Is Binance really a bad option

Wallets and Exchanges
1

I have seen a lot of comments lately saying that they have high fees and might be trying to trick people into selling their Bitcoin. They also seem to have legal issues. If they are a bad option, can you suggest any reliable apps

2

I have never had any issues with them and their support is really good for a big exchange

3

Just don’t keep your money on a centralized exchange. Buy your coins and move them to your own wallet.

4

Cassian said:
Just don’t keep your money on a centralized exchange. Buy your coins and move them to your own wallet.

What about earning interest? Isn’t it better to use some Bitcoin instead of just holding it

5

@Noe
That’s up to you, but remember this: if it’s not in your wallet, it’s not really your money.

Many people, including myself, learned that lesson when FTX failed.

6

Cassian said:
@Noe
That’s up to you, but remember this: if it’s not in your wallet, it’s not really your money.

Many people, including myself, learned that lesson when FTX failed.

Good advice, I will keep that in mind. Is a hot wallet like MetaMask a good choice, or should I invest in a cold wallet

7

@Noe
Cold wallets are better

8

I have been using Binance for a while now. I think they are good. The platform is solid and their APIs are among the best

9

The best security practice is to trust no one. Don’t keep your crypto on exchanges. Use DEXs when you can

10

Keelan said:
The best security practice is to trust no one. Don’t keep your crypto on exchanges. Use DEXs when you can

Are the fees lower on DEXs

11

Arun said:

Keelan said:
The best security practice is to trust no one. Don’t keep your crypto on exchanges. Use DEXs when you can

Are the fees lower on DEXs

It depends on the DEX and what you’re buying, but usually, yes, they are cheaper compared to Coinbase. I’m not sure about Binance since it’s not available in my country

12

@Keelan
What DEXs do you recommend? I dislike KYC

13

@Keelan
Are you from Canada

14

They’re fine, except for that whole trading against their customers thing

15

Maddox said:
They’re fine, except for that whole trading against their customers thing

Wait, what do you mean

16

Ridge said:

Maddox said:
They’re fine, except for that whole trading against their customers thing

Wait, what do you mean

They have been doing that for a long time. No one stops them. Then they got hit with huge fines, which will hurt their cash flow a lot. Trading on their platform can be really frustrating.

17

@Maddox
I traded on there for two years before they stopped operations in Canada

18

I don’t think Binance is a bad option. I would recommend being careful with things you don’t understand

19

BlackRock is trying to buy up as much Bitcoin as possible. Whatever their reasons, it can’t be good

20

I think Binance is the best of a bad situation.
I keep my main portfolio in cold storage and only a small amount in a centralized exchange for staking or trading. But that’s only about 10% of my total. If I have to choose a centralized exchange, I believe Binance is the safest option