Do not keep any crypto on third party platform.

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I lost a small amount of crypto by doing exactly this. It's a good reminder for everyone.
 
This is the third time i see similar thread, do really peoples keep their coins on exchanges ?
 
According to our deposit, I understand that Binance has actual USD in bank, making it a safer platform than others.
 
If you buy crypto,, you should learn about your own keys. Else, you are at the mercy of incompetent companies that can do whatever they want with your funds without you having a word at your funds.
 
LuckyGamble said:
If you buy crypto,, you should learn about your own keys. Else, you are at the mercy of incompetent companies that can do whatever they want with your funds without you having a word at your funds.
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People get carried with words like staking, fixed returns, SIP and all. It is a trap to make you invest.
 
Gogol said:
I fear binance won’t be able to continue much longer without providing customer data to the govts, either.
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Binance already provides Australian customer data to the Australian Government. Most other large exchanges do the same to comply with Australian law.
 
Clare Jane said:
According to our deposit, I understand that Binance has actual USD in bank, making it a safer platform than others.
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How is that making it a safer platform? If Binance users start to unload their margin accounts just kiss you money good bye. They will halt the withdrawals and even the FDISC insured USD will be postponed.
 
It's a well known fact that exchanges can't be trusted. They can screw you over or just bend over in front of the governments. If you even own $500+ crypto, get a hardware wallet.
 
krishnaverma said:
People get carried with words like staking, fixed returns, SIP and all. It is a trap to make you invest.
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Yup, it's all a big circus :D

mrankin said:
Binance already provides Australian customer data to the Australian Government. Most other large exchanges do the same to comply with Australian law.
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Yup, they don't care about user's privacy at all.

jaycewarrior said:
How is that making it a safer platform? If Binance users start to unload their margin accounts just kiss you money good bye. They will halt the withdrawals and even the FDISC insured USD will be postponed.
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Not safer, just compliant with gov policies.

laurensinsta said:
Where to keep it then?
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Cold storage, where you own the keys to your coins.
 
Setox said:
This is the third time i see similar thread, do really peoples keep their coins on exchanges ?
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I do :( I am thinking of getting a ledger wallet soon.
 
krishnaverma said:
https://www.vauld.com/blog/corporate-statement/
Many of my friends were using vauld, they had SIPs there and now they cannot even withdraw. Big lesson for us all. I am sure many on this forum must have used it as well.
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100%, keep your asset to yourself.
 
krishnaverma said:
https://www.vauld.com/blog/corporate-statement/
Many of my friends were using vauld, they had SIPs there and now they cannot even withdraw. Big lesson for us all. I am sure many on this forum must have used it as well.
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That's rule #1 in crypto.
 
I have never felt comfortable keeping money in any 3rd party account (aside from my bank) since the time PayPal closed my account without warning and held my funds for 6 months.

I use electrum desktop wallet. No third party. A cold wallet is probably a better idea. :)
 
The downside to managing your own wallet though is that the security is 100% in your hands and only your private key protects your funds.

So what happens if your computer gets hacked or you get a virus, and someone gets your key? That’s it, funds are gone.

I think there are some benefits to using an exchange as you have protection from their security systems, two factor authentication etc.

But I must admit, all options make me nervous.
 
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