Is Binance safe to store cryptos?

[haidangtp]

If you just want to store you should use hardware wallet. The Binace Exchange should only be used for exchange. Although the possibility of losing is not much but still not secure with a hardware wallet.

[shaun98]

Keep what you want to sell on the exchange. If you want to HODL a certain coin/token, best use a wallet such as MyEtherWallet for ERC20 tokens. Exchanges are susceptible to hacks.

[kuranggizi]

as I know, only the safest etherdelta of all exchanges, if you are to save and put your money into the wallet in order to stay awake, and you can not rely on any exchange to save your coins.

[kotasweladapola]

online exchange wallets are bit risky. Better to keep a hardware wallet.
Happy Trading

[fourpiece]

Majority of the answer are in favor of "dont put your altcoins in exchanges and hokd it for a long term investment.
Maybe they already experience that storing cryptos in any exchanges is not good.

[Name_none]

First of all, everything depends on the user's security skills on the Internet. Even a bunch of antivirus and firewalls will not help you steal your mail if you do not follow the basic rules. Go through suspicious links, always check the site address in the line to avoid phishing

[iolite]

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 looking for 5 years hold then move to private wallet, otherwise should be ok

[Wipro]

First of all, everything depends on the user's security skills on the Internet. Even a bunch of antivirus and firewalls will not help you steal your mail if you do not follow the basic rules. Go through suspicious links, always check the site address in the line to avoid phishing

What you are saying, none of the online trading site wallet other online wallets are not secured to have the fund on the wallet for long time. If you find the any hackers attacking on the trading site at anytime. Including you everyone will face the looses in the trading site.
If you have the two factor authentication in the trading enable it for personal hacking issue. However, Binance is not good for holding and all.

[sparker327]

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.

your comments about wallet make no sense.. have you any idea how many sites have been hacked and how much lost? millions of dollars worth of crypto has been lost due to hacking.. its always safer to keep it on a local wallet...

[Name_none]

First of all, everything depends on the user's security skills on the Internet. Even a bunch of antivirus and firewalls will not help you steal your mail if you do not follow the basic rules. Go through suspicious links, always check the site address in the line to avoid phishing

What you are saying, none of the online trading site wallet other online wallets are not secured to have the fund on the wallet for long time. If you find the any hackers attacking on the trading site at anytime. Including you everyone will face the looses in the trading site.
If you have the two factor authentication in the trading enable it for personal hacking issue. However, Binance is not good for holding and all.

I do not know about the account of the Binance, but there are exchanges with the support of cold wallets

But I will not argue that any super complex defense will have a hacker who can hack it, but the chances of such an event as you yourself understand are small. Usually burglaries are due to the irresponsibility of the owners (remember the recent case with EtherDelta)

[Hamphser]

First of all, everything depends on the user's security skills on the Internet. Even a bunch of antivirus and firewalls will not help you steal your mail if you do not follow the basic rules. Go through suspicious links, always check the site address in the line to avoid phishing

What you are saying, none of the online trading site wallet other online wallets are not secured to have the fund on the wallet for long time. If you find the any hackers attacking on the trading site at anytime. Including you everyone will face the looses in the trading site.
If you have the two factor authentication in the trading enable it for personal hacking issue. However, Binance is not good for holding and all.

I do not know about the account of the Binance, but there are exchanges with the support of cold wallets

But I will not argue that any super complex defense will have a hacker who can hack it, but the chances of such an event as you yourself understand are small. Usually burglaries are due to the irresponsibility of the owners (remember the recent case with EtherDelta)

That's the risk when you do tend to store up coins on such exchange probability or possibilities of getting hacked is there which cant really be avoided specially when bitcoins price is surging up. Hacking incidents do happen which I did observe this is why if you do store up some serious amounts that you cant afford to lose up then better to make a habit on getting out those funds after you do make trades but on case to case basis because fees will hurt you up but if you do only store some amounts then its not really necessary to move out as long you are aware on the risk.

[Nubitcoinerr]

It's one of the safest to store cryptos as of right now because it just came out and has legit offices around the world. With that said, no exchange should be used exclusively for storing cryptos. The best is to store it yourself safely.

Also if one is going to use Binance, make sure to take advantage of this service:

https://bitcointalk.org/index.php?topic=2667100.0

[roastedparsnip]

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.

EtherDelta is not a safe place to trade right now. First we were informed of a new CEO, within a day of that news there is a major DNS hack which results in hundreds of thousands (maybe millions by now) of dollars worth of Ether and Altcoins being stolen.

Rather than come out with an explanation of what happened, how it's going to be prevented in future etc, the new owners decided to announce an ICO which is not only unnecessary but also a blatant moneygrab.

For me personally, IDEX will be the new place to trade.

[radhitya18]

You should immediately put a coin into your wallet because there is no guarantee of online exchange will secure your coin, I think you should listen to the advice of others.

[leea-1334]

First of all, everything depends on the user's security skills on the Internet. Even a bunch of antivirus and firewalls will not help you steal your mail if you do not follow the basic rules. Go through suspicious links, always check the site address in the line to avoid phishing

Agree and disagree. Security and safety of funds starts with user practices and behaviors. Think about the very basic security features of cryptography in cryptocurrency. It is already so difficult (actually impossible today) to crack a private key.

But the OP is talking about using a centralized exchange, where you have no control over private keys, no control over your funds. They can access your coins at any time, and run away with it at any time. You cannot control this.

Whatever it is, your funds are NEVER safe if you do not control them.

[DanWalker]

It seems like a very reliable exchange. But you must store your cryptos not on the only one exchange, but in your own wallets and other exchanges too. Exchanges are attacked every day. It's dangerous to keep anything there for the long term.

[nata2904]

If you want real safety, you need to move your coins to wallets, where you control your private key.

[HotHot143]

Are my funds is safe with Binance?

[Wondervhel]

If you use coins for trading than you need to leave them on exchange. It's not  that dangerous as in earlier days, but you need to careful.
The bigger part of your coins you should keep safe on maybe Ledger nano S. This will be safer option.

[X7]

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 to store things