Hence, storing funds for long-term storage on Binance and any other exchange is a big no.Īs always it’s far safer for you to store your funds on a non-custodial wallet and preferably, a reputable hardware wallet like the Ledger Nano X. With that said, no matter how secure the exchange is, they’re always a hot target for hackers.
Binance is definitely one of those exchanges that are taking their security seriously, and because of that, Binance is a great platform to use for trading cryptocurrencies. Binance’s “ SAFU” fund – Binance stores 10% of the trading fees they received on their emergency insurance fund, supposedly for them to hopefully be able to compensate their users if ever funds get stolen.Binance’s cold storage – Binance holds the majority of their funds on their cold storage, hence the majority of their funds are significantly harder to steal compared to the minority of their funds stored on their hot wallet.
The question though is, is it actually safe for you to leave or hold your coins and tokens on Binance? Binance’s security Binance is currently one of the most used and well known exchanges to buy and sell coins and tokens, and we don’t see that changing any soon.
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