Is it safe to save USDT and BUSD on binance for long term?

[carlfebz2]

Binance is not a wallet, it is an exchange.

If you use 2FA and other security, and you are able to secure your wallet, your friend would not be able to access your Binance account. But exchanges should be for trading, not holding.

Exchanges are often hacked, even Binance has been hacked before. Do not leave your coins on exchanges.

Use a wallet instead of an exchange. Use a wallet, have your keys, which means you have full control over your coins on blockchain.

Yes, lets put up some link into that particular disaster on which BInance had been hacked wayback.
Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges
Link: https://www.cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html

People should always consider and should know at least even with the basics.Its is indeed that Binance is an exchange and not a wallet
for you to hold up your coins for long term.Nothing beats out if you do hold those coins on a non-custodial wallet
which you do possess its private keys which would really be easing out that worrying.

[rodskee]

Binance is not a wallet, it is an exchange.

If you use 2FA and other security, and you are able to secure your wallet, your friend would not be able to access your Binance account. But exchanges should be for trading, not holding.

Exchanges are often hacked, even Binance has been hacked before. Do not leave your coins on exchanges.

Use a wallet instead of an exchange. Use a wallet, have your keys, which means you have full control over your coins on blockchain.

Should I send all of my usdt and busd into my desktop electrum wallet for long term savings?

Not your Key . Not your Bitcoin/cryptocurrency so yeah it is perfectly act to send all your funds each month to your Desktop or any electrum wallet that you wanna use , this will add security for your funds though if you have 2fa in Binance then your funds will also safe but putting in electrum is much safer.

[onecall123]

If you are interested in putting dollar on a exchange, you should not do so on a long-term basis. Our money won't be safe in any exchange, but we can store it in wallets instead. Even so, I placed some money for staking purposes to generate a few incomes. I've seen people make good profits over time from this, and it has been around for quite some time. Even though I've only just started, I don't want to be followed by anyone.

[ethereumhunter]

Hi
I receive some money from my friend to my USDT address on binance web wallet from month to month. If my friend somehow fakely demand the money legally/illegally on binance from my wallet, can he get any money from my wallet in the future? Is that possible?

Is it safe to save USDT and BUSD on binance for long term?

Maybe that is safe to save USDT and BUSD on Binance but it is not recommended to save your funds on the exchange because we do not know what will happen to them. Even if Binance is the largest exchange among the other exchanges, that is still not recommended. You can use the other multi wallet to store your funds, which you can handle by yourself. But it will be different if you want to use your funds to trade temporarily and withdraw the profit to the other wallets.

[FinneysTrueVision]

For long term it is not recommended to use centralized services to store any cryptocurrency. Earlier this year Binance temporarily suspended Bitcoin withdrawals and some were speculating that they were in a similar situation as Celsius. It was a false alarm but you never know what could happen. Many people still can't withdraw from Celsius and they used to be one of the most trusted companies.

[knowngunman]

Hi
I receive some money from my friend to my USDT address on binance web wallet from month to month. If my friend somehow fakely demand the money legally/illegally on binance from my wallet, can he get any money from my wallet in the future? Is that possible?

Is it safe to save USDT and BUSD on binance for long term?

Is your friend giving you the money as a gift or for you to him/her save it? If it's the former, why would he/she demands for it again? And if it's the later, why would you thought of depriving him/her is entitlement? I don't know what your answer might be to these questions but whichever, Binance is not a wallet for holding coins. It's an exchange where you can change your coins to fiat and vice versa.

It is unclear to me which specific product you are using. It is possible that you are using the [ur=https://academy.binance.com/en/articles/how-to-use-binance-chain-wallet]"Binance Chain wallet"[/url], and if this is the case, it appears that Binance may have access to your private keys, at least based on the above guide. This is despite the fact that you are given a seed that can be used to recover your private keys. If this is the case, you should consider my above advice.

Can you please edit this link so it can be highlighted for easy access? I'm sure many including me will try to check it out

[noorman0]

Is your friend giving you the money as a gift or for you to him/her save it? If it's the former, why would he/she demands for it again? And if it's the later, why would you thought of depriving him/her is entitlement?

This is just an example case, in essence you can also receive similar funds from the proceeds of any transaction that may also have doubts such as the op perspective that the transaction can be reversed, unilaterally canceled or other risks as contained in financial services and how the internal risk factors of the token itself in the long term.

Can you please edit this link so it can be highlighted for easy access? I'm sure many including me will try to check it out

there you go
https://academy.binance.com/en/articles/how-to-use-binance-chain-wallet

[Bitstar_coin]

Not your keys, not your money, even though binance has proven to be a strong and reputable exchange so far the fact remains you are not in possession of your funds which is not recommended at all. The best bet is to hold your funds in a personal wallet you can access at anytime without any restriction. better to look for a hardware wallet that support these stablecoins and transfer your funds to it. Better to be safe than sorry.

[maydna]

Hi
I receive some money from my friend to my USDT address on binance web wallet from month to month. If my friend somehow fakely demand the money legally/illegally on binance from my wallet, can he get any money from my wallet in the future? Is that possible?

Is it safe to save USDT and BUSD on binance for long term?

If your friend asks you for money, and you don't send him the money, he won't get anything if he doesn't know your Binance email login and password.

As long as you can save your account data on Binance and don't tell your friends, your friends won't be able to do anything.

And if you want to keep USDT and BUSD long term, I suggest you install a Trust wallet and send the funds to that wallet.

[bounceback]

Is it safe to save USDT and BUSD on binance for long term?

Every exchange does not fully guarantee security for us although basically the exchange has provided several strong security level options for our exchange accounts, they certainly will not be responsible if our exchange account is hacked due to our own negligence such as accessing phishing sites, so I think storing assets in it for the long term is not the right choice for us.

[crytolad]

Hi
I receive some money from my friend to my USDT address on binance web wallet from month to month. If my friend somehow fakely demand the money legally/illegally on binance from my wallet, can he get any money from my wallet in the future? Is that possible?

Is it safe to save USDT and BUSD on binance for long term?

Since you are going for the long term, the safest place to save your funds is a cold wallet and not Binance exchange. Exchange can be hacked and Binance is not an exception as it has been hacked before.