Whenever I think of the idea of leaving money in the Crypto exchanges I'm familiar with, regardless of how big or small they may be, the risk factor that is attached to it always beats my imagination.
On several occasions, I've heard of the "not your keys, not your Crypto" statement and it's still a surprise that people use these exchanges as their primary storage for their assets.
Have you not heard of the danger of leaving your cash there? Do you have to touch the fire to know it's hot?
Every freaking time you hear that exchange got hacked for whatever reason, many people end up losing tons of their Crypto. It happens within seconds and it will always happen.
I've come to realize that a lot of people choose to leave their crypto in wallets generated in these exchanges because they see it as a more convenient option. You buy an asset and it automatically stays in the wallet generated by the exchange.
Easy Peasy?!
Well, what you fail to understand is that these exchanges can decide to lock you out of your wallet. Imagine that! Your fund can be frozen for whatever reason.
This isn't a war against any exchange. I use Binance and Probit for day-to-day buying or selling and they are fit for that purpose, but that's it about my business with those.
I can't possibly be sleeping well at night if I have all my Crypto in a wallet like that. Even if they turn out to be completely safe (which they are not), the Nigerian factor can play a big part in locking me out of my wallet and my fund.
Yeah, I was KYCed for goodness sake and Nigeria is still waging war against Crypto enthusiasts. Haha. Well, Nigeria's war against Crypto will make for an interesting discussion some other time. Let's not digress.
So, before wrapping this discussion up, I want to know if you trust exchanges with your fund. Do you keep everything there? Do you think they are safe?
Lemme know.
Thanks For Not Missing Any Full-stop Or Comma
Thumbnail Image from pixabay.
First Posted Using LeoFinance Beta
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