Exchangers Are safer then Banks and wallets

[Fullbear2222]

Not your keys, not your wallet, and most of all, that's the scariest part because you don't have any control of your funds no matter how reputable a certain exchange is. Hardware wallets and cold wallets are much safer in my opinion, because you hold your own keys and funds, I guarantee that's much better and will let you sleep at night more peaceful.

You give right to stealing ?
All the crypto business is going on exchangers not in wallets.
Futures options Are on exchangers spot trading don't Feed us but futures and options margins Are what making income.

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[sulendra12]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.

They are trying their best to do anything when something malicious attack this exchange. But still, it doesn't guarantee that you will get your money back when the attack occurs. The worst possible case is maybe they can't recover your funds and you will just cope with those losses in the future. Yes if they manage to do that. But what if the exchanges scam you, or just steal your money? Can you get a refund for that?

But wallet, especially if you have hardware wallet for instance. You can always check everything because the wallet is in your hand, so if something bad happens it's all yours to put a blame on.
Every wallet or place to put your money in are at risks to be stolen but the way people/exchanges manage to secure the money is what makes they all have differences.

[jostorres]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

I am not informed about this refund thing but I think not all are covered with that and there must be strict conditions that should be followed before you qualified there. Also not all exchangers have that kind of feature but majority of them won't care if you lose your fund. They are giving disclaimers right before you use them that a user must only be responsible with their funds.

Exchanges like binance are centralized and they are not different with the common banks that we see outside but binance is better because they are dealing with cryptos. There's also wallet who are custodial but the one crypto users should use are the wallet which allows them to hold their keys.

[rby]

You are wrong but not totally wrong and you are correct but not totally correct. Some people are afraid to hold their funds by themselves. They have short memory to keep their keys well and they cannot protect their wallets from hackers. But to people who can take care of their private wallet, exchange is not the best place for them.
Some reputable exchanges refund and they have good security architecture. Binance is safe to certain level.
Generally speaking you cannot say that your money in another man's hand is safer than your money in your hand. It is not a nice thing to think about.

It seems to me that if you yourself can be responsible for your funds, then they will always be more securely protected. I don’t know, maybe some exchanges will return the stolen funds, but in any case, it will not be so easy and quickly. In addition, there will always be a possibility that the exchange will not return the stolen funds. So why create additional risks for your money?

It is additional risk mate. Holding your coin is a risk but giving it to another person who promise to refund you is riskier. If it is because of security you leave your coin in exchange you have failed. If you know know to make money, you should devote your time a bit and learn how to secure it against theft. Apart from losing your money, government can issue order to a particular exchange to close at any time. They will obey and your money will go within a twinkle of an eye.

[Yamifoud]

At least i get refund and i sleep well

Oh, really? Well, I don't understand what you mean by losses. Like in trading or when your account gets hacked?

Anyways, it was several times people are answering the disadvantage of keeping your funds in the exchanger as it was not advisable. Let us say that you get the refund now but what if the Binance wallet got hacked? Do you think they will refund you?

You can only sleep well if you have the keys to your wallet but since you don't have them and you are just relying on the security of Binance exchange, that is different. For me, I couldn't unless you are just leaving a small amount there.

[Wakate]

All I know is that exchanges is a good source where we can exchange our cryptocurrency to our desired currency without any stress with low fee payment. There are many exchanges in the market just like Binance which is the bigger exchanges in the world. Bank holds money but crypto exchanges hold thousands of crypto coins and tokens. Since the fiat currency is fading out gradually then even the banks and big companies are finding a shelter in cryptocurrency market because this is where people attention is going and everyone wants to invest in cryptocurrency.

[Silberman]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

Go talk with the people that had their coins on the FTX exchange and see if they agree with you that keeping your coins at an exchange is better than having your own wallet, now you may say that the FTX exchange and Binance are not the same and that is true, but Binance like any other centralized exchange could at some point collapse, and when that happens you are going to lose whatever money you had at the time with them.

[deathcode]

Exchangers are safe nowadays, especially Binance, we saw how they handled some hacks in the past. And banks are safe as well... after all, we trust them enough to hold funds there, to "lock" our funds for the interest we can receive by saving/staking/farming features.

But it's not like we should keep everything in the exchange or the bank, "don't put all your eggs in one basket" is an old saying. Something can happen and we can't stay without access to our funds, for all sorts of reasons. It's like that when a "third party" has control in their hands, and not you!

I agree with what you think.
I'm more comfortable with simple thoughts, exchangers to trade assets and wallets to store assets.
Even though I did save some of my funds on the exchange but not all of them. I'm more comfortable keeping my assets and sharing them across multiple wallets.
I agree not to keep assets in one place. I think that's a good and wise thing because it reduces the risk of losing all the assets we have.

[borovichok]

Exchangers are safe nowadays, especially Binance, we saw how they handled some hacks in the past. And banks are safe as well... after all, we trust them enough to hold funds there, to "lock" our funds for the interest we can receive by saving/staking/farming features.

But it's not like we should keep everything in the exchange or the bank, "don't put all your eggs in one basket" is an old saying. Something can happen and we can't stay without access to our funds, for all sorts of reasons. It's like that when a "third party" has control in their hands, and not you!

Exchanges are one of the best method to save our money in crypto assets inother to prevent any loss of money or hacks from internet fraudsters. Binance been the safest exchange in the world presently have numerous countless numbers of those saving assets with their top exchange and they're doing their best to provide decoded securities for their users. Saving our money in bank is also saved but some people have become uncomfortable with the idea and they took a step to advance more in the system.

[martyns]

Exchangers are safe nowadays, especially Binance, we saw how they handled some hacks in the past. And banks are safe as well... after all, we trust them enough to hold funds there, to "lock" our funds for the interest we can receive by saving/staking/farming features.

But it's not like we should keep everything in the exchange or the bank, "don't put all your eggs in one basket" is an old saying. Something can happen and we can't stay without access to our funds, for all sorts of reasons. It's like that when a "third party" has control in their hands, and not you!

Exchanges and bank wallet are both safe to store our money but exchanges are preferable more than wallet because it's more safer and doesn't require the third party that would be deducting their charge from one's money. Exchange deduct absolutely zero charge, only when you want to withdraw your assets, that's only the way they will deduct charge which sometimes is not even up a dollar price. I have done countless times with TRC20 USDT address and their charge are better cheap compared to what the bank are embezzling from our account on a daily transfer.

[Woodie]

Exchangers like binance Are safer then banks and walllets.

A centralized exchange like Binance can never be considered safer than a bank just because they have refunded several users in the past after a hack... Btw you know what the say, " not your keys, not your coins" if binance chose to say they don't have the capacity to pay back if they were to be hacked you would take them nowhere but with banks they take the blame and will give back the money unless it's the users error that they lost money through phishing etc.

Becouse If something happens they always refund losses.

Don't take their word for it! If these guys claim to refund for any account compromise why aren't the other exchanges using the same formula to guarantee users funds If you ask me its all word play trying to win customers, it's part of marketing!

[michellee]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

It's so funny reading what @OP wrote because what if Binance was to be a scam? Who will recover the loss? We will never know about this and can only mourn this sadness without knowing how to get all our assets.

The safest, of course, is to store your assets in your personal wallet because you are in full control of all your assets and security is your full responsibility. If you know how to guard your private wallet, you don't have to worry about being hacked because you can make sure your assets are safe. There is no guarantee we will get a refund if we keep assets on an exchange because exchanges cannot be 100% safe either.

[Taskford]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

You didn't heard about bank insurance? If not read this maybe it will change your thoughts about what you are saying here.

Try to read below.

Banking Insurance

Exchange doesn't guarantee you a refund to many exchange has been hacked before and even now. See also how FTX currently goes at the moment since this creates huge problem to their users and there's no clear sign if they user will get a refund on their money left there. So if you think you can trust more the exchange than the bank I think you have a serious problem on your beliefs.

[cheezcarls]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

Disagree 101%!!!

As long it’s not your keys, not your coins, your funds are not safe and can be subjected to either get freezed, declined transfers, trades, deposits, withdrawals, etc. You do not have full control once you have coins and tokens stored in your exchange as it is operated by a central authority.

So ain’t safe for me when we store our money there like what happened to FTX right now. Not even Binance is exempted from it despite that they’re the juggernaut.

[Strongkored]

Exchangers like binance Are safer then banks and walllets.

If you live in a developed country with clear banking laws, I actually think that keeping money at bank account is much safer than storing assets on an exchange, maybe the situation can be different when you live in a country with economic problems like Lebanon where citizens cannot withdraw money from the bank or can be said to be limited monthly https://www.aljazeera.com/news/2022/10/4/depositors-storm-three-lebanese-banks-over-withdrawal-limits
Storing asset in exchange may look safe because is not hacked but the value of your coin could drop significantly or even if it is an altcoin it will not valuable, even saving in an noncustodial wallet is safer than the exchange itself there is enough to store your private key in a safe place.

[lalabotax]

Exchangers like binance Are safer then banks and walllets.

Seriously?
Well, this may be your own opinion, but this is not as simple as you said.
In exchange, we seem like not owning our assets because we don't have the private keys, we have only password and email for the exchange itself. Additionally, something online will never be safe 100%. There must be any chance of losing by hacking, phishing, banning, and other probabilities. Who will guarantee you that you will be always able to access your account in the exchange? How if your account is banned or frozen and you must do somethig compex to recover?

[Silberman]

Exchangers like binance Are safer then banks and walllets.

Seriously?
Well, this may be your own opinion, but this is not as simple as you said.
In exchange, we seem like not owning our assets because we don't have the private keys, we have only password and email for the exchange itself. Additionally, something online will never be safe 100%. There must be any chance of losing by hacking, phishing, banning, and other probabilities. Who will guarantee you that you will be always able to access your account in the exchange? How if your account is banned or frozen and you must do somethig compex to recover?

It is obvious the OP did not thought too much before making his post, the amount of risks that an exchange has to face are simply too numerous to count, and while an average user will also face several risks, at least you know that they are way more moderate in terms of scale, for example some of the most skilled hackers around the world are always trying to hack into exchanges, but only unskilled hackers will go against users with small holdings, and as long as you know what you are doing the chances you will lose your money in that way are very low.

[Xxmodded]

Not any exchange 100% safe for saving your fund include with most trusted exchange right now Binance, I believe if check some feedback from many Binance user with their fund freeze and faced difficult when withdrawing fund above $10,000 you will believe with not any exchange can securing than the bank.

I don't fully believe with the bank and exchange for saving assets but most prefer use hardware wallet for saving my fund, I won't give negative feedback with Binance exchange as said by OP most trusted exchange, just not found with how faced difficult when withdrawing fund at Binance with higher amount above $10,000.

[Lanatsa]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

Try to look around and try to realize on what you are saying on here on which it could never be safe once you do deal up with exchangers.Lets say that Binance might had able to make out such compensation

but you wouldnt know if they would really be doing that if ever they would be hacked again.You cant really be that so sure when it comes to risk because everything could really happen.

Banks might be shit but you cant see too often for a bank to be bankrupt, this is why its better to change off this kind of mindset because its never been right imho.

[cryptoconstruct]

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

Yes ,its right!I agree with you, I have in mind one service for storing cryptocurrency - very safe, but I totally agree with you about Binance