It's a great idea to take custody of your funds from the start (especially if you've only got a small investment) because you're going to be risking less when you really do need your funds in your own wallet (there was some warning FTX was going to collapse before it did, if you know how the network works, you'll be better at taking your funds out as early as possible).
You're also missing the point of crypto if you're keeping funds on an exchange as you're not really investing in it (you're just investing in an exchange as they'll leverage your assets).
Topic: As a newbie it is better you take custody of your coins - page 3. (Read 468 times)
Imo, there's no "until" clause in that advice, if you're going to be your own bank then you have to take responsibility of the actions you take and the consequences of those actions. As a matter of fact, the more knowledge and experience you get, the more averse you should get to the idea of giving up custody of your assets.
The surface risk is that of stolen, seized or hacked funds. But there is a whole privacy risk where users can have their personal information sold to government agencies or unverified ones, there can also be a privacy breach where malicious actors can get hands on your information and use that to try to create personalized scam attempts.
The surface risk is that of stolen, seized or hacked funds. But there is a whole privacy risk where users can have their personal information sold to government agencies or unverified ones, there can also be a privacy breach where malicious actors can get hands on your information and use that to try to create personalized scam attempts.
This advice is not only suitable for newbies but even old members need ro hear this again to take action.
Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.
My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.
Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.
My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.
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