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

[BitcoinPanther]

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?

The answer to your question depends on who you are asking.  For a crypto enthusiast that wanted to get out of the grasp of banking system, it is obvious that they will answer Binance but for a normal people, they will always prefer banks because banks have insurance, operated by financial sector of the government and is acknowledge by the government.  Most people feel secure if they are dealing with an entity fully licensed by the government.

I prefer not to trust both because in cryptocurrency, not your key not your coins.  Same goes with fiat currency, if it is not in your wallet, it is not your money.

[Stable090]

Banking sector is very poor in my country and banks are using the slightest opportunity they are having to cheat there customers, I don’t really like saving money in my bank account, I always withdraw the amount I will be using at that particular time into my bank account. If you leave money in your bank account, you will still be debited at the end of the month even without running any transaction. Binance can’t also be trusted, anything can happen to them at any moment, so both bank and binance can’t be trusted.

[Dr.Bitcoin_Strange]

(not your key, not your token) makes it simple to answer your question. OP, if your crypto asset is stored in a hardware wallet, you become fully in control of the safety and security of your asset; you are guaranteed that the amount of asset you hold is only known by you and no one else; you can get your asset off of the hardware wallet any day and any time you want to use it; but banks can develop some network issues at your time of emergency. Banks are important because they make it possible to get our local currencies to spend, but the problem here is that if our money is in the bank, it's in the hands of a third party, who knows our net worth. So I said a hardware wallet is better than a bank in terms of holding funds.

Binance and Bank are not to be compared in any way; Binance is not a financial institution but just a decentralized exchange to trade cryptocurrencies; Bank is a financial institution to save and withdraw your local currencies despite the security, network, and centralized issues of banks; Bank cannot be chosen over Binance (LOL); which countries don't have Bank?

[kamvreto]

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.

Of course, hardware wallets are the ones I trust the most. Hardware wallet is one of the secure wallets. But if I am asked to choose between Binance Exchange and Bank Account, I will not choose either. Because I don't see any of these two as safe. They can do anything with you for their own interests.

Hardware wallet is the absolute choice and it will be the best choice. Have full control without any interference from third parties. Regarding Binance Exchange and Bank accounts, it seems that they are almost similar, only distinguishing Binance Crypto and Fiat Banks. Binance Exchange is a centralized Exchange that is still under the government, will not have full control over assets stored on Binance Exchange. It is not recommended to keep everything.

[Bhig Daddy]

It's possible that you can see the structure where your bank is located, but your money isn't there, thus you can't see it. The numbers next to your name are visible. Your funds are given to other people as credit. Your bank, mine, and nearly every other bank would experience severe difficulties in the event of a bank run. Even yet, the funds are insured, and they adhere to stronger rules than services like Binance, which have a history of relocating to other countries after being expelled from several of them.

[savetheFORUM]

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?

My bank and Binance both are centralized, so I would definitely trust my bank more, but it is about trust, and not liking. Banks of course charge you for their service, card fees, SMS fees, and a lot more every year, there is nothing like that in Binance, so I like that thing more about Binance than my bank. But when it comes to keeping my funds, I would definitely trust my bank more than Binance, and then a hardware wallet more as you said.

Though it's understandable that they are controlling, not very convenient at times, costly for transactions, etc. but banks have been around for decades, and that obviously makes them more trusted.

[DevFile90]

Since you need your bank to receive or withdraw Fiat, isn't that enough reason why a bank should be the winner here? Even if you can store your Fiat on Binance exchange there is no way to turn them into real cash and withdraw, for me I will go with the bank. Mind you, crypto assets are a lot safer in your hardware wallet, even a hot wallet is safer than centralized exchanges and banks.

[passwordnow]

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?

Well, with the banks we can't exchange our crypto holdings whilst with Binance we can use them and exchange our cryptos into fiat. That's my analogy on why I'll choose Binance over a bank if there's really no other choice to make. I do like some of the banks but the fact that they're just really for safe keeping, even if that's the main reason for putting your money there, trust no one. They're all centralized, they can freeze your money anytime as they wish and reason out that you've got a red flag on them.

[Peanutswar]

If you know how the bank works I guess that's the time you invest too, if I will choose it depends if you know how the banks do with your money and know their perks you can enjoy the benefits of its when it comes of storing with your money in banks it has a low annual interest that grows with your assets, in cryptocurrency, there's a ride with the market volatility so much more risk even the stable coins drops recently like the USDT and the USDC but in banks seems to take time to move. If storing your assets ill go for the banks if in the fiat currency, but in crypto ill stick with the hardware wallet and letting those exchange as only a tool.

[asawale]

Almost every cryptocurrency investors will choose Binance over a commercial bank account because of the nature of their investments. Binance makes converting your cryptocurrencies into fiat currencies with ease even in the cryptocurrency banned countries through the use of peer to peer trading.

On the other hand, the country you're from and the banking service and insurance in your country matters. In some African countries, scammers can do some manipulation to compromise your banking security and steal your fund. Inasmuch you're unable to prove that the fault of losing your fund is from the bank, it means your funds are gone. But in binance, ones your account security is carefully taken care of by you, your funds will be safe from the scammers

[Eternad]

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.

Banks of course. You can sue bank if ever your funds was loss and they have legal obligations to protect your money. FDIC insurance is more trsuted that CZ safu insurance funds because everything can crumble on Binance once it was crackdown like what happened on FTX while banks can be saved like what happened on Silicon Valley Banks that bailout by the government.

CEX and Bank are centralized but the only difference was CZ is running from the law for unknown exact reason while banks is fully compliant so rest assured you can recover your funds when shit happened as long as your money is in the range of FDIC insurance. To be clear, Both bank and CEX can’t be trusted, I’m just answering based on the given option.

[BD Crypto]

Between Bank and Binance Exchange I will trust Bank more because it's security is far better than Binance in my opinion. Because Binance is a centralized exchange and it may be hacked anytime and also may be demolished by own like ftx. So Banks are safer than any centralized exchanges. I will suggest to choose decentralized exchanges which is the safest crypto exchanges.

[rozak]

Between Bank and Binance Exchange I will trust Bank more because it's security is far better than Binance in my opinion. Because Binance is a centralized exchange and it may be hacked anytime and also may be demolished by own like ftx. So Banks are safer than any centralized exchanges. I will suggest to choose decentralized exchanges which is the safest crypto exchanges.

Aren't the two of them supposed to be different? when it comes to the level of security, banks that are backed by the government are safe enough to store fiat. while a bank managed by a company may go bankrupt. so is Binance, use it for trading, not for storing assets. Binance does get hacked, we can see that in the past. but they try their best to return the losses experienced by their members.
of the two, it is better to use it functionally. Banks for storing fiat and digital transactions using fiat. whereas exchanges like Binance for our trading. and a hardware wallet to store our assets.

[Sanitough]

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.   

We should not be surprised about it as banks have its purpose to lend our money to other clients so that they can make profits from it. However, I would not chose any of them as both are centralized and have give us no privacy from storing our funds. But when asked where it’s safer to save fiat , I would say it’s banks as they remain reputable over the years, unlike Binance that it could be hack one of these days and lost all our coins we saved there. With what happened yo FTX, I don’t think centralized exchanges are still reliable enough.

[Russlenat]

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?

Well, with the banks we can't exchange our crypto holdings whilst with Binance we can use them and exchange our cryptos into fiat. That's my analogy on why I'll choose Binance over a bank if there's really no other choice to make. I do like some of the banks but the fact that they're just really for safe keeping, even if that's the main reason for putting your money there, trust no one. They're all centralized, they can freeze your money anytime as they wish and reason out that you've got a red flag on them.

Right, both are centralized that’s why we should’ve not trusted them from the start. But if there’s one that I think is quite safer, I believe it’s the bank. Though with small interest, I can still safely put my money in it without fearing that it will be gone or hack in the future. Unlike Binance, there is fear always that it might follow the path of FTX, eve if we know it’s a reputable and reliable exchange.

[Botnake]

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.

I think if we really intend to  safekeep our fiat and crypto forever, banks and Binance will never be reliable for that. They’re both centralized which means our funds will no longer be considered ours but theirs. But maybe, people will never learn actually and still continue to trust Binance and banks for their fiat and crypto, but expect that if these two will crash in the future, I don’t think these people will be able to trust them again.

[hatshepsut93]

Of course I will choose bank account, banks are actually regulated and have to follow the law. In my country many banks guarantee return of up to certain sum in case a bank collapses. Also banks don't close your accounts and keep the money like exchanges do, they are legally required to let you withdraw your funds. And Binance isn't even operating fully legally in most of the world, so if it collapses it would be unlikely to return all your money, even fiat.

[Cantsay]

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 you're taking about saving or perhaps where to keep my money for a long period of time then I might have to go for bank.
When it comes to centralized exchanges I'm scared to leave coins that I'm not actively using to trade, not after what we experienced with FTX anyone who's still willing to leave their money in centralized exchanges need to be checked mentally.
Yeah, I know banks do charge some certain fee like monthly maintenance fee, debit card fee etc but yet if anything should happen at least you'll have someone to blame it one and you might be lucky enough to get your money back from the bank but unlike Binance if something expected should happen you won't have anything to do against them(Binance) all that you'll be able to do is to pray that a better resolve is found that will be in your favour that's all.

[MIner1448]

Like any investment strategy, choosing between using a hardware wallet, a bank account, or a cryptocurrency exchange depends on your individual needs and your level of comfort with risk.
If you trust a hardware wallet more than your bank account, then this might be a good choice for storing your cryptocurrencies. Hardware wallets offer a higher level of security as they store your cryptocurrencies offline rather than on an internet-connected device, making them less vulnerable to hacker attacks.
On the other hand, cryptocurrency exchanges such as Binance can provide a wider selection of cryptocurrencies and provide a fast and convenient trading experience. However, like any exchange, they can be subject to cyberattacks and security issues.

[yudi09]

-snip-

Banks set up to store fiat. Exchanges are created for buying and selling crypto coins. Hardware is created and designed to hold the coins.
All are in their respective functions of the 3 objects mentioned in this topic.

As for who to trust? I leave it up to each user because so far I have placed each of the three (banks, exchanges and hardware) in their respective functions.
And yes. Don't store coins on exchanges. Delete all important data on devices that can be accessed by them such as email and so on.