Is Binance safe to store cryptos?

[bigboy61]

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!

[wayne_812]

better download a wallet and put your coins in it. it is not safe to store cryptos on the exchange because it maybe hacked.

[hitman123]

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!

The chances you will get hacked is very, very small.

Going to hard wallet means decreasing the chances of getting hacked from 0.01% to 0.001%

nonetheless, it's still 'possible', and a hardware wallet is always safer.

[holdem]

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

[bitlyra]

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

[LTU_btc]

Never use exchanges as long term storage of your coins. If you want real safety, you need to move your coins to wallets, where you control your private key.
Google is just basic safety measue (there should be no question like use it or not). It's just protect your account from person, who may know you login details (for example - your device may be infect with keylogger).
But 2fa can't protect your coins if exchange will be hacked, turn into scam or will be shut down by authorities. Yes, binance is reputed exchange, but everything is possible. I think there is no need to remember stories of Mt.Gox, Bitfinex, BTC-E. 2fa can't help to protect your coins on exchange in such cases.

[newwest]

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

If you are holding many btc or just invested and do not want to sell it for long term than you should ideally be saving it offline. But if you want to do trading or buy/sell for a short term and do not have much value worth than you can safely keep it in binance or other good exchanges.

[Ninja Sword]

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

The recent hack does not prove this security but EtherDelta is a great platform, in relation to security, the hardware wallet is safer, because own you will own the key, exchanges only use to trade fast.

[smartsan]

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!

when we are going to the store of the crypto coins, every exchanges are little bit risk to store in the online exchange. hack of the exchange will lead to the loss of all your crypto coins.ex: nicehash.
so better go with the hardware or paper wallet to store the cryptoxurrency....

[Sasha Lumerin]

as a rule number 1 on crypto, the safest place to hold coins is on your fully control devices, and I don't say that in there aren't good place 

[AngelSky]

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

The recent hack does not prove this security but EtherDelta is a great platform, in relation to security, the hardware wallet is safer, because own you will own the key, exchanges only use to trade fast.

Many times hack try is happen on trading site and online wallets only so keeping large amount of fund in the any trading site is not advisable for anyone. However, better option in that etherdelta and livecoin website to use for trading and keeping some funds in it.
Keep convert the Cryptos as price grows on the concern coin. That will allow you to find the profit more than you expected.

[mahimonliner]

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!

The chances you will get hacked is very, very small.

Going to hard wallet means decreasing the chances of getting hacked from 0.01% to 0.001%

nonetheless, it's still 'possible', and a hardware wallet is always safer.

explained well.
binance is now #1 exchange for traders. you can trade safely here like you do on other exchanges. and transferring coins on hard wallet gives you security that binance or any other exchanges wont.

[Zadicar]

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!

If you are on doubts regarding on fees then you can easily convert it into some alts then deposit and withdraw it back into your own hardwallet. Sounds hassle right? But would really be more worth of to avoid some risk on losing up money. I'm not saying that Binance would be hacked now but possibilities and risk is always there but as I have read you all set-up 2fa authentication which is somehow a good security measure on protecting account. Just choose on those options which you do see that would suit you most.

[9jaflick]

It is not advisable to store your coin you are holding for long term on exchange, the best way to save your coin,  is to use a USB stick ( ledger Nano), exchange may get hacked.

[TeLlMeFrY]

A good rule to follow is that you should never store you coins in an exchange or any site like that. It doesnt matter how trustful is the exchange.  The best thing that you can do is store your coins in a wallet, preferably in an offline wallet.

[rappydoo]

you should still use wallets, exchanges are not 100 percent safe, just like everything. be careful specially about sites asking for your private keys.

[rappydoo]

if you dont have say millions in your exchange i think this level of protection is okay, but remember everything is hackable, given with enough time and resources, just be careful giving out any.private keys, when logging in to binance use their application as much as possible, and once your using the application avoid logging out. activate authenticator and email notif.

[Julunguul]

As far as i know, only etherdelta is the most safest of all exchange, but i suggest you to save and put your money in a wallet so that it will be kept because you cannot rely on any exchange in keeping your coins.

Wallet on exchanges dont have any guarantee if you lose your assets in there.
If you want the safest place, you need to use blockchain wallet, it was the best, or atleast use wallet that has sign-in message feature and you own your private keys of your wallet

Exchanges can be easily manipulated or hacked, even bittrex dont guarantee your asset if you lose your BTC

[latumi1]

Online exchange wallet is never safe.

[joelsamuya]

Hello, based on my observation, storing a large amount of coins to the trading platform is not recommended at all cost, its because when the trading platform is hacked, all your coins will be gone too. so better put your coins into a safe wallet. I told my friends not to store in any trading platforms and its better to be safe than sorry.

Hoping you read my suggestion.

Thanks