Is Binance safe to store cryptos?

[Geila]

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

Of course, two-factor authentication significantly reduces the risk, but we must remember that reducing the risk of hacking Your account. The risk of hacking the stock exchange remains. These are two different things.

[1715384370]

1715384370

[ethereumhunter]

I think it is safe but you need to think about not safe all amount of your coin on that site because you don't know what will happen in the future. but if you only do short term trade, then I think you can save it in there and you can sell it for fast. but make sure that you verify your account especially to activate the 2fa to secure your account. after you do this, I think your account will be safe and you can trade without worry.

[imsotiredofmoviereboots]

If I'm going to rate the biggest exchanges which is Polo, Bittrex and Binance based on trust out of 10 then I will give Polo and Bittrex a score of 1 and Binance a perfect 10.

[master2#]

Binance is a great exchange , but its always more risk to hold coins on exchanges so I would recommend you to download your own wallet for any substancial amount that you might have

[Fatunad]

I think it is safe but you need to think about not safe all amount of your coin on that site because you don't know what will happen in the future. but if you only do short term trade, then I think you can save it in there and you can sell it for fast. but make sure that you verify your account especially to activate the 2fa to secure your account. after you do this, I think your account will be safe and you can trade without worry.

Having those kind of security measure would really give us confidence regarding on our account but only on short terms. If we are kind of a trader which do make positions actively then its more convenient to us to store up coins in exchange since we can able to execute orders without the hassle on transferring your money and waste up time if you do see trading or profits opportunity.

[altcocollector]

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

It depends on the coin which you purchased is a HODL or Short Term sell. If it is the short term you may keep it on Exchange(still not recommended). If it is a HODL you can keep it with you offline for years. Thanks

[darksanya]

If you have 2-factor authentication it's safe enough. I think it's necessary to think about stronger ways if you have much more than 20-30 btc.

[bL4nkcode]

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

I don't know how safe binance is, tho I have funds there from my recent trades, remember that don't put your funds in one place. All I can say is if you're using them for trading in a short term then it will be good. But if you're using binance as wallet then I will recommend that use some offline wallet or desktop wallet instead.

[BitcoinThief]

No exchange is safe for storage. A hardware wallet is always the best way to store crypto.

[Nelson_Smithers]

I’m a noob with these hardware wallets, do they work for coins such as verge, P.O.et ..? Appreciate any feedback.

[FrenchBTC]

Hi,

For me no centralized exchange is safe !...So not Binance, not COin Base, not Kraken not Bitrex, Bifinexx, Cryptopia, Poloniex and all the others...
Today it's still more convenient tu use them but as a logical way of thinking about the advantages of cryptocurrencies, 2018 will be the year of DECENTRALIZED EXCHANGES :
that's one of the reason why WAVES will be huge this year with their new dex...

[Skyrah2008]

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

Binance exchange I think in the long run would be like Bittrex exchange sooner or later. Its a good exchange it has a good future too for sure so I had no doubt to buy some of the altcoins there and make some trade through buy and sell.

[rubiprojects]

Binance is safe, you should enable 2fa or sms protection first, then it could be extremely safe.

[LBX]

As of exchanges binance looks one of safer picks, but its always best to use hardware wallet if ure not a trader

Best answer
Thank you holdem

[Weawant]

Binance is big exchange and they are selecting a good coin with existing product to be trade in their ecosystem and that could make us feel cool to trade on binance site. But you could withdraw your balance if you feel that you doesn't want to trade for that day and came to deposit when you feel your hands to trade those potential alts listed on their site.

[rarg]

I think it's not safe to store your crypto assets in exchange. It's better you withdraw quickly to your wallet after trading. There are many chance that exchanges will hold your funds, such as site maintenance, wallet problem, DDos attack, or the worst case is exchange got hacked.

[DiceChain]

Nothing is safe. Everything can be attacked. The best way is to download the wallet to your computer. and save your coins in it. And make sure your computer thing is safe and clean. No malware steals your information

[lunnatic]

Binance is good exchange but store crypto on any exchange is not recommended and not always safe. That's why we must have personal wallet to store crypto.

[phantomberg]

I know that traders do not recommend storing coins on exchanges. Even if they are very reliable exchanges. Therefore, you must take your coins out to the purse.

[orkoso]

Hello!

I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?

Thanks!

No exchange is safe. Many of then get rutinely hacked. Just go throught the painful process of creating you personal wallets and pay the ridiculously high withdrawal fees