<blockquote>
<p><strong>would it be more secure to transfer them to a hardware wallet</strong></p>
</blockquote>
<p>Yes.</p>
<p>Many times, major exchanges go bust are hacked or founders disappear with the money. Cryptocurrency exchanges are not well regulated despite what many claim. There are no government safety nets for investors and creditors of cryptocurrency exchanges.</p>
<p>The risk with a cold wallet is that you fail to make backups, fail to store a recovery phrase in physical form in a separate location and fail to make provision for family to recover money should you become unable to, through illness, injury or death.</p>

CC BY-SA 4.0
2024-11-16T11:35:30.843Z
I am also concerned about government safety nets for investors and creditors of cryptocurrency exchanges. Thank you for your reply.
Andrey I.
CC BY-SA 4.0
2024-11-16T10:32:25.957Z
2024-11-16T10:32:25.957Z
RedGrittyBrick
<p>I’ve been using Binance to trade and store my cryptocurrencies, but I’m unsure if it's the safest option in the long term. I’ve heard that exchanges can be vulnerable to hacks or other risks. Should I keep my assets on the exchange, or would it be more secure to transfer them to a hardware wallet or other type of cold storage?</p>

<wallet><binance>
Binance or cold wallet?
Andrey I.
# Binance or cold wallet?

(Asked by: username_0 on 2024-11-16)

I’ve been using Binance to trade and store my cryptocurrencies, but I’m unsure if it's the safest option in the long term. I’ve heard that exchanges can be vulnerable to hacks or other risks. Should I keep my assets on the exchange, or would it be more secure to transfer them to a hardware wallet or other type of cold storage?

**Tags:** wallet, binance


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## 1 answers

### Answer by username_1 on 2024-11-16. Score: 1 | Accepted answer

> **would it be more secure to transfer them to a hardware wallet**

Yes.

Many times, major exchanges go bust are hacked or founders disappear with the money. Cryptocurrency exchanges are not well regulated despite what many claim. There are no government safety nets for investors and creditors of cryptocurrency exchanges.

The risk with a cold wallet is that you fail to make backups, fail to store a recovery phrase in physical form in a separate location and fail to make provision for family to recover money should you become unable to, through illness, injury or death.

> **Comments:**
> **username_0**: I am also concerned about government safety nets for investors and creditors of cryptocurrency exchanges. Thank you for your reply.  

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