Is it safe to store crypto on Binance? Storing crypto on a safe wallet or keeping it in Binance account has always been one of the most important question of Binance Users. The cryptocurrency exchanges usually recommend to their customers to keep their cryptocurrencies safe on their own online wallet.
Here in shetcoiner website, we survey that is it safe to store crypto on Binance or it could be dangerous?
Is it safe to store crypto on Binance?
One of the most important issues that a lot of Binance or different exchange users have is that they don’t know that should they keep their cryptocurrency in the exchange online wallet or transfer it into a software or hardware or even a paper version when you’re trying to HODL a cryptocurrency.
Security is always one of the most important priorities of Binance exchange, but security is generally a relative. It can be possible that Binance and other exchanges have the highest level of security but one little mistake of not patching the new bugs in the website can cause to people losing all their wallets funds online!
So the best way for keeping a crypto, is to store it on a software or a hardware. Software wallets have higher security level than online wallets and exchanges websites. Also hardware wallets are more secure that Binance online wallet.
In the last few years a lots of cryptocurrency exchanges has been a target for a cyber-attacks and personal hackers or group hackers that are the reason for exchanges getting hacked.
Actually a lot of exchanges tried to pay back the heavy loss of crypto owners on their exchange using insurance and of course their own income. But still there is a blank spot for security in online wallets.
Binance wallets or trust wallet?
Binance Online Wallet is actually an online wallet and can be Manipulated from outside of Binance security standards. But a Trust Wallet (Binance software wallet) can be more confident in terms of internet hacking due to its location on the phones and their higher security.
So try not to keep your fund on Binance and protect it on Trust Wallet or hardware wallet.
