I have a confession to make, I was one of those people in the past, I just sign up and deposit on exchange straight away, today I decided to read OKX terms and conditions and the thing scared the hell out of me. Please take your time to read the following OKX terms and condition below..
By accepting the Terms, you expressly agree to the pooling of your Digital Assets with the Digital assets of other users. Digital assets of users are not protected by deposit protection or deposit insurance scheme. In this case of an irreconcilable shortfall, you may not receive some or any of your deposited assets or funds.
It's like if things go very wrong for OKX and the law/court gets involved they will win over their users, just by saying ' every users on our platform agreed with the terms and conditions before using our exchange' , this is scary.
I read others like Crypto.com and Binance but OKX is the most scary one for me.