Do repost and rate:
Leaving your cryptocurrency on an exchange is a very risky thing to do and here's why:
You do not own the seed phrase to your wallet
The exchange have the power to access it at any time
The exchange have full control of your coins, therefore can block you from accessing or withdrawing them
Hackers can access everything and steal your crypto if the exchange is hijacked
If your account or login is hacked for the exchange, they have full access to your holding
If it's an unrecognised or scam exchange, they can and will steal everything
What you should do with your crypto is store it safely in a wallet. These can come in different variations. You have software wallets, which are downloadable as desktop applications or apps on your smartphone in which you can manage your cryptocurrency.
Another type of cryptocurrency wallet, which is the most trusted, is a hardware wallet. These are external devices which are used to store and manage your crypto also, however these have an extra layer of security as you need the physical device to send and receive your coins. If your computer or phone is compromised, the hackers still won't be able to steal your crypto. This type of wallet is highly recommended. The two best ones in my opinion are the LEDGER and TREZOR devices.
A third way of storing your coins is with a paper wallet. This is a card with a usually random generated seed phrase and address which you can use to send, receive and store cryptocurrency. Normally they only use one crypto per card, for example you may get a card with a generated bitcoin address, with the seed phrase and a QR code on it. Then you would access and see your crypto through an app.
Overall, I would recommend any of these types of wallets over an exchange. Remember, not your keys, not your coins.
Thank you for taking the time to read this.
