Is Binance Safe or Will I get Hacked?

**lonegambler23** · 07-19-21, 10:57 PM

nothings safe

**asiagambler** · 07-19-21, 11:24 PM

I would stay away from Binance, even the US site

**Wrongside** · 07-19-21, 11:36 PM

Didn't Binance already do their US customers very dirty?

**Goat Milk** · 07-19-21, 11:50 PM

Originally posted by asiagambler

I would stay away from Binance, even the US site

Reason?

**Goat Milk** · 07-19-21, 11:50 PM

Originally posted by Wrongside

Didn't Binance already do their US customers very dirty?

How so?

**sosawestbrook** · 07-20-21, 02:44 AM

its a trusted exchange for trading but you dont ever want to keep your crypto assets on there
look into a hardware wallet like Ledger or Trezor

**jjgold** · 07-20-21, 05:54 AM

coins dead Goat

What are you trying to accomplish?

**biggie12** · 07-20-21, 11:43 AM

Originally posted by Goat Milk

Reason?

it is the safest exchange you can be on. None of these guys know what they are talking about

**mngambler** · 07-20-21, 11:49 AM

safe to trade on, I've been using it for 4 years without a single issue, I wouldn't keep coins on any centralized exchange for extended periods of time tho, look at the Ledger Nano S, they're only like $60 and very secure place to store your private keys for extended periods.

**jjgold** · 07-20-21, 11:51 AM

Originally posted by biggie12

it is the safest exchange you can be on. None of these guys know what they are talking about

**bigtymer56** · 07-20-21, 11:54 AM

Originally posted by biggie12

it is the safest exchange you can be on. None of these guys know what they are talking about

Appears regulators are targeting Binance.

reuters.com

https://www.reuters.com/world/china/crypto-exchange-binance-not-authorised-italian-regulators-say-2021-07-15/

If your not in one of those countries, Binance is as "safe" as any exchange can be.

**MrSink** · 07-20-21, 11:59 AM

#1 exchange , no reason to worry , 2 step authentication for every move and you are good to go ,

**mngambler** · 07-20-21, 12:02 PM

it's cute watching the 'no-coiners' attempting to know what they are talking about when it comes to crypto

**Wrongside** · 07-20-21, 12:23 PM

Originally posted by Goat Milk

How so?

I thought Binance was not allowed for US customers?

When this decision was made, those with money in Binance lost what they had in it. You want to be associated with that typed of company?

**biggie12** · 07-20-21, 12:43 PM

Originally posted by Wrongside

I thought Binance was not allowed for US customers?

When this decision was made, those with money in Binance lost what they had in it. You want to be associated with that typed of company?

they never lost anything us customers had to either withdraw or change to binance.us

**Optional** · 07-20-21, 12:54 PM

No need to take the risk of letting anyone else hold your funds longer than necessary when you can hold it in your own wallet with only you to trust not to lose it.

But probably not much need to worry about Binance any more than any other major exchange either.

**raiders72001** · 07-20-21, 01:13 PM

Originally posted by Wrongside

I thought Binance was not allowed for US customers?

When this decision was made, those with money in Binance lost what they had in it. You want to be associated with that typed of company?

Binance.com banned US but Binance.us works. I use both. Binance.us allowed me to trade but locked my funds up for months. They did unlock it after I sent them a self video and bank statement. Binance.com is relaxed on KYC and a VPN will work. Google authenticator will keep your account from being hacked.

**asiagambler** · 07-20-21, 01:22 PM

Originally posted by Goat Milk

Reason?

Seems I have higher standards than most but I don't like recommending an exchange that's being globally targeted by financial regulators

Funny thread

**mngambler** · 07-20-21, 01:28 PM

Originally posted by Wrongside

I thought Binance was not allowed for US customers?

When this decision was made, those with money in Binance lost what they had in it. You want to be associated with that typed of company?

lol no they didn't...guys if you don't know what you're talking about it's best just to not respond with bad information, i've been in crypto full time for 4 years, if you have a question just ask

**asiagambler** · 07-20-21, 01:57 PM

If an exchange is so "safe"..... then why do some people insist that you don't keep your assets there ?

**biggie12** · 07-20-21, 02:07 PM

Originally posted by asiagambler

If an exchange is so "safe"..... then why do some people insist that you don't keep your assets there ?

It's always safer to hold your cyrpto offline on a hardware wallet.

There is reasons like staking why you would want to hold on binance. Binance is the safest exchange your funds can be on

If you look through some whale wallets on bscacan they are holding 7 8 digits on binance. These are not even the big players.

**mngambler** · 07-20-21, 02:11 PM

Originally posted by asiagambler

If an exchange is so "safe"..... then why do some people insist that you don't keep your assets there ?

because with crypto unlike cold hard cash or precious metals the 'key' to your vault/$ is best kept in your hands and that is what you are doing when you use a hardware wallet. When you keep coins on an exchange someone else is holding the 'key' for you, and yes Binance has proven to be very safe but at the end of the day for long periods of time wouldn't' you rather hold your own key? it's the safest and trust me most people can't handle the responsibility so it's not for everyone I will agree.

**asiagambler** · 07-20-21, 02:12 PM

Originally posted by biggie12

It's always safer to hold your cyrpto offline on a hardware wallet.

There is reasons like staking why you would want to hold on binance. Binance is the safest exchange your funds can be on

Is it really though ? What's the likelihood someone loses their keys ? Theft ? Natural disaster ?

And why do you say Binance is the safest exchange to keep your funds ?

Keep in mind binance.com is technically not legal to use in the USA which I believe the OP is based in but for the sake of argument, let's assume a country where it is legal to use

**MrSink** · 07-20-21, 02:13 PM

Originally posted by asiagambler

If an exchange is so "safe"..... then why do some people insist that you don't keep your assets there ?

I see you are really trying to make some efforts to disinform big on those crypto threads . if you are really trying to help poster here with your answer how about making it informative instead of just random laughs

to clear things out , goat , whenever you are holding any crypto on centralized exchanges ( like binance , kraken , coinbase etc ) you are not in possession of your crypto . it is just like you are holding account in bank and you just see numbers . in case bank is down you do not have your money . it is same with crypto , exchange is down you cannot access your funds , unless you withdraw your provate keys into wallet .

however to obtain assets it is the most convienient to get them from most reliable exchanges ( like binance , coinbase , kraken and so on ). it is harder to get them from decentrialized exhanges , also probably more expensive and you need to put more hustle into it . So I believe it is safe to say binance as #1 exchange in traffic is very reasonable way to go . also goat you asked about 2 way authenticator and I know it is there and it is making it very hard to hack any account.

there is possibility of exhange being down . we had situation like that in the history with MtGox being biggest exchange at that time and still peoples funds are frozen . so if you do not want to make any transaction after buying you can put coins into wallet and leave them there . however if you want to make any transactions , it is way more convienient to keep money at hand at exchange

regarding those binance accusations , most of them are towards futures , and regulations that investing on leveraged options are only for saavy investors . this is for example uk binance case and it is not toward spot accounts in uk in general .

**asiagambler** · 07-20-21, 02:16 PM

Originally posted by mngambler

because with crypto unlike cold hard cash or precious metals the 'key' to your vault/$ is best kept in your hands and that is what you are doing when you use a hardware wallet. When you keep coins on an exchange someone else is holding the 'key' for you, and yes Binance has proven to be very safe but at the end of the day for long periods of time wouldn't' you rather hold your own key? it's the safest and trust me most people can't handle the responsibility so it's not for everyone I will agree.

What if you lose your keys ? Theft ? Natural disaster ?

If an exchange is completely totally safe as you say, then wouldn't you want to keep your funds there where it's completely totally safe as opposed to holding it yourself where there is a small but real chance of losing everything ?

**asiagambler** · 07-20-21, 02:20 PM

Originally posted by MrSink

I see you are really trying to make some efforts to disinform big on those crypto threads . if you are really trying to help poster here with your answer how about making it informative instead of just random laughs

to clear things out , goat , whenever you are holding any crypto on centralized exchanges ( like binance , kraken , coinbase etc ) you are not in possession of your crypto . it is just like you are holding account in bank and you just see numbers . in case bank is down you do not have your money . it is same with crypto , exchange is down you cannot access your funds , unless you withdraw your provate keys into wallet .

however to obtain assets it is the most convienient to get them from most reliable exchanges ( like binance , coinbase , kraken and so on ). it is harder to get them from decentrialized exhanges , also probably more expensive and you need to put more hustle into it . So I believe it is safe to say binance as #1 exchange in traffic is very reasonable way to go . also goat you asked about 2 way authenticator and I know it is there and it is making it very hard to hack any account.

there is possibility of exhange being down . we had situation like that in the history with MtGox being biggest exchange at that time and still peoples funds are frozen . so if you do not want to make any transaction after buying you can put coins into wallet and leave them there . however if you want to make any transactions , it is way more convienient to keep money at hand at exchange

regarding those binance accusations , most of them are towards futures , and regulations that investing on leveraged options are only for saavy investors . this is for example uk binance case and it is not toward spot accounts in uk in general .

So you say binance is the "safest" exchange because it is #1 in volume and then mention Mt. Gox in the very next sentence

You're the one providing random laughs if you ask me

There is nothing I've said to misinform anyone. I gave my opinion on binance, you many not like it but it's my view given the current situation

**mngambler** · 07-20-21, 02:36 PM

Originally posted by asiagambler

What if you lose your keys ? Theft ? Natural disaster ?

If an exchange is completely totally safe as you say, then wouldn't you want to keep your funds there where it's completely totally safe as opposed to holding it yourself where there is a small but real chance of losing everything ?

I have my keys (seed phrase) memorized, it's 12 random words so it's easy to do, then I have my hardware wallet in a safe deposit box, and another backup in another safe deposit box, I've thought of everything and hold the keys to my wealth which too answer your question is why I don't need binance to hold it for me, again this is not for everyone, do your own research and know the risks

**asiagambler** · 07-20-21, 02:47 PM

Originally posted by mngambler

I have my keys (seed phrase) memorized, it's 12 random words so it's easy to do, then I have my hardware wallet in a safe deposit box, and another backup in another safe deposit box, I've thought of everything and hold the keys to my wealth which too answer your question is why I don't need binance to hold it for me, again this is not for everyone, do your own research and know the risks

Well seems you keep missing the point that if binance is the safest exchange in the world then you don't have to worry about keeping your funds there

**MrSink** · 07-20-21, 02:54 PM

Originally posted by asiagambler

So you say binance is the "safest" exchange because it is #1 in volume and then mention Mt. Gox in the very next sentence

You're the one providing random laughs if you ask me

There is nothing I've said to misinform anyone. I gave my opinion on binance, you many not like it but it's my view given the current situation

this is my last post here . I just do not care in involving into fights . I think my post is informative enough . Yes, I think just because it is #1 in volume that means it is one of the safest in environement . maybe not #1 , not #2 , but in the top safest . saying it is unsafe is just nonsense. I put Mtgox story in another acapit for fighters like you , it is another subject . the moral of the story is that even #1 exchange could be down and cause some trouble , and it d happenened in the past , so you always should be aware about risks . not sure what is random laugh in my post

**asiagambler** · 07-20-21, 03:05 PM

Originally posted by MrSink

this is my last post here . I just do not care in involving into fights . I think my post is informative enough . Yes, I think just because it is #1 in volume that means it is one of the safest in environement . maybe not #1 , not #2 , but in the top safest . saying it is unsafe is just nonsense. I put Mtgox story in another acapit for fighters like you , it is another subject . the moral of the story is that even #1 exchange could be down and cause some trouble , and it d happenened in the past , so you always should be aware about risks . not sure what is random laugh in my post

Of course you should always be aware about risks. If you didn't notice, I'm the only one that brought up risks here whereas everyone else just parrots the same thing "BINANCE SAFEST EXCHANGE IN THE WORLD BECAUSE I USE IT AND I WANT NUMBER TO GO UP BUT OH BY THE WAY, ITS NOT SAFE ENOUGH TO KEEP YOUR ASSETS THERE AND OH BY THE WAY IT MAY NOT EVEN BE LEGAL TO USE WHERE YOU ARE AT BUT ITS FINE ITS STILL SAFE"

**biggie12** · 07-20-21, 06:00 PM

Originally posted by asiagambler

Of course you should always be aware about risks. If you didn't notice, I'm the only one that brought up risks here whereas everyone else just parrots the same thing "BINANCE SAFEST EXCHANGE IN THE WORLD BECAUSE I USE IT AND I WANT NUMBER TO GO UP BUT OH BY THE WAY, ITS NOT SAFE ENOUGH TO KEEP YOUR ASSETS THERE AND OH BY THE WAY IT MAY NOT EVEN BE LEGAL TO USE WHERE YOU ARE AT BUT ITS FINE ITS STILL SAFE"

I have over six figures on binance.com I am not worried even after they have announced its banned in Ontario since beginning of july. I still trade daily on the platform with no problems. have to withdrawl by December. When December comes I'll withdrawl and move to binance.ca

Everyone is entitled to their own opinion. IMO binance is the safest exchange out there.

**asiagambler** · 07-20-21, 06:12 PM

Originally posted by biggie12

I have over six figures on binance.com I am not worried even after they have announced its banned in Ontario since beginning of july. I still trade daily on the platform with no problems. have to withdrawl by December. When December comes I'll withdrawl and move to binance.ca

Everyone is entitled to their own opinion. IMO binance is the safest exchange out there.

Ok so you feel it's safe because you personally have money in there and aren't worried. Fine. I'm simply giving OP a reason why it might not be safe

**Yulia74** · 07-20-21, 06:34 PM

i think many exchanges now use aws - amazon web services

**Wrongside** · 07-21-21, 05:46 PM

Thanks. I was hasty, but it was more of a question -- what is the best way to get funds from a locked account to binance.us now?