner fees
- fee bumping

Pretty much anything you can think if, Sparrow supports it.

The best wallet is a Hardwallet, and when compared to a trustwallet, of course it's better to use a hardwallet. Wallet security also depends on how the user uses his wallet. usually hackers will set up traps so that they access phishing websites and make connections so that the wallet can be hacked.
many incidents about hacking of mobile wallets like trustwallet.

It’s a nice idea trying to invest in bitcoin, but I don’t know if you are having any knowledge about bitcoin, I will recommend you go and study about bitcoin first before buying bitcoin, don’t just jump into the investment you have little or no knowledge about, don’t blindly follow what people are saying. Also when in investing, you should Have it at the back of your mind that every investment is risky and you are likely to lose money, so have it in mind that you are likely to lose money after investing in bitcoin.

First avoid storing your coin on Binance exchange, it’s not only binance, avoid storing your coin on any exchange, the only thing I will recommend you do with your exchange account is to purchase your bitcoin, immediately after purchasing, make sure you withdraw it to your non custodial wallet address, where their is no internet connection.

Trust wallets is also a terrible wallet and not the best suggestion to give either. They're not open source as they claim and there are speculation of them been a centralized wallet that can freeze your coins if you default against their terms and conditions as trust wallets is now a wallet under Binance control and whenever binance acquire any company, they become centralized immediately due to their mode of operation and plans of Binance to buy the whole industry and have manipulative power of the entire market.

If you're looking for a good and user friendly wallet to use then download electrum wallet. Electrum is a decentralized wallets, can work both on IOS and Android, can be downloaded on your phone, laptop and other devices. Electrum lets you select your fees at your will, it has the replace by fee option that you can use to accelerate your transaction in case if any delay of confirmation. Electrum is just the perfect wallets for anybody not looking to buy one of the hardware wallets available.

Freewallet, Blockchain wallet, and Binance wallet? That's very bad advice given to you, is that coming from a friend? Do tell them they know nothing about Crypto wallet, I want you to be very calm with yourself and don't rush.

I have been using my trust wallet for two years straight now and I have no bad news to share about the wallet, you can use Google to search for Freewallet reviews you will see too many bad experiences from the users.

If you want the best Bitcoin wallet that anyone can run on a Android phone it's ELECTRUM, this wallet can run on phones and PC, mind you it's for Bitcoin only, if you want multi chain wallet then use Trust Wallet.

What you need to be very careful about is your seed phrases, you will be warned by the wallet to keep them safe and never share with anyone, this seed phrases is the ultimate key and access to your wallet, if someone sees it they will steal your funds.

Someone asks for help in choosing a wallet , why does Binance come up as a suggested wallet when everyone knows that this is an exchange (centralized  exchange for that And looking at the reasons for choosing them, let's avoid these suggestions  for the sake of convenience when it comes to ease of trading for other coins and the alike!

Let's advice our friends correctly especially when the notion of not your keys, not your wallet is being spread to allow users to have full control of their crypto assets!!

I simply don't know where this is coming from, nonetheless, you should think twice if you believe you can use me to collect cheap merit. You didn't guide the OP, all you could do is look for an excuse for what someone has perfectly advised, it's my opinion, share yours. Much advice has been shared and there were four extra options for the OP as suggested by me, all non-custodial wallets, so I don't know your headache, you should suggest yours and share value, not criticism. I can lecture you about wallets and exchanges if you want.

Binance is valuable to me and I used it alone for over 4 years before I have other wallets, plans vary, and the comfort and benefits it gives me till now others could not. As for the wallet, does my Bitcoin hang in the air when I send it to Binance? Meaning it has a wallet that holds it, right? It's you who needs learning and dynamism in thinking. Binance being an exchange doesn't mean it can't store your coin, it is multipurpose and I added it due to its advantage as the OP already heard about it.

What you could have reasonably said is that coins are risky on a custodial wallet regardless of being an exchange or not, which would have been constructive to an extent.