Would You Recommend Investing Binance Pays 9.70% Interest on USDC

[Anderson0077]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

https://postimg.cc/cgTf88QS

[Dr.Bitcoin_Strange]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

https://postimg.cc/cgTf88QS

Avoid storing such a huge amount of money on centralized exchange. It is not 50% safe on Conibase, neither is it safe on Binance exchange too.

In the crypto space, there's a common rules which states, "not your key, not your coin". Which means that when you are not storing your crypto asset in your self custodial, you are not in full control of it and therefore,  you can loss your asset or may not have access to it any time you want it.  Take for example if Binance or Conibase is having some system issues and you really need access to your asset for emergency sake? You can not access your funds at that moment.

[BitMaxz]

The Binance exchange is trusted I'm using it so there's no problem moving your funds to Binance but the problem is keeping assets or funds in online exchanges is not safe its always vulnerable to any online attack but if you still insist and want to take the opportunity to earn 9.70% annually it's a good offer and it's your own choice if you want to risk your USDC to any exchanges.

[Amphenomenon]

I hope are aware of the term not your key not your coin though Binance is still trustworthy and I believe it will be a better option if you're not in US or any country that doesn't have an issue with Binance.
While also I will advise you to DYOR on stacking in a non-custodian wallet like MetaMask and go for the one that's less risky especially since you recently got scammed

[SamReomo]

I have had so many dollars in Binance exchange and none of those were hacked/affected anytime but surely it's always recommended to avoid keeping your money in exchanges or custodial wallets. But, if you're okay to take some risk then I'm sure your money won't get hacked by Binance as that's a trusted platform.

[Zaguru12]

One of the most difficult things for some investors is been there own bank, and that’s the safest option if you ask me, been scammed on atomic wallet might be due to some mistake from your end which is keeping your holdings on an online wallet. I will advice you go for an offline wallet like hardware. But the problem is you won’t be able to stake. The APR for binance is kind of fair but base on the risk to leave your funds under another person’s custody is not worth it. Rather investing on another thing to generate the ROI for you. We can’t be too sure about binance not going to be compromised or collapse

[tabas]

I know that it is attractive to just park your funds on their savings or earn or whatever they call that feature that allows you to interest but, yes there's a but on it. But you don't have the full custody of your $10k once you have deposited it there and I am sure that it is not new to you since you've been doing it with Coinbase Earn. If it's about the interest rate, I'd say that it's fair and fine but the question is, are you willing to do that with the risk that if something unexpected happens to Binance and your funds are there, are you willing to lose it?

[SatoPrincess]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I wouldn’t recommend you keep such a huge amount in an exchange. I only stake BNB on Binance because it’s their coin so there is no point in moving it to my wallet. In case you are wondering why everyone is against storing your coins on Binance or Coinbase, read this:
Topic: Recent events should make everyone withdraw all their coins to their own wallets
Recent events should make everyone withdraw all their coins to their own wallets: Part 2
Recent events should make everyone withdraw all their coins to their own wallets: Part 3

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Do you mind sharing more information on this?

[dkbit98]

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

No this is not a smart move at all.
You are sending your coins to centralized exchange so you don't have control over keys, coins are probably going to be locked, and CZ is currently held hostage in US so anything can happen with Binance.
I don't understand why anyone would hold stablecoins, except for temporary trading instead of using fiat currency, but it's your coins so you can do whatever you want.

[Anderson0077]

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

No this is not a smart move at all.
You are sending your coins to centralized exchange so you don't have control over keys, coins are probably going to be locked, and CZ is currently held hostage in US so anything can happen with Binance.
I don't understand why anyone would hold stablecoins, except for temporary trading instead of using fiat currency, but it's your coins so you can do whatever you want.

Do you mind sharing more information on this?

Atomic Wallet is experiencing issues with its staking and rewards, so I would like to transfer my ATOMs to another crypto wallet.
I followed the instructions given by Atomic Wallet Support to switch to Cosmostation Wallet, which required me to enter my seed phrase.
My ATOMs transferred to Cosmostation Wallet but were immediately transferred out. I never made that transaction.
I contacted Cosmostation Wallet Support and asked them what happened.
They informed me that I must have been talking to a scammer posing as support from Atomic Wallet.
I contacted Atomic Wallet and they said I wasn't talking to a scammer and those links are legit. I lost my funds because my PC must be infected.

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[sokani]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Not a great idea if you ask me. You shouldn't be enticed by the peanut you stand to get by having your funds in a staking pool on either Coinbase or Binance. Remember, not your keys, not your coins. If anything goes south with either of them, you could lose your funds. Instead, why not buy Bitcoin and hodl in your personal wallet? I'm sure if you buy now, you'll double your investment which should be like of 10x what you'll ever get from staking your USDC.

[The Cryptovator]

I will advise you to stop investigating and storing funds on centralised exchanges. I have bad experience with Binance; they take time to resolve, hence I am not writing details. I will wait for their answers before writing in detail. They can suspend your account or freeze funds at any time. So you will lose your funds. When your funds are on centralised exchanges, you don't have control over your funds. Keep this in mind before making any decisions. 

[pooya87]

It depends on you and your financial situation. For example is $10k a big amount of money or is it all the money you have in cryptocurrencies or is it a small percentage of your stash?

You see that makes a huge difference. If it is all your money, then it is a terrible move and you should avoid it because of the risks involved. You could lose it all to a hack or just them deciding to shut your account down or the entire exchange may be shutting  down and/or running away!

But if it is a small percentage of your entire stash, it is not as bad because that reduces the risk. Basically you should do this with an amount of money that you can afford to lose. So you should reduce it if you can't, like investing $1k instead of $10k and be satisfied with the smaller interest that you'd make at a lower risk.

As for Coinbase vs. Binance, they are pretty much similar although Coinbase is slightly safer but both are CEX and very risky and anything can happen to either one of them.

[mk4]

Totally up to you — is 10% annual APY totally worth the exchange risk(exploits, insolvencies)? If it's yes, then go ahead. If not, then obviously don't.

https://chainsec.io/exchange-hacks

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

If you're getting scammed, time to bump up your crypto knowledge.

https://chainsec.io/scams

[Gladitorcomeback]

If you ask about the safety of the platform, I have never heard any complaints about Binance and its staking programs, however, I'm not a very big fan of staking itself and I believe one should rather make investments or maybe start trading after learning the process because it provides better profits. Understandably, trading doesn't work the same way for everyone, but I believe if someone puts in enough effort, they can become a trader eventually.

Trading requires time though, if someone doesn't have enough time, they can go for investments but I wouldn't recommend staking because one thing is you can't believe any platform for such a long term, and second is that you might not be able to withdraw your funds when you need them.

[Apocollapse]

Not sure why you need to stake USDC to earn 9.7% per year when you can earn 1%-3% per every launch pool project, usually they ask to stake for 2-10 days and 1-2 project every month. So you might earn 12%-24% per year.

But you need to swap your tokens since they only accept BNB, FDUSD and TUSD.

[Husires]

Why not invest in Bitcoin, I am sure that the return on investment will be higher than 10% annual APY, and this is 100% for this year, but in bear market years when annual investment in Bitcoin is not postive, then you can invest 60% of USDT in Coinbase to get 5.1% interest and 40% on Binance to get 9.70% which will give you an average closer to 7% which is good.

[Porfirii]

Why not invest in Bitcoin, I am sure that the return on investment will be higher than 10% annual APY, and this is 100% for this year, but in bear market years when annual investment in Bitcoin is not postive, then you can invest 60% of USDT in Coinbase to get 5.1% interest and 40% on Binance to get 9.70% which will give you an average closer to 7% which is good.

That solutions seems reasonable because you are not putting all your eggs in the same basket, but not so good since the fact that he will be keeping all the money in centralized exchanges doesn't change.

Chances are that nothing happens and he gets his 5/7/10% yield, but it isn't worth the risk to me, because 10-20 years are needed to double his money, but just a minute to lose it all. And in so many years many things could happen...

[pakhitheboss]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

I would not recommend anyone to store money on any exchange wallet and that to 10K. The reason being exchange have been vulnerable to attacks in the past and some exchange themselves have scammed users. The latest was FTX exchange where a lot of users lost their investment. If you still want to earn 9.70% interest then beware it is risky but it is your money and your decision.

[Husires]

Chances are that nothing happens and he gets his 5/7/10% yield, but it isn't worth the risk to me, because 10-20 years are needed to double his money, but just a minute to lose it all. And in so many years many things could happen...

What you say is completely correct, but if there was a choice between Coinbase and Binance, the security provided by Coinbase would make 5.1% better than 9.70%.

There is a note that I would like to add, which is that these percentages changes, so by the end of the year the percentage of profits may be much less than 9.70%, and therefore it is a risk that is not worth it, especially if your investment is about 10k USDT.
Buy bitcoin and withdrawal it to air gapped wallet is better