Hello!
I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?
Thanks!
I have about $600 worth of various Cryptos on Binance. I have two-factor Authentication enabled (meaning I have to get a code from the Google Authenticator App on my phone). Is it safe to just store the coins on the exchange? That way it will be easier when I go to sell them and I don't have to keep paying fees for transferring them in and out. I realize that it's not normally advised, but with two-factor authentication enabled, does that change anything?
Thanks!
There is no single exchange where your funds are 100% safe. A lot of things can go wrong there. They can get hacked/ regulated/ steal your funds and so on and so on. An authenticator won't save you from that. Therefor i suggest you to create a cold storage wallet or perhaps a hard wallet, like the ledger for example, and store your long term coin on there. To trade your coins, you have no other choice than using exchanges i am afraid. However there are some decentralised exchanges out there nowadays, like idex/etherdelta and so on. Maybe something to look into.
Enjoy your crypto adventure
