Beware of Storing Crypto on Exchanges: Risky and Unsecure

The majority perceive exchanges as secure banks for their assets, but the truth is that they are just third-party wallets with no direct control over your funds. Here's why leaving money on an exchange is risky: - You don’t hold the private keys, which means you don’t truly own the crypto. The exchange is managing the keys, and your account is merely a record in their database. - Regulatory requirements like KYC and AML can lead to account freezes or blocks, especially if rules are violated or if there’s suspicion. - Hacks have resulted in billions stolen over the past decade, and attacks have become more frequent, as seen with cases like ByBit. - Fraudulent activities by the exchanges themselves, such as Mt.Gox and FTX, have caused investors to lose everything. - Regulatory crackdowns in major regions like the US, EU, and Asia increase the risk that assets could become entangled in legal complications if an exchange faces investigation or bankruptcy. How to store crypto securely? Use a cold wallet or at least a non-custodial wallet like MetaMask. The fundamental rule is: if you don’t control the keys, the money is not truly yours. Click 50 🔥 if you want a guide on setting up a secure wallet.