Good evening house, I have a verified binance account this year, however I am new to market, exchange, cryto.

I intend saving my money in USDT in my binance wallet, just like normal bank account. PLS ANY BIG RISK ATTACH WHEN I NEED MY MONEY ANYTIME.

pls what's the advantages and disadvantages, I do not want to loose my money. JUST WANT TO SAVE IN USDT hoping it appreciate just a little , not depreciate drastically

Pls advice

Wish to know too?

. I will advice you to open US stock account with Bamboo, Trove, or Chaka. Buy only ETF like XLK, VOO, SPY or QQQ, you can't go wrong. When you continue to deposit for a period of 10 years, your community will give you a chieftancy title.

I wouldn't want you to put your savings in Since because of regulatory risk.

bestfriday:
Good evening house, I have a verified binance account this year, however I am new to market, exchange, cryto.

I intend saving my money in USDT in my binance wallet, just like normal bank account. PLS ANY BIG RISK ATTACH WHEN I NEED MY MONEY ANYTIME.

pls what's the advantages and disadvantages, I do not want to loose my money. JUST WANT TO SAVE IN USDT hoping it appreciate just a little , not depreciate drastically

Never use binance as a bank.
Don't save money in your binance account even as a day trader, it could be hacked to say the least.
You can invest funds for growth on binance knowing it could also depreciate. But if you know what you are doing you will definitely take profit. Like you buy the crypto and place it to sell automatically when it appreciates to your desired level then you withdraw.
To hedge against the ever depreciating Naira, you can save in CFA/ XOF. The CFA is tied to the Euro so it doesn't fluctuate like the Naira and is legal tender across ALL the francophone west African countries like Bénin, Mali Togo, Burkina Faso to mention a few.
So you can cross the border, acquire a SIM card (at any MTN office and register Momo) and save your spare funds in your Momo account or open a bank account with Orabank or Ecobank in Bénin. But the Momo option is preferable to me as I can easily buy XOf on binance into my Momo account from my bedroom.
Hope this guides you and anyone else in your situation.

civilserva:
. I will advice you to open US stock account with Bamboo, Trove, or Chaka. Buy only ETF like XLK, VOO, SPY or QQQ, you can't go wrong. When you continue to deposit for a period of 10 years, your community will give you a chieftancy title.

I wouldn't want you to put your savings in Since because of regulatory risk.

How do one go about it, any risk involve

Prosperity4All:

Never use binance as a bank.
Don't save money in your binance account even as a day trader, it could be hacked to say the least.
You can invest funds for growth on binance knowing it could also depreciate. But if you know what you are doing you will definitely take profit. Like you buy the crypto and place it to sell automatically when it appreciates to your desired level then you withdraw.
To hedge against the ever depreciating Naira, you can save in CFA/ XOF. The CFA is tied to the Euro so it doesn't fluctuate like the Naira and is legal tender across ALL the francophone west African countries like Bénin, Mali Togo, Burkina Faso to mention a few.
So you can cross the border, acquire a SIM card (at any MTN office and register Momo) and save your spare funds in your Momo account or open a bank account with Orabank or Ecobank in Bénin. But the Momo option is preferable to me as I can easily buy XOf on binance into my Momo account from my bedroom.
Hope this guides you and anyone else in your situation.

.

Thanks bro!!! I appreciate, this one seem interesting, but will my money appreciate a little.

bestfriday:
.

Thanks bro!!! I appreciate, this one seem interesting, but will my money appreciate a little.

If you have the knowledge of what coins to invest in, sure your money appreciates on Binance or Kucoin then you take the portion you are not reinvesting and save it in XOF account to avoid depreciation.