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!
Exchanges have made it easy for crypto investors and other people by creating wallets on their exchanges. It is a good thing, but i usually advice people to get a wallet for their coin because they will have access to the private keys for their wallets. Moreover, some exchanges can be tampered/compromised.
Before a coin can be on a exchange, I believe it will have its own wallet. It is advised that you get a wallet.