Is Binance safe to store cryptos?

[torry28]

For my long term portfolio usually I store coins and tokens
in the official wallets, making periodically backups.

Instead, if you would like to make trading with that coins,
so Binance is going to be good.

What the others think about this strategy?

That's not even a strategy. You only keep your coins/token on online wallets for long term and you will use binance as exchange site if you want to trade.

If you still want to keep your token on exchange sites (this case is Binance), i would suggest you to verify your account to max level on that exchange.

[kimimaki]

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!

although binance is safe it will be better if you will hold your coin in a long time in offline wallet. or at least there is a wallet. we will not know what will happen next, maybe people out there are smarter to outsmart and solve the security that already exist today. but for trading day by day or for a short period of time I think it is possible. we must also be smart to manage our savings and safeguard our coins safer.

[Melfoy72]

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!

although binance is safe it will be better if you will hold your coin in a long time in offline wallet. or at least there is a wallet. we will not know what will happen next, maybe people out there are smarter to outsmart and solve the security that already exist today. but for trading day by day or for a short period of time I think it is possible. we must also be smart to manage our savings and safeguard our coins safer.

we still remember about BTCe and MTGox

If your trading account don't need all of 600 doll. then will be better to store them in  cold wallet with Ledger or similar device.
When you decide to go va-bank you could return money to Binance deposit.
Good luck and be careful.

[CryptoNews1]

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's never safe to store your crypto on exchanges however I keep a small amount of crypto on exchanges myself and it has been all good. Just make sure you transfer them when it reaches 1000$+ or money you will be not wiling to loose

[batang_bitcoin]

Anything you store online isn't safe from attacks. The convenience is there when you are storing that much crypto's on an exchange but if you don't have any plans of becoming a day trader make sure that you are storing it on a safer place. Download the wallet of that certain coin and keep it to your smartphone or desktop. I know that paying fees is a pain when you keep on doing that again and again but I'll take the pain of those fee before I'll take the pain that my coins are compromised when an unexpected thing happens to that exchange.

[tam cheng]

After trading some exchanges. I saw that Binance exhchange is good platform. They also have app (IOS and Android).
big volume a day, have some coins with good pumping and dumping aday for user to play around.

For your question, good place to store cryptos. Any plance can have a risk. the safe place to store that is cold wallet ever.

all is my opinion.

[AntoCokbun]

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!

So far there has never been a problem I experienced in binance and I always keep it there because I used to trade with binends, I think it would be safe if it was stored there although the possibility of a hack would exist, but would be very small.

[ElegantCy]

It is common knowledge that, assets should not be left on exchanges, not just because the exchanges might fold up with your money, it is possible for their website to be compromised thereby exposing your funds to risk.

[DanF20]

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 is new exchange but its safe as long as you activated yout 2fa and regularly updating your password. Also deleting your cookies will help you to minimize the chance of being hacked. Your balance is not so big so keeping it inside the paltform is still advisable but when you have a huge amount of btc then much better to put your balance in your personal btc wallet outside platform distributinh it on different wallet address make you more secured from loosing it if yout wallet neing hacket. Dont put all your eggs in a single basket.

[HotHot143]

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!

My Binance is safe as of now. Kindly make sure you are secured for your self don't login you accounts on public area where hacking is prone. Just make sure your only using/opening your account in your home it is safe. Please avoid also those phishing website so they can't get any details of yours. Be alerlt always.

[arwin100]

It is common knowledge that, assets should not be left on exchanges, not just because the exchanges might fold up with your money, it is possible for their website to be compromised thereby exposing your funds to risk.

Let's make Mt.Gox as example for that they are supposed to be a big exchange before where many people store their money but turns to become compromised by inside job or whatever fraud reason and this should be our strong basis that we shouldn't let our balances store on any of those since exchanger sites like binance is prone of hacks since they are vulnerable on attacks or inside attacks since big amount of dollars are in their and greedy people might attract to hit those one.

We should trade what we can afford to lose and always secure what we gain so that we will not feel drought .

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!

My Binance is safe as of now. Kindly make sure you are secured for your self don't login you accounts on public area where hacking is prone. Just make sure your only using/opening your account in your home it is safe. Please avoid also those phishing website so they can't get any details of yours. Be alerlt always.

As of now but in future? we dont know, so we shouldn't put our 100 trust since exchangers are not to be treated as personal wallet and exchanger site like binance is prone to anything eventhough they set their security so high.

Hackers will always find ways to crack some hole.

[@prashant]

yes it is safe and it is the fastest growing exchange now but it is always recommended to keep your crypto in client wallet or hardware wallet and always keep the private key or seed safe.there are many such case of exchange hack happening so it is advisable not to store your fund unless you are day trader.

[passwordnow]

I wouldn't trust storing big amount of crypto's on exchanges. I don't care even there are many users who are claiming they are trusted. It's not about the trust rating when it comes to internal security of our funds from these exchanges. But its about on how strong their defense mechanism against outside attackers. I wouldn't argue to all of you who say that binance is safe and well known exchange but don't store everything there. But for small fractions, there's no need to worry.

[tachi641]

You should only store your coins in exchange if you are a day trader. But only temporarily. Your core profits in terms of ETH & BTC should be moved to a physical wallet. Trust me, there are no other exchanges as trustworthy as keeping it yourself physically.

Of course, with 2FA activated in Binance it is very safe but as long as your token amount exceed 4 digits (in terms of USD value), do invest in a physical wallet. You will not regret.

[wuclx]

If you plan to hold longer (for weeks or months), withdraw the coins to an address for which you control the private key.
Keep in mind that Binance is a newer exchange. Nobody knows how good their OpSec is as they're only in operation for like half a year, so better stay safe.

[Melfoy72]

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 is new exchange but its safe as long as you activated yout 2fa and regularly updating your password. Also deleting your cookies will help you to minimize the chance of being hacked. Your balance is not so big so keeping it inside the paltform is still advisable but when you have a huge amount of btc then much better to put your balance in your personal btc wallet outside platform distributinh it on different wallet address make you more secured from loosing it if yout wallet neing hacket. Dont put all your eggs in a single basket.

That's very good and useful advice, you know.
Binance is not so old coin exchange and I hope nobody have his own bad experience with it yet.
Anyway I think there is no one crypto exchange that could give you absolutely security and 100% risk-free guaranty.

[guy369]

To store crypto? For long term? ...Never on an exchange

I have some BTC and have been trading on Binance, I ALWAYS withdraw my profits to my personal wallet

I do not want to relive what I went through with MTGOX

[Cris Lee]

I'm surprised that people actually do store cryptos on the exchange whether it's for a day or even a few hours.

I basically get in, make my trades then gtfo. It's just simply not worth the risk despite how secure you may feel or think the exchange is.

[cherry yu]

If you plan to hold longer (for weeks or months), withdraw the coins to an address for which you control the private key.
Keep in mind that Binance is a newer exchange. Nobody knows how good their OpSec is as they're only in operation for like half a year, so better stay safe.

Yes, that's right. keeping coins in the exchange site is advisable for the day trader. binace is new exchange and many users are now using it because of their low transaction fee,We do not know how long it will last. so, its better to store the coin in awallet which only you can access to make it safe.

[fredlox]

I'm surprised that people actually do store cryptos on the exchange whether it's for a day or even a few hours.

I basically get in, make my trades then gtfo. It's just simply not worth the risk despite how secure you may feel or think the exchange is.

But you have to pay fees for withdrawal no ? And it's not instantaneous when you want to deposit