Is it risky to keep my money on Binance

@Eastwood
The crypto space will likely get regulated eventually. You could wait for that and for the ETF. If not, I know some traders who vouch for ByBit, but the same risk applies.

Away from crypto: AMP futures - if you’re a good trader, it might be best to avoid crypto for now. There are many safer options.

@Eastwood
With a regulated broker.

@Eastwood
If liquidity matters, Binance is still the best choice.

Yeah, I don’t know, you’d really be asking for trouble.

I took all my money off Binance a year ago because of the CZ situation. I don’t want to hear the CEO making comments about the DOJ, SEC, and CFTC and think I should trust them to hold my crypto.

I have friends who would disagree, but I’m not that risky when I can just put it in a cold wallet after using Binance or a different exchange that’s not in trouble.

This is your typical prisoner’s dilemma. The best case is everyone keeps their money on the exchange and nothing goes wrong. The worst case is that some people pull their money and those who don’t could lose it all. In this case, most people will pull their money, which could lead to a collapse. We’ve already seen $1b leave.

So yes, there is some risk involved. The market seems to be handling it well so far though.

Totally safe, trust me. CZ is an exception;

rayla said:
Totally safe, trust me. CZ is an exception;

Is that supposed to be funny

Eastwood said:

rayla said:
Totally safe, trust me. CZ is an exception;

Is that supposed to be funny

Don’t you think?

It’s like rain on your wedding day.

Douche-coin is for idiots.

Trade on chain. GNS, Mux, gmx

There are other trustworthy brokers that offer Bitcoin Futures and such. Just look for a better deal on commissions, fees, and leverage than Binance can provide.

I moved everything but 1k to trade futures. Everything else is in a cold wallet now.

Where do you think that 4.3 billion dollar fine will come from?

There’s an old saying: Don’t put all your eggs in one basket.

Seems true, especially now.

If you’re worried about security, don’t keep too much on exchanges.

Do your own research and don’t trust anyone.