Is Binance safe to store cryptos?

[legendbtc]

For people who wants to hold the coin, can transfer their coins to concerned wallets but for people who wants to trade daily then need not withdraw because sometime transaction fee will be high.

[reliable]

For people who wants to hold the coin, can transfer their coins to concerned wallets but for people who wants to trade daily then need not withdraw because sometime transaction fee will be high.

Those who are long term investor and do not intend to use coin frequently should keep it in offline wallet or if keeping in online then some of the other safest wallets are their which will be better than binance. But if you want to trade frequently than one can keep in binance only as it is also safe as such and do not have to keep withdrawing every now and then.

[ugulu]

does anyone know a decent decentralized exchange with a large selection of coins and a trading volume rendering the exchange functional?
these withdrawal fees are killing me!

[ronbt]

I never trust an exchange. It is Ok for small amounts short term. Then it is private waller or cold storage even better.

[glowing10]

It's not exactly safe to store your cryptos in any exchange and just leave them there.  Your best bet is getting a hardware wallet

If you are a short term or daily trader than it is safe to an extent as Binance in today's time is one of the reputed exchange among all the existing one's. If you have huge amount of btc or a long term investor than the offline mode is only the best rest will be a risk bet to store it in online wallet.

[Mobshady24]

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!

There is no single exchange where your funds are 100% safe. A lot of things can go wrong there. They can get hacked/ regulated/ steal your funds and so on and so on. An authenticator won't save you from that. Therefor i suggest you to create a cold storage wallet or perhaps a hard wallet, like the ledger for example, and store your long term coin on there. To trade your coins, you have no other choice than using exchanges i am afraid. However there are some decentralised exchanges out there nowadays, like idex/etherdelta and so on. Maybe something to look into.

Enjoy your crypto adventure

but even hardware wallets can also have a risk like for example it is damage or shocked resulting for its software to corrupt therfor you still loose all your data that is stored in it or what if it was stolen or the hardware got broke? see? all things have a risk even though how secure is it , there is still a chance that it will have a problems later on. but overall  binance is pretty legit exchange so i think your funds is safe at all.

agreed, there is no absolutely safe way on storing cryptocurrency well atleast everything on this world that is valuable. Even burying a big amount of cash on soil is still at risk of getting rotten.
In cryptocurrency i think storing on exchange is susceptible from the attacks of hacker to their system while storing it on a personal wallet is at risk if you are not organize on keeping your private keys and passwords. All i can say is that we should be careful everytime.

[btcyoda]

Not only Binance, exchanges are not safe for keeping your coins. It is always better to store the coins in the offline wallet in order to be safe. I am doing the same thing, once after purchasing I will start sending to the concerned wallets in order to be safe.

[imstillthebest]

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!

There is no single exchange where your funds are 100% safe. A lot of things can go wrong there. They can get hacked/ regulated/ steal your funds and so on and so on. An authenticator won't save you from that. Therefor i suggest you to create a cold storage wallet or perhaps a hard wallet, like the ledger for example, and store your long term coin on there. To trade your coins, you have no other choice than using exchanges i am afraid. However there are some decentralised exchanges out there nowadays, like idex/etherdelta and so on. Maybe something to look into.

Enjoy your crypto adventure

but even hardware wallets can also have a risk like for example it is damage or shocked resulting for its software to corrupt therfor you still loose all your data that is stored in it or what if it was stolen or the hardware got broke? see? all things have a risk even though how secure is it , there is still a chance that it will have a problems later on. but overall  binance is pretty legit exchange so i think your funds is safe at all.

agreed, there is no absolutely safe way on storing cryptocurrency well atleast everything on this world that is valuable. Even burying a big amount of cash on soil is still at risk of getting rotten.
In cryptocurrency i think storing on exchange is susceptible from the attacks of hacker to their system while storing it on a personal wallet is at risk if you are not organize on keeping your private keys and passwords. All i can say is that we should be careful everytime.

In cryptocurrency i think storing on exchange is susceptible from the attacks of hacker to their system

its verry rare for hackers to attack an online exchange not unless the exchange is poorly built or their system security is verry low, if thats the case then it could probably dangerous and your funds is always at risk  but in the case of binance i think it woudnt happen because binance is pretty solid in terms of service and popularity.

while storing it on a personal wallet is at risk if you are not organize on keeping your private keys and passwords. All i can say is that we should be careful everytime.

storing funds in a personal wallet is much safer than leaving your funds in an online exchange because you have the right to control it and you also hold your private keys if ever something bad could happen on that wallet , you can still recover your finds using your private key.

[tanxingwo1215]

Binance is the largest exchange in the world!

The technical team is very good, you can safely put the digital encrypted money in the exchange's wallet!

[Tribizz]

All online wallets are not 100% safe even with the use of two-factor authentication. also you should be careful especially about sites asking for your private keys. If you need an offline wallet i recommend you download https://electrum.org/#home

[Kumic]

Some things are happening on Binance right now.
https://cointelegraph.com/news/possible-hack-of-third-party-tools-affects-binance-exchange-users

It's maybe not a hack, but it is an unpleasant experience for Binance users.
https://www.coindesk.com/funds-safe-binance-denies-crypto-hack-rumors/

How people recover their losses and time? Some insurance must exist in the crypto world and exchanges must show that goodwill for insurance implementation.

[onrise]

Some things are happening on Binance right now.
https://cointelegraph.com/news/possible-hack-of-third-party-tools-affects-binance-exchange-users

It's maybe not a hack, but it is an unpleasant experience for Binance users.
https://www.coindesk.com/funds-safe-binance-denies-crypto-hack-rumors/

How people recover their losses and time? Some insurance must exist in the crypto world and exchanges must show that goodwill for insurance implementation.

Yesterday it was a havoc for many of the binance users as some of the account were said to be complaining and automatically their altcoins where sold. Also the VIA coin was pumped due to this reasons and few users are complaining that automatically without their consent the coins where sold etc. So just better be safe now and do not keep too much on the exchange.

[Hueristic]

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!

2fa can actually lower your security level.

https://www.google.com/search?ei=aEihWue3M4Px_Aa2mqeoDQ&q=google+authenticator+app+crypto+currency+wallet+vulnerabilities&oq=Google+Authenticator+App+crypto+currency+wallet+vul&gs_l=psy-ab.1.1.33i21k1j33i160k1.4021.18971.0.23977.27.27.0.0.0.0.209.3116.5j19j1.25.0....0...1c.1.64.psy-ab..2.23.2789...0j0i22i30k1j33i22i29i30k1.0.mE4XQOcIWzQ

Never leave on any exchange what you cannot afford to lose but AFA Binance in general I would say it is as safe as most of the reputable exchanges.

[superving]

Exchanges are not safe to store your tokens, once the tradinng site got hacked your coins will be lost too. So its not recommended to store tokens on binance and on other exchnages.

[Hueristic]

Binance IS NOT giving away ETH it is scammers impersonating them. Don't fall for it.

Offficial:
https://twitter.com/binance_2017?lang=en

SCAMMERS are second reply:

https://twitter.com/cz_binance/status/971454040704872448


C­Z­ (­n­o­t­ ɡ­i­ν­i­n­ɡ­ c­г­y­p­t­o­ a­ѡ­a­y­)­ @cz_bjinjance

[shesheboy]

Exchanges are not safe to store your tokens, once the tradinng site got hacked your coins will be lost too. So its not recommended to store tokens on binance and on other exchnages.

i agree, exchanges arent safe at all because hackers and phisers are always planning to hack them anytime or sooner due to the fact that exchanges have a lot of money from their clients and the people who trading on them. Online exchange such as binance should only be use once or for a compulsory use only if you need to trade your coins but if not then you shoudnt ever leave your coins to them. rather only store your coins in a secure wallet like electrum or any simmilar as long as you hold your private keys.

[Layonk]

Some things are happening on Binance right now.
https://cointelegraph.com/news/possible-hack-of-third-party-tools-affects-binance-exchange-users

It's maybe not a hack, but it is an unpleasant experience for Binance users.
https://www.coindesk.com/funds-safe-binance-denies-crypto-hack-rumors/

How people recover their losses and time? Some insurance must exist in the crypto world and exchanges must show that goodwill for insurance implementation.

Yesterday it was a havoc for many of the binance users as some of the account were said to be complaining and automatically their altcoins where sold. Also the VIA coin was pumped due to this reasons and few users are complaining that automatically without their consent the coins where sold etc. So just better be safe now and do not keep too much on the exchange.

If exchange as class as binance is not safe to store altcoin so what exchange we can use to store altcoin?
But the best choice is always putting small amount of altcoin in exchange. Dont put all altcoin in exchange because of this issue

[PX-Z]

It might be safe if you store your cryptocurrencies on binance, but it's not recommended to use a crypto exchanger as a crypto storage. Because the possibility to hack your funds in an exchange site is to high, that's why you should make or purchase a crypto wallet for your cryptocurrencies for a safer storing of your funds.

[sunsilk]

It might be safe if you store your cryptocurrencies on binance, but it's not recommended to use a crypto exchanger as a crypto storage.

It's easy to understand these words but for someone who doesn't really have an intention to use exchange for trades only will still use it as a safe vault.

This is like me before when I'm confident with these exchanges because without any doubt they are legit, paying and does have real people but understanding the a little bit with security, private keys and storage. Exchanges aren't the safest place where you can store most of your crypto's.

You can put any amount there but make sure that it will not stay there any longer.

[djlenna12345]

There is always a possibility that the exchange will be able to crack. Any exchange is subject to hacker attacks, when you open an account on the exchange, you must understand this.