Centralized exchanges are considered as the easiest gateway to start trading crypto. Hence, most of the beginners who step into the world of cryptocurrencies prefer such exchanges to store their bought crypto. But what happens when one day the exchange you actively use decided to shut down? You will lose all your crypto because you don’t have access to the wallets owned by the exchange.
Everyone who is in crypto should understand that Not your keys mean Not your crypto. In this bear market, many exchanges are struggling to survive. Lately, Voyager exchange suspended trading, deposit, and withdrawal of crypto.
Indian exchange Vauld, which was hugely promoted by Indian influencers, also did the same without prior notice. As a result, cryptocurrencies of many users are stuck on these exchanges.
We can expect more exchanges to follow the same route. It’s high time that you have to start using your own crypto wallet such as with your own keys. Don’t keep your funds on centralized exchanges, instead move them to your wallet as soon as possible.
This can be intimidating for beginners, but it’s much better than losing your hard-earned crypto. Just learn to create a wallet and learn how to move your crypto funds from exchanges. Take these actions and don’t risk your lifetime earnings for the sake of convenience.
And always remember, Not your keys Not your crypto.
