Safeguarding funds , your funds on exchanges are safe?

[Francis Freeman]

I only store my funds on one exchange like 3-5 months and its on Binance yeah its really not safe to store for much longer time but I fully trust this exchange because funds on Binance are SAFU meaning its safe and your money are insured once something happens to that website you can recover your money Binance has emergency reserve to be use to payback traders in case of hacking but like the most advise here if holding huge amount of crypto then best to send it to your own wallet for longer storage purposes.

Recently, I got prob with google authenticator with binance, I just used it last week so I know my phone is not a prob. But when I did my tx this week, it says invalid input from my google authenticator. I panicked. Tried many times (turn off my phone/turn it back on), didn't know what was wrong. So I ended up removing the google authenticator in my security settings. Withdrew successfully using email and sms only but still wondering why my google auth didn't work. I know my funds are safe but if that kind of issue arises while I am doing my withdrawal, guess it is always better to send your coins back to your wallet.

Wow this is something I hope no one faces and now.i need to think about some alternative ways to withdraw funds if I lose my Auth. It goes without saying that keep only small funds which you wanna trade in exchange .

[bobyhodob]

I only store my funds on one exchange like 3-5 months and its on Binance yeah its really not safe to store for much longer time but I fully trust this exchange because funds on Binance are SAFU meaning its safe and your money are insured once something happens to that website you can recover your money Binance has emergency reserve to be use to payback traders in case of hacking but like the most advise here if holding huge amount of crypto then best to send it to your own wallet for longer storage purposes.

Recently, I got prob with google authenticator with binance, I just used it last week so I know my phone is not a prob. But when I did my tx this week, it says invalid input from my google authenticator. I panicked. Tried many times (turn off my phone/turn it back on), didn't know what was wrong. So I ended up removing the google authenticator in my security settings. Withdrew successfully using email and sms only but still wondering why my google auth didn't work. I know my funds are safe but if that kind of issue arises while I am doing my withdrawal, guess it is always better to send your coins back to your wallet.

Wow this is something I hope no one faces and now.i need to think about some alternative ways to withdraw funds if I lose my Auth. It goes without saying that keep only small funds which you wanna trade in exchange .

I think there is no other way but to try to contact support, because that way you will find someone who is able to help you to be able to access your wallet, but if the assistance is not active then there is nothing you can do anymore, the money is forever stuck in there.

[redsun114]

This is what DEX world is trying to do these days, I know you can use stuff like metamask where you do not own the keys neither, or maybe even if you do it is just online place that has access so it is risky, look at mew and similar stuff and how they got hacked so it is still risky. However if you use places like DEX for your trading you could increase it a bit, still not 100% safe but definitely more safe than putting your money into binance and hoping it will be there when you wake up.

Literally  this doesn't apply to binance in my opinion, they are too huge to get hacked and not have anything left, they probably have enough money just on cold storages to pay everyone's deposits back and only have hot wallet purely from their profits that could cover all the withdrawals, they are THAT rich. However, this does apply to all other smaller centralized exchanges.

[tvplus006]

Storing funds on the exchange is a necessary measure, since it is simply impossible to do without it if you are engaged in trading. But there are times when there are free funds that are not involved in the transaction, and I place them on the exchange to get passive earnings.

[Twinkledoe]

I only store my funds on one exchange like 3-5 months and its on Binance yeah its really not safe to store for much longer time but I fully trust this exchange because funds on Binance are SAFU meaning its safe and your money are insured once something happens to that website you can recover your money Binance has emergency reserve to be use to payback traders in case of hacking but like the most advise here if holding huge amount of crypto then best to send it to your own wallet for longer storage purposes.

Recently, I got prob with google authenticator with binance, I just used it last week so I know my phone is not a prob. But when I did my tx this week, it says invalid input from my google authenticator. I panicked. Tried many times (turn off my phone/turn it back on), didn't know what was wrong. So I ended up removing the google authenticator in my security settings. Withdrew successfully using email and sms only but still wondering why my google auth didn't work. I know my funds are safe but if that kind of issue arises while I am doing my withdrawal, guess it is always better to send your coins back to your wallet.

For the problem you experience you only need is to update your time on your location you just need to update it with the right time,that's the only sulotion for that problem.
How long it takes for you to widraw the balance ? As I understand once you remove authentictor or change password you need to wait 24 hours or more before you can widraw your balance . That's happen because of security reason.

My time and location is updated and I used the same phone last week to withdraw. And didn't change any, so dont really know where the prob is. But once I removed the google auth, and used the sms and email verification only, I withdraw on the same day. Didn't wait for 24 hrs, actually I was worried that they will block my withdrawal because I removed my google authenticator. But fortunately, my withdrawal went thru even right after I removed google auth. Didn't change my password, only removed the google auth.

Wow this is something I hope no one faces and now.i need to think about some alternative ways to withdraw funds if I lose my Auth. It goes without saying that keep only small funds which you wanna trade in exchange .

I think there is no other way but to try to contact support, because that way you will find someone who is able to help you to be able to access your wallet, but if the assistance is not active then there is nothing you can do anymore, the money is forever stuck in there.

I was lucky that my withdrawal went thru even if I removed the google auth on the same day. Because it will take 7 days if you restore your google auth.  And you can't do anything with your funds if I did push thru the restoration. I did the SMS and email verification only. So I don't know now if I will restore my google auth.

[luckyflop]

I was lucky that my withdrawal went thru even if I removed the google auth on the same day. Because it will take 7 days if you restore your google auth.  And you can't do anything with your funds if I did push thru the restoration. I did the SMS and email verification only. So I don't know now if I will restore my google auth.

I am so happy that you could have your problem solved and this thread might help you a bit and I hope it gives sight to everyone that storing funds in hot wallets like exchange's wallets could be risky, even with SAFU, it could take some days or weeks to have your fund back , I had some money in kucoin when it got hacked and kucoin suspended withdrawals for 10 days , after it started opening withdrawals for some tokens like ORN the problem was that ORN got pumped in kucoin but the price was the same in other exchanges, it meant I had to lose 5% of my money due to price differences, and I didn't do that , I waited for stable coins withdrawal opening which it didn't happen until 3 weeks after, yeah even with SAFU you can have your fund stuck for some weeks or month , so better think again when you wanted to store your funds in a CEX next time.

[fosco333]

SAFU, i think i have heard it somewhere, if i remember it was when binance exchange has been hacked.
It is obvious that our fund on exchange is not 100% fully safe, we still have possibility to lose our fund.
The worst case is when the exchange that hold our fund is getting hacked.
It is very recommended to safe our coin in our own wallet, just use exchange wallet when we want to trade.

[hulla]

First of all, i think the OP advice belongs to the beginners and help section of the forum because everything he said contains things the newbies and the naive investors need to put into account before they can thrive in crypto investment. However, people are advised not to use an exchange site as wallet or keep the fund they can afford to lose on their exchange wallet.

SAFU, i think i have heard it somewhere, if i remember it was when binance exchange has been hacked.

Binance was the first exchange site that introduced the SAFU in other safety guard their investors/users fund but doesn't mean exchange should be as wallet

It is obvious that our fund on exchange is not 100% fully safe, we still have possibility to lose our fund.
The worst case is when the exchange that hold our fund is getting hacked.
It is very recommended to safe our coin in our own wallet, just use exchange wallet when we want to trade.

Obviously, exchange site are not 100% secure and so if the coins you keep in your personal wallet if you dont avoid human error that will lead to your wallet vulnerability.

[acdc]

I do not hold funds on exchanges, it is not safe at all.

It is clear that leaving money on exchanges is at risk of losing money, recently more and more hackers attack on exchange platforms. If anyone is going to put money on trading I think they should put their money on large and reputable deals, Binance is a very good choice.

[MCDev]

If you are not a daily trader, it is best not to put money on trades, they are very vulnerable to attack and stolen.
Ideally you should keep your money in your personal wallet, where you alone have access to it.

[adzino]

I only store my funds on one exchange like 3-5 months and its on Binance yeah its really not safe to store for much longer time but I fully trust this exchange because funds on Binance are SAFU meaning its safe and your money are insured once something happens to that website you can recover your money Binance has emergency reserve to be use to payback traders in case of hacking but like the most advise here if holding huge amount of crypto then best to send it to your own wallet for longer storage purposes.

Storing 3 to 5 months straight is insane. It is like you are trying to lose your funds on purpose! Doesn't matter if the exchange is the well known Binance or any other exchange, you should never trust them completely with your funds no matter how much secure or "extra" features they claim they have to protect their users.
I have heard about Binance SAFU, but I doubt they are going to cover all your loss if anything bad happens to the exchange. They will likely cover just a percentage of your loss. So don't go around thinking you will get back all your coins eventually if binance gets hacked. Oh, and it is going to be a very lengthy process.

[chaser15]

Storing 3 to 5 months straight is insane. It is like you are trying to lose your funds on purpose! Doesn't matter if the exchange is the well known Binance or any other exchange, you should never trust them completely with your funds no matter how much secure or "extra" features they claim they have to protect their users.

It's not insane for a regular trader. You won't understand if you are not doing much business on an exchange platform on a regular basis.

I also have funds on Binance that actually several years already there. Of course, since even the most reputable exchange is prone to fraud, regular withdrawals are always done on my part. But I'm totally fine storing funds there for long for convenience.

I understand the risks that's why only choosing a reputable one. If they fucked up their users, it's a suicide to them.

[Pamadar]

Don't be too lazy to move your coins to your private wallet that you have your keys at every time you are not trading. Never mind the fees, send out your profits and some part of your capital even if you need to leave few on the exchange you are trading. Don't trust any exchange for fund safety.

If have no plans to trade regularly then better not put any amount on exchange unless you have project that you're eyeing for some growth, though I know it's not good or necessary to keep coins in exchange there were instances that we are trap since the price wil need more time to recover. When this happens better always check your investment, diversify in top exchanges with good support or if know not able to monitor then really don't mind the loss just transfer it in own wallet.

You have to invest with your knowledge in regards to this particular concern.

Knowing that hacked are everywhere, you needed to make sure that you fully understand the risk and you willing to take it. Placing your investment inside to any exchange needs to be backed up by your own knowledge, whether to store there for a while or keep withdrawing your fund after you're done using the platform.

[BitTraderCute]

SAFU, i think i have heard it somewhere, if i remember it was when binance exchange has been hacked.
It is obvious that our fund on exchange is not 100% fully safe, we still have possibility to lose our fund.
The worst case is when the exchange that hold our fund is getting hacked.
It is very recommended to safe our coin in our own wallet, just use exchange wallet when we want to trade.

store our cryptocurrency assets in own wallet actually be main suggesstion for every trader or investors. hacked possibility lower than if we store in exchange wallet, but we must always remember the password or phrase to access it. i heard many accident wallet with huge amount value could not access because of it. maybe write it and back in several place will help us.

[barbara44]

These are like the normal things that everyone needs to know, though the one of going all on a trade is something that I am not sure about, unless you just invested an amount that you have plans to trade with straight from your wallet then you can decide to go all in with it and if you happen to lose you can still buy back with your money that's stored on your wallets.

Whenever you make a profit it's a good idea to withdraw some of the profit to your original and secure wallet and then continue with the other money that's left on the exchange . You have good tips except for the going all in on a trade.

[luckyflop]

I thank you for all your information, very informative and easy to understand. Honestly, I still often mismanage finances, sometimes it is not structured .. maybe it needs to be emphasized again that there are still many people who are still confused about how to process funds, and how to share the profits. for that I ask permission to copy your discussion, and I will copy it and then share it with my closest friends, family and neighbors. by including the source on your behalf.
I hope that all of us are always good at managing our finances, in order to continue with a better life.

Of course , you can share it with anyone you like to , I give you the permission to do that , Hope someday no one loses fund due to the hack or any exchange scam , Those are simple but necessary steps I think everyone should know before trading, Keeping the value of capital safe is more important than making a profit.

[H1N1]

We don't owning the wallet on exchange, with that fact, our funds are not really safe.
When we don't have full control of our money, we must think the possibility to lose it because it is outside of our control.
The purpose of the exchange wallet is not for save our coins in long term, but it is just to store our coins to be traded.

[Sebas.tian]

I do not hold funds on exchanges, it is not safe at all. Exchange can be hacked, your account can be suspended/blocked/frozen. I hold on the wallets with full control of private keys, mnemonic phrases, etc. I use exchanges only to sell/buy/convert some assets and withdraw it immediately.

yes for most exchanges are not liable in case of hacking, but binance will still replace our assets (like some time ago) when binance was hacked.
but it is highly recommended for everyone to keep all their assets in their personal wallet so they can sleep soundly

Yes, Binance exchnage did that when they weren't big as this; right?, this can be opposite if something of such happen again which we don't pray for. The Binance exchnage then wasn't as much flooded as now, right now the biggest cryptocurrency exchnage so far is Binance and coinbase, these crypto exchanges are holding a very large number of coins which if anything happen it might be impossible to get back the funds. It will be safer to store your coins and tokens in a place you have total control and not your control, not your coins.

[Greatdev]

Your coins and tokens are lot safer in your private wallet that you owned the key, either decentralized exchanges or centralized exchanges they can still get hacked, some are saying decentralized (Dex) are lot safer but there are few cases of hacks, trust your wallet more than any exchange no matter what security benefits they introduce

[pandanaran]

as long as I trade on the Exchange, I never keep assets on it. I always make a withdrawal after finishing trading then send it to my personal wallet. keeping too long on the exchange is quite risky of losing money in case of a hack, therefore I never keep any assets on any exchange.