Some questions about binance and crypto

S

skrlte

Regular Member
Joined
Feb 4, 2020
Messages
475
Reaction score
71
Hey guys i have some questions about binance and crypto in general:

1. Is binance one of the most trusted websites to keep your crypto in? It has a good reputation and i can safely hold my money in this platform right?

2. What is the most safest/secured cryptocurrency to hold in Binance? I mean cryptocurrency which cannot drop huge so i won't earn from it anything, but also won't lose. Is it USDC ?

3. If i need to do a lot of payments online via crypto, what is the cost of exchanging my crypto from USDC to other crypto each time i need to make a payment?

4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
 
Advertise on BHW
1. It's not suggested to keep huge sums of crypto in any online platform whatsoever. In the past, there have been hacking attacks, scam attempts or alike on "reputated platforms". For storing purposes, cold wallets are best. But to be fair, Binance is well-known and for your goals (subjective implication) it should be sufficient.
2. If anyone could actually predict that... Every currency is prone to fluctuations - especially crypto currencies.
3. You can look up the Binance fees on the respective trading page.
4. Strongly depends on your intentions. For example, Bitcoin is very wide-spread and known and might be the only accepted currency in the store you intend to buy in. Though payments might be slower than other crypto networks.
 
skrlte said:
Hey guys i have some questions about binance and crypto in general:

1. Is binance one of the most trusted websites to keep your crypto in? It has a good reputation and i can safely hold my money in this platform right?

2. What is the most safest/secured cryptocurrency to hold in Binance? I mean cryptocurrency which cannot drop huge so i won't earn from it anything, but also won't lose. Is it USDC ?

3. If i need to do a lot of payments online via crypto, what is the cost of exchanging my crypto from USDC to other crypto each time i need to make a payment?

4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
Click to expand...
1 . Yes is trusted company but if you have big amounts and if you hold only stable coin i recommend you to buy cold wallet like Trezor and you have all time in safe your coins

2. USDC is the safest for me but for transfer feee is high like 10-25$ per transaction

3. The cheapest stable coin for making payment is USDT TRC20 or LTC have lowest fee

4. Usdt trc20 or Ltc
 
Binace is safe, btc is the safest crypto currency.
 
1. It’s not the question of how big or small the amount is, it’s what amount matters to you. For some people, it can be a few hundred dollars and for some, the threshold might not come until a few million. So put what you can afford to lose. You shouldn’t worry much about Binance’s security or reliability. Agreed there were previous instances where reputable online wallets got hacked, but the crypto wallets came a long way since then. And when it comes to Binance, it’s one of the most secured and trusted online wallets.

Now, if you are the paranoid type, then yeah go for a local cold wallet by any means. I’m the one and I use a cold wallet for myself for even the tiniest crypto amount.

2. On any day, it’s the old-school bitcoin, strictly in my opinion.

3. Bitcoin is the best choice (imo) for investment purposes, not that much for regular and frequent payments, especially when the amount is small. For that, look for the options like Litecoin, a fairly stable coin with possibly one of the lowest transaction fees I have seen.

4. Litecoin. There are even cheaper options though, but I don’t think those are as widely accepted as Litecoin.
 
Most of the reputed members here on bhw are using binance.
 
skrlte said:
Hey guys i have some questions about binance and crypto in general:

1. Is binance one of the most trusted websites to keep your crypto in? It has a good reputation and i can safely hold my money in this platform right?

2. What is the most safest/secured cryptocurrency to hold in Binance? I mean cryptocurrency which cannot drop huge so i won't earn from it anything, but also won't lose. Is it USDC ?

3. If i need to do a lot of payments online via crypto, what is the cost of exchanging my crypto from USDC to other crypto each time i need to make a payment?

4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
Click to expand...
1. Yes, for now. But remember what happened to Mtgox a few years back.
2. BUSD/USDC/USDT. All of these are tied to dollar, and are stable. But then again, anything and everything can become a scam one day.
3. Depends on the volume. For normal (vip0) accounts, it is 0.1% maker/taker fee. When paying, if you pay another binance account; the fees are reversed afik (never tried). If paying an outside network, the fees depends on the network. Generally avoid ETH and BTC networks. Their gas fees are too high.
4. USDT/BUSD/USDC - as they are stablecoins.
 
Only a newbie holds cryto in an online exchange.
Better to hold in wallet where only you will be in custody of your private keys.
 
Jefferychinedu said:
Only a newbie holds cryto in an online exchange.
Better to hold in wallet where only you will be in custody of your private keys.
Click to expand...
It depends. For example, there's no point holding BUSD in an offline wallet. If binance truns into shit, so does busd. Better save the fees and keep it with binance only.
 
skrlte said:
4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
Click to expand...
It depends on which network you want to transfer the crypto If you want to transfer BUSD to any BSC network it's free (any amount) and BEP20 also has fewer fees but ERC20 Token has higher fees.
 
If whole crypto market goes red, the best one to hold while you wait is PAXG coin. PAXG = gold coin backup by real gold asset regulated by the New York State Department of Financial Services, PAXG is also approved and regulated by the DFS and fully-backed by allocated gold held in the most secure, leading vaults in the world. Usually when crypto or stocks market goes red, gold goes green. I learned this from coin bureau.
 
Hey guys, if i secure my binance account with phone verification and i lose my phone with a number, won't i recover the funds? Same for the email. If i lose access to an email, won't i be able to recover the money? That's why im afraid holding money in binance cause i can lose it if i lost my phone for example... So let me know about it thanks
 
skrlte said:
Hey guys, if i secure my binance account with phone verification and i lose my phone with a number, won't i recover the funds? Same for the email. If i lose access to an email, won't i be able to recover the money? That's why im afraid holding money in binance cause i can lose it if i lost my phone for example... So let me know about it thanks
Click to expand...
You can contact the support, show them id and get the funds.
 
Jefferychinedu said:
Only a newbie holds cryto in an online exchange.
Better to hold in wallet where only you will be in custody of your private keys.
Click to expand...
Many people hold small amounts. Exchange like binance is very safe.
 
onlinemarketer12 said:
Many people hold small amounts. Exchange like binance is very safe.
Click to expand...
Binance is actually one of the sketchiest big exchanges right now. So many people have money stuck in “limbo” because Binance won’t allow them to withdraw their own fiat or crypto.

I have a lot more trust in coinbase and kraken. But ultimately.. if you don’t own the keys you don’t own the coins. Depends on how much you are willing to risk for convenience.
 
skrlte said:
Hey guys i have some questions about binance and crypto in general:

1. Is binance one of the most trusted websites to keep your crypto in? It has a good reputation and i can safely hold my money in this platform right?

2. What is the most safest/secured cryptocurrency to hold in Binance? I mean cryptocurrency which cannot drop huge so i won't earn from it anything, but also won't lose. Is it USDC ?

3. If i need to do a lot of payments online via crypto, what is the cost of exchanging my crypto from USDC to other crypto each time i need to make a payment?

4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
Click to expand...
I'll answer no.4 . Litecoin and tether have the less fees
 
skrlte said:
Hey guys i have some questions about binance and crypto in general:

1. Is binance one of the most trusted websites to keep your crypto in? It has a good reputation and i can safely hold my money in this platform right?

2. What is the most safest/secured cryptocurrency to hold in Binance? I mean cryptocurrency which cannot drop huge so i won't earn from it anything, but also won't lose. Is it USDC ?

3. If i need to do a lot of payments online via crypto, what is the cost of exchanging my crypto from USDC to other crypto each time i need to make a payment?

4. Which crypto is the best if i need to make payments daily: bitcoin, ethereum, tether, litecoin ?
Click to expand...
1. No
2. USDC/DAI
3. Very low, conerting them to the currency you are paying with it cheap. The cost is the withdrawal process, that's where they make bank.
4. Depends on who is accepting it. USDC to TRC is very fast and cheap but not a lot of people accept it. BCH/BTC is good.
 
Nothing is safest. You need to do your due diligence. Is Binance safest ? Is this coin safest looks like a dumb questions to me. The exchange is famous. That's it. Use at your own risk.
 
I bought an account at veritura for intermediate verified Binance and so far I didn't have any issue, so I believe binance is safe.
 
Advertise on BHW
You must log in or register to reply here.
Sign up now!

Main Menu

Home Main Forum List Black Hat SEO White Hat SEO BHW Newbie Guide Blogging Black Hat Tools Social Media Downloads

Marketplace

Account Selling Content / Copywriting EBooks / Methods Hosting Misc Proxies For Sale SEO - Link building SEO - Packages Social Media Social Media - Panels Web Design More

Making Money

Affiliate Programs Hire a Freelancer IM Journeys Making Money Pay Per Click Site Flipping Want to Buy

BlackHat World

Dispute Resolution Forum Suggestions & Feedback Introductions Lounge
Back
Top