Binance CEO saying don't keep coins on exchanges

[digitalcryptocoin]

Well holding coins within exchanger wallets may cause loss of individual users. Many coins have forks and other distribution methods to offer new coins, but due to lack of control of your wallets private keys, it could bring a drastic loss.

So my advice is to use exchanger wallets just for trade coins to deposit and withdrawal, not to HODL coins.

[nydiacaskey01]

Nothing wrong the advice of Binance CEO CZ. What he claims is true, its just that its an inconvenience if there is an opportunity to earn but you don't have enough funds in you exchange wallet. Another thing is moving funds from one wallet to another will cost money as well and time consuming too. Keep only an amount of money in your exchange wallet that you can afford to loose.

[Canoppo99]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Since long time ago many people here warns to all new members to save their cryptocurrency on hardware wallet which not connected to the internet. Most of hacker's attention is in cryptocurrency because there is the money. I personally don't use exchange site to trading since this activity is like gambling so I just use it to convert token altcoin into btc or the opposite. Reduce trading activity and increasing buying and selling goods using cryptocurrency please.

[horse606]

If you keep your coins in Exchanges，you can trade them at any time. I guess someone will have the same thoughts.
But the truth is：most of time, you will be regret of your decision to trade crypto. the best idea is always to HODL.
so maybe don't keep coins on your own cold wallet would be a better idea. LOL

[NellaKharisma]

I have heard advice like this before but in some cases. Saving crypto assets on a centralized exchange does look bad, then if we save crypto assets in a decentralized exchange, is that safe?

[LogitechMouse]

This advice has been said by many people already and he is only saying it again. I agree with what they are saying that don't keep your coins in the exchanges. Just keep the coins that you will use in trading. There are some risks that you can encounter when you keep your coins in exchanges. The best place where to store your coins is in the hardware wallet.

[JRoa]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

The answer is simple, we should not store our coin in exchanges because we do not have control to it. What if the exchanges have been hacked? Then we will lose our coins because we do not have control to it. It is better if we will store it in a safe storage that have private keys for us to ensure that we are the only one who have control to it.

[- ESPERS -]

      I believe that if the investment is only a few hundred dollars, you are not so exposed to hacking, especially as the top exchanges are not so vulnerable. I do not think anybody who has left their investment on Binance, for example, was out of money because of hacking. But, however, it is good to choose the version of a private wallet, but you have to take care of it.

[mbluxs]

Indeed, storing our assets in an exchange is not recommended. because full control of our assets is in exchange. and is very vulnerable to hacking which is happening today. even now there are many exchange responsibilities that run away

[dodgrad]

In my opinion, his advice concerns only new users of cryptocurrencies. Everyone who deals with cryptocurrencies a year or more knows very well that keeping cryptocurrencies on exchanges is the worst thing that can be. Cryptocurrencies should be kept on a wallet secured with a very good password, preferably on external data storage.

[kucritt]

hmm, i think it will be good when you dont save your cryptocurrency in exchanger. because the purpose of exchanger is not saving bitcoin, but it is for exchange bitcoin to another cryptocurrency.

[oudekaas]

I'm absolutely agree with him. If you hold tokens and don't plan to trade in the nearest time, it would be better to transfer yor money to cold wallets where they are in safety. For example, Trezore or Ledger wallets.

[Eclipse2021]

Well if the ceo told us that. I am wondering what it will happen with binance in the next coming years ? What is good for us is the new incoming nano ledgers and we should all move to this new gadgets.

[Johnzky]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Only noob and newbies are trusting the exchangers overnight for their coins and tokens because for the old timers they know how risky leaving your coins on those platforms after you made tradings or buyings this must be an eye opener for many cryptonians that the vulnerability of exchangers to hackers are very often so to save our precious coins lets take them out and return to our wallets every after tradings

[mahibul49]

yes i am scared right now.i have hold my asset on cryptopia and may be i lost and it was my wrong decision.i think exchange like is safe but not fully safe.we can use paperwallet to hold our asset.

[BigBos]

yes i am scared right now.i have hold my asset on cryptopia and may be i lost and it was my wrong decision.i think exchange like is safe but not fully safe.we can use paperwallet to hold our asset.

well, that's a lesson for you. I have also saved assets that I had several times on exchangers, and I have never lost it. well, but we have to be careful, we don't know when your assets are lost in a market. maybe it's better to store it in a wallet like a blockchain, or hardwallet.

[adrianto1995]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Is probably fine to store your coins on your trusted exchange. But don't keep it too long on the exchange, only keep the coins that you want to trade for a short time...
We don't know how long this exchange will be kept alive from hackers. Better keep your coin on your private wallet if you want to store your coins for a long time...

[Ava Duvall]

I am agree with what binance CEO says. We should keep our own security by storing our coin in wallet we control. Hard for hackers to steal our coin if we keeping safe our private key. With cryptopia case, i am believe major exchanger increasing their security

Paper wallets are key!! Maybe some would have even avoided the hack. But what's done is done and like you mentioned there security needs to be increased big time

[romero121]

What Binance CEO stating about keeping of coins on exchanges is true. Other than decentralized exchanges it is true that we are keeping our coins on a high risk platform. The exchange operators do the best to keep the users funds in a secure manner, but the hackers around were much focused on the growth happening with cryptocurrency network. This is the reason for increasing hacks on exchanges, as suggested lets try to keep our coins safe.

[hardcore_cryp_trader]

The question is what exchange you use. Most modern large exchanges have several degrees of protection. It is as safe to keep money on them as in a residential or bank account. There will always be a risk that someone can steal your money. But, as practice shows, this doesn't happen often.