The act of leaving crypto on exchanges is very common among crypto enthusiasts. This causes increasing crypto frauds, scams, and glitches resulting in millions and billions of losses.
The act of leaving crypto on exchanges is very common among crypto enthusiasts. However, in the times of increasing crypto frauds, scams, and glitches that caused millions and billions of losses, is it really safe to leave your risky assets at further risk? The answer to this might be much more complex than you might think. This is because of the updating and volatile nature of the crypto domain. At one point, you might think that the conditions are perfectly fine, and at the other moment a mishap could occur. So, what to do in fear of that situation? This is what will be discussed in detail in this article.
Crypto trading has been gaining immense popularity in recent months and has also triggered demand for crypto exchange platforms to be able to freely deal with this volatile asset. Several crypto trading platforms have also released wallets for storing crypto funds. This has aided users in many ways but might also cause damage to them. There are recent incidents to prove the same. Even a major exchange, Coinbase, failed to maintain track of the wallet fund deposits and thousands of users had lost access to GYEN in their wallets recently. Therefore, it is necessary to make the correct choice for storing your crypto assets.
Leaving crypto on exchanges does have some potential benefits that have been listed below.
Though leaving crypto on exchanges mostly doesn’t lead to any negative outcome, it is not always necessary. Therefore, here is a list of risks and dangers linked with it.
Even after reading the aforementioned dangers, if you still are motivated enough to undertake the risky act of leaving crypto on exchanges, then here are some ways to protect them. The methods and steps for the same are listed below.
The several benefits that the crypto domain provides would be completely flat if you do not take the initiative of storing them properly. Therefore, you should try considering various offline and online wallets that are available. However, it is recommended to use secure offline wallets for better security. This will free you from any burden or stress of losing your crypto assets. A number of such offline hardware wallet services have been introduced on the belief that the future of money is indeed digital. Some of the best hardware crypto wallet examples are Trezor, Ledger Nano S, CoolWallet S, and Ledger Nano X. However, these might not support all the cryptos available.
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