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Binance for holding crypto

T

timewo

New member
AfriCoin
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Increasingly websites are paying users in crypto, so internet users are forced to open an account in the major crypto exchanges. Since coinbase will be shutting down their services for some Asian users, Binance is the only large crypto exchange available for some Asian users. Binance allows users to create addresses for major cryptocurrencies and receive payment. They have a P2P section for exchanging the crypto to fiat or purchasing crypto using fiat. They also offer some passive income through staking, simple earn and other options. There are many features in Binance, and some time is required to understand the different features.

Do members of this forum have a Binance account? If yes for how long have you been using Binance? Do you use Binance for trading or holding crypto, which is the best option for getting passive income from Binance?
 
We all know that Binance is not a wallet but it is only a cryptocurrency trading platform but I think a lot of us are used to putting or keeping our money on binance platform which is not a bad idea because that is also what I do
I think this is because I use it frequently and I find it easier to use than some other platforms
 
Binance is an exchange. A crypto exchange is primarily for trading cryptocurrency and not for holding it. I only keep an amount of crypto that I want to trade within a particular period on exchanges. I know that Binance is trustworthy and strong but it is better to be safe. I have used Binance for years now but I don't keep a large part of my investment portfolio there.
 
After FTX collapsed with a lot of users funds, many people became skeptical of all centralized exchanges. Binance was also very prominent in how the exchange fell, so it started getting attacked.

There's a saying in cryptocurrency, "not your keys, not your coins". If you have anything of significant worth, a centralized exchange isn't the place to keep it no matter how safe it seems.
 
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