Is Binance safe to store cryptos?

[Nubitcoinerr]

https://bitcointalk.org/index.php?topic=2671360.0

^ Best service for Binance Exchange. For the short term I don't see a problem of storing small amounts on Binance.

[ceferov]

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.

in last attack and the sell orders of huge amounts to low price with mistakes shows not a very good trading site

[Honglee]

online wallet are always not the good choice to store your coin,
however 2fa is needed always nd the registered email are very important with 2fa enabled!
Binance is a very powerful exchange with young age! i believe they will do their best to manage currently, you can always keep in touch with Binance Telegram which is https://t.me/binance_support @binance_support

God bless everyone, Happy new year may your dream come true ~

[squallw]

There are no safe exchange to store your funds, if you intends to trade it, you can use exchange to store your funds.
If you want to HODL long term, you need to put it in a safe wallet.

[bL4nkcode]

online wallet are always not the good choice to store your coin,
however 2fa is needed always nd the registered email are very important with 2fa enabled!
--snip--

There are so many issues with hacked or stolen funds even the 2FA is enabled, example of hitbtc and blockchain.info With the current issue, I can tell that there are still possiblity that your funds can be stolen regarding those addtional security. The only you can do is don't ever put all your funds on any exchange.

[ethereumhunter]

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

although no exchange is safe, we could try to prevent this as we have to activate 2fa, securing our account by sending the code verification for login, withdraw and else, increase our account level to highest level. I think if we do this, at least we can prevent from being hacked and we can trade with safety. besides that, we need to watch for not a usual activity that might be happening with our account so we can prevent and solve the problem if we have.

[puremage111]

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 think it should be safe. The only risk with 2FA activated + Strong password is the exchange running off.

I don't see that the chance of getting Hacked with 2FA activated unless you get keylog i suppoes?

[h0lybyte]

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 have been using binance probably since a year, i store mostly bitcoin and ripple and exchange between them, sometimes i transfer ripple from binanxe to coinpayments, while enabling 2FA, i don't think there would be any issues storing your coins with binance. However, you must backup your 2FA code in order to avoid future issues. If you face any problems, you can ask their support team through telegram group, they are always available to solve your issues

[irandy]

Only store your crypto's on exchange if you ABSOLUTELY have no other options. By no other option, I mean there's currently no paper wallet, desktop wallet, or hardware wallet for that particular coin. If you really like a coin after researching and can only get it on an exchange or two, then you have no other option until that company releases its wallets.

[paxmao]

Only store your crypto's on exchange if you ABSOLUTELY have no other options. By no other option, I mean there's currently no paper wallet, desktop wallet, or hardware wallet for that particular coin. If you really like a coin after researching and can only get it on an exchange or two, then you have no other option until that company releases its wallets.

That is the usual advice... keep coins in your wallet. The problem comes when the coin has gone down 10% in the last hour and seems that is going to keep falling. Then you may consider that selling and buying cheaper is the thing to do, but you can´t because the network is collapsed and it takes too long.

[paxmao]

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 think it should be safe. The only risk with 2FA activated + Strong password is the exchange running off.

I don't see that the chance of getting Hacked with 2FA activated unless you get keylog i suppoes?

Even with keylog 2 factor, using google authenticator is safe enough because it changes randomly everytime. I have 2 factor in all the exchanges I work with and several other safety measures that I won´t comment

[Nelson_Smithers]

2FA authentication will stop most attacks getting in through at a singer user level.
The biggest threat is when the exchange itself get’s hacked.
You’re then in the hands of how the exchange itself, holds you’re credentials and private keys.
As an example, some of the previous breaches, including Sony some years back, got hacked, and the end user’s details were stored by Sony in plain text, rather than a hash/cipher format.
As the likes of Binance are involved in Crypto, I’d hope they made ire a bit harder.. but as with always, it’s only as good as the weakest link. A hardware wallet would be bullet proof from an online hack, but my concern is losing the hardware wallet!

[natasha-lev]

Every exchange is not safe enough. Binance has great reputation and it seems very safe but nobody is insured against hackers these days. Some people trade millions of dollars on Binance, so you can make your own conclusions.

[TheButterZone]

No exchange is safe unless they let you exclusively control your private keys offline.

[Palakka]

its not safe to store your coin or tokens at exchanges
it is better to store your coin/token in the wallet. But if do you want to traded, Binance is the best one on exchanges.

[BoBBaumeister]

I dont think that any exchange EVER gonna be safe to store cryptos. First of all all of them are big targets for hackers. If they succeed they are rich as fuck.
And then dont forget about their economical situation. When the exchange crashes, they will keep your funds.

[TheHas]

I feel like some of these exchanges, particularly big ones like Binance, should be able to get insurance for hacks.

So for example, if an insurance agency agrees that Binance is taking all the appropriate steps to reduce their likelihood of getting hacked (perhaps through cold storage of coins, and other more normal security measures) they provide insurance up to value of X, which can be used to provide coins back to users if there is a hack.

I mean, Binance provides GAS from NEO like a regular wallet - so obviously they know some people may treat their exchange as a wallet replacement.

[jaeden1024]

Exchanges are not safe to store your coins for long term hold, better to put in a secured wallet.
Only put your couins if youre going to sell them.

[Iamdeadlyz]

For me, no exchanges are safe to store your coins/tokens in. It's better to store them in a offline wallet or through your main wallet like Blockchain, coinomi, or MEW.

[darksanya]

I think it all depends on the amount you are going to hold on the exchange. If it's about 1000$,  these amount are not so sorry to lose, than it will be several BTC. But it's just my opinion. For somebody 1k is a huge sum