Can you tell me which one you will choose and why?

[KiaKia]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

[Rikafip]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most?

I don't trust either (and for that reason I don't use either of those to store my money) but I think that my bank is less likely to go down simply because I trust my country's regulations more than I trust Cayman Island's + their willingness to bailout banks. After all, there's a reason why Binance is hiding (and why FTX was registered there as well) there and not somewhere with strict regulations.

I throw this question to crypto friends around me and they choose Binance exchange.

No surprise there, that people still trust centralized exchanges even after everything that has happened lately and for that reason it will happen again.

[Pmalek]

It's kind of a peculiar question. Hardware wallets hold the keys to your cryptocurrencies, aka they store your crypto. You can trust them to do that job because that's what they were designed for. How are you going to store your fiat there? Your fiat is supposed to be in your bank account and not on centralized crypto exchanges like Binance or any other.

I trust my hardware wallet for my bitcoin and certain alts.
I trust my bank with my fiat.
I trust the baseball bat under my bed and the knife in my nightstand just in case someone wants a go at the valuables in my home.
I don't trust Binance because Binance cares for its interests and not yours or mine.   

[Nwada001]

Earlier, before the FTX incident happened, "not your key, not your coin" became a great concern and a reminder to all. I trusted Binance more than my local Nigerian bank. The reason is that I am allowed to hold my crypto in Binance how ever I want it and when ever I want with just little charges that are almost not noticeable, and I only make a withdrawal to my local bank account whenever I need to use cash, and I select which of my banks don't have network issues at that time (that's from online payment to ATM withdrawal), then I will fund the account directly using my Binance. To cut the whole story short, I don't trust both Binance and my local banks; I prefer holding my money on a decentralized system instead of any of these two. Unless I am left with no other option than to just choose between these two, I can go with my local bank account over Binance since I can go straight to the respective bank office and report any behavior I notice that is off the book.

[Charles-Tim]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

You should trust bank more. Exchanges can be hacked, but thievery in banks in my country do not have effect to the extent banks will not be able to pay their customers. They are both centralized but I trust bank the most. No bank in my country has a case of not able to pay customers money because of bankruptcy, there is chance it can happen, but very low probability.

But my final opinion is that I neither trust bank nor exchanges, they are both centralized. If you read about the cashless policy in my country and the CBN hell mentality of the new naira notes, because of that, you can not trust banks. There are several cases that central banks will make a country a hell for citizens.

But with bitcoin on your noncustodial wallet, you have the full control of your money.

[CageMabok]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

If I had to choose, I would choose both for my use, because I still need a bank to store my fiat before I can use it for things that are important to me. But on the other hand I also need to use the Binance exchange for trading and store my crypto assets for a while before I withdraw them to my personal wallet. So I was more inclined to use both until recently so I can't just choose one or the other now.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

When talking about the safest, of course I have to say the safest in my opinion is the bank that I have been using for a long time because apart from being able to see it with my own eyes, I have no fear of saving more fiat there, but my feelings for exchanges are very different from banks including the Binance exchange so I have to put Binance as second in me for this.

[Pmalek]

When talking about the safest, of course I have to say the safest in my opinion is the bank that I have been using for a long time because apart from being able to see it with my own eyes, I have no fear of saving more fiat there...

Maybe you can see the building where your bank is, but you can't see your money because it's not there. You see the digits next to your name. Your money is lent out as credit to other people. In case of a bank run, your bank, my bank, and almost all others would be in big problems. Still the money is insured, and they follow stricter regulations from services like Binance that have a history of moving around different jurisdictions after getting the boot in multiple locations.   

[palle11]

I can only give full support to decentralized wallet but not binance exchange or banks and the reason is because the two are centralized. Above all in comparison to bank and binance exchange like you ask, I will choose to trust bank more than binance exchange because it can be hacked or have the same issue with ftx where depositors won't be able to recover their money but in case that happens to a bank, the government of that country will ensure depositors get back their money.

[michellee]

I trust the bank more than Binance because if something bad happens to the bank, the government will find a solution and refund all of its customers. Meanwhile, Binance can disappear without us knowing and we cannot get back the coins in our account balance. And to overcome that, we can store all the coins that are assets in a hardware wallet to keep a good eye on them and protect them from hackers. And between banks and hardware wallets, there are differences.

We store all crypto assets in hardware wallets and keep all money in banks. But for trust issues, I think it will depend on each user. People who are not familiar with crypto will trust banks more. But we believe in crypto and keep trying to take good care of it.

[BlackBoss_]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange. 

Except hardware wallets, you should trust open source non custodial wallets more than close source non custodial and custodial wallets.
If you need to store your asset in stable assets, let's store it in fiat currency, not in stable coins. Stable coins are more risky than fiat currencies.
Centralized banks are better than centralized exchanges in my opinion and it is why fiat currencies are better than stable coins.

It is for fiat currencies from strong nations with good finance regulations, not with fiat currencies in corrupted and hyper inflated nations like Venezuela.

[Cedie]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

Depends on what you trust them to, both can be useful because they perfectly work alongside each other. I trust both with my transactions. It's true to better not to put all your eggs in one basket.

[decodx]

I can see why your friends chose Binance, since they're a big name in the crypto space and have a lot of experience dealing with digital assets. But at the same time, banks have been around for a lot longer and are generally seen as more stable and reliable. While Binance and other crypto services may have their own security measures in place, there's no denying that traditional banks have a long-standing reputation for keeping your funds safe. For one, banks are usually insured by the government, which means that even if the bank were to go bankrupt, your deposits would still be protected up to a certain amount. Additionally, banks have sophisticated security protocols in place to prevent fraud and cyber attacks, and they're heavily regulated by various governing bodies to ensure that they're following best practices.

Of course, that's not to say that there's no risk involved with using a bank. Financial institutions can still be vulnerable to things like identity theft or data breaches. This is why many crypto holders prefer self-custody and cold storage solutions, like hardware wallets, to mitigate these risks.

[Lucius]

I don't trust 100% in any of the mentioned "wallets" from OP, but I can say that I have the least confidence in any CEX, especially one that has been operating in the shadows for years. If I had to choose between a hardware wallet and a traditional bank, I would choose the former, regardless of the fact that banks are somewhat safe and have insured deposits, but they can deny us access to our money at any time.

In addition, FIAT in the bank is like an ice cube in the summer sun, its value constantly melts - so it is one of the worst methods of saving, from which only banks actually profit.

[ultrloa]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

For practicality and for assurance that you are protected with law better trust bank since whatever happen on the bank you have a assurance to get your money there. Unlike trusting it to binance where anything could happen with them and they owner could just flee without giving hints to their platform users. Remember that FTX use to be a trusted before so never trust any exchange even if how huge they are or how good their reputation because anything could happen with this.

[pawanjain]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

Binance exchange and bank ? It should be straight up and easy to chose here.
Bank is the one we should go for because both bank and binance exchange are centralised but binance exchange is owned by a single entity and unregulated whereas banks are owned by multiple people and high regulated.
If binance exchange scams us the chances are low that our money will be recovered whereas if a bank scams us then the chances os recovering our money are fairly higher.
Also, the government gets involved in few cases where banks are in trouble, so that's another advantage.

[m2017]

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though,  because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands,  I don't know, maybe I missed something? So I plan to ask on here,  which one would you trust the most and why?

I don't fully trust either banks or Binance (or any other exchange) and would stop using their services at the first opportunity. But with a caveat. If we are talking about those amounts that I would be sorry to lose. I allow keeping money in banks and in Binance if it is a small amount and for the purpose of diversification. For example, the reason for keeping in a bank or Binance may be the insecurity of local storage, a trip to other countries, that is, in cases where there is a direct benefit from their service. Again, you need to consider the period of storage they have. Of course, the risks increase in the long run. The longer, the more likely your money will not be returned. Due to various reasons.

If there are advantages to keeping money in a bank or in Binance, then I would use it. If not, then I wouldn't even come close to them.

[KiaKia]

I trust the bank more than Binance because if something bad happens to the bank, the government will find a solution and refund all of its customers. Meanwhile, Binance can disappear without us knowing and we cannot get back the coins in our account balance. And to overcome that, we can store all the coins that are assets in a hardware wallet to keep a good eye on them and protect them from hackers. And between banks and hardware wallets, there are differences.

We store all crypto assets in hardware wallets and keep all money in banks. But for trust issues, I think it will depend on each user. People who are not familiar with crypto will trust banks more. But we believe in crypto and keep trying to take good care of it.

Same, my Bank is located in my city, I can get down to the location and make complaints, they take responsibility for the loss of funds, if the fault is from their side,  they can't exit and vanish, Binance could easily blame hackers for loss of fund and escape with the whole mess,  no Binance head office in my city, I will go with Bank in this case any day. The only downside with my country's Fiat is inflation, no good return holding money in the bank account.  

[Pmalek]

Above all in comparison to bank and binance exchange like you ask, I will choose to trust bank more than binance exchange because it can be hacked or have the same issue with ftx where depositors won't be able to recover their money but in case that happens to a bank, the government of that country will ensure depositors get back their money.

That's correct to a certain extent. The money you hold in your bank account is insured, but there is an upper limit to this insurance. The numbers differ from country to country. But let's say that limit is set at $100.000. If something happens with your $50.000 bank deposit, the insurance kicks in and replaces the full sum you lost. That's not the case if you had $200.000 in your account. In that case, the insurance only covers half of it.

It's important to note that Binance exchange is a centralized exchange, which means that it holds control of your funds. If the exchange were to be hacked, your funds could potentially be lost.

Binance has suffered hacks in the past and they paid back the damages to their customers. Still, that can all be part of a PR campaign. They evaluated that it's more worth it to lose a bit of money now but keep the customers happy, rather than not do it and suffer an outflow of unsatisfied clients. They earn millions on trading and withdrawal fees anyways. If Binance went through a Mt. Gox type of scenario, I doubt customers would ever see their money.

[joniboini]

Same, my Bank is located in my city, I can get down to the location and make complaints, they take responsibility for the loss of funds, if the fault is from their side,  they can't exit and vanish, Binance could easily blame hackers for loss of fund and escape with the whole mess, 

I just remember there was a bank in my country that collapsed and the money their customers' store was never returned, or at the very least still in process, unless I remembered it correctly. I guess it also depends on where you live and how strict your government is regarding banks' security. At the very least, most public banks (the majority of the shares are held by the government) have the ability to get funding support just in case something went south, CMIIW.

Personally, I don't trust anyone, but it is not practical to hoard fiat in my house either. Luckily I can store crypto just fine with proper setup. I think most experienced crypto users in my country would do the same thing unless they are day trading. After the FTX fiasco and probably more in the future, I can see many users withdrawing their assets and storing them offline.

[Oneandpure]

I disagree with OP statement about more trusted trustwallet than Bank or Binance exchange account, there are not matter when you holding assets in trustwallet but little effort now always trustwallet is secure depending with kinds of your access website. I prefer hold my assets for long term in exchange wallet than use trustwallet for holding.

I joined many kinds of airdrop and my wallet have been filled form on many bounties campaign, I don't sure when holding much assets in trustwallet will possibility with some one sending dusting attack token and without realize ever approve swap.