Beginners should be aware that this reminder is important for them not to do exchanges such as houses that store goods in them.
Maybe we used to think that storing on the exchange is a safe place even though Binance is the largest exchange in the world still it doesn't guarantee our assets are safe we should avoid that and change our mindset to keep our assets in non-custodial wallets because private keys are the most important thing to protect our assets.
I have outreached to close friends so they don't keep assets on the exchange, and thankful of them believing that non-custodial wallets give them full control over them so they left the exchange to store assets.
Topic: Newbie Reminder: Treat Exchanges as Marketplaces - page 3. (Read 530 times)
This is the best advice and explanation so far by the O.P to anyone who is currently into crypto now, as we never can tell when another trusted exchange may go bankrupt after the fall of "FTX" during the week because if only had we treated exchanges as only marketplace to buy coins, while we send to a cold wallet, the effect on the crypto market wouldn't have been that much. However, it's never too late for us to have a u-turn from today, most especially the newbies who are new to bitcoin.
Advantage of having your BTC in a cold wallet
1. You have total control over your funds
2. It can't be stolen or hacked
Example of a cold wallet Is Electrum wallet
Advantage of having your BTC in a cold wallet
1. You have total control over your funds
2. It can't be stolen or hacked
Example of a cold wallet Is Electrum wallet
that is very correct. I used to also put some of the assets I own on the exchange. I think it will be very easy when I want to sell it and don't need to transfer again. and immediately make withdrawals when I need fiat. ah, it turns out I did something wrong for quite a while. and of course, it turns out to have a very big risk.
now I only move assets from my wallet when I need fiat or do day trading. sometimes still forget to withdraw and leave it on the exchange.
now I only move assets from my wallet when I need fiat or do day trading. sometimes still forget to withdraw and leave it on the exchange.
Treat it as a car, once you buy the car you don't typically leave it on the forecourt. You drive it off. Unfortunately, until we introduce a community standard, and start boycotting exchanges which have wallets, this probably isn't going to change.
I'm of the opinion that any exchange advertising their wallet services is shady in the first place. It's encouraging bad practices. Instead, wallets shouldn't exist. Instead, pay for your Bitcoin, but input an external address at the time of purchase, so that it's impossible to keep Bitcoin on the exchange.
I'm of the opinion that any exchange advertising their wallet services is shady in the first place. It's encouraging bad practices. Instead, wallets shouldn't exist. Instead, pay for your Bitcoin, but input an external address at the time of purchase, so that it's impossible to keep Bitcoin on the exchange.
Dear newbies, please treat exchanges, such as Binance, KuCoin, Kraken, Huobi, OKX, and Coinbase, as marketplaces. What do I mean? Just as you do not leave your goods on the market after you have paid for them, you take them home with you. Consider your coins as the goods you bought at the marketplace. Your bitcoins should only be stored in cold storage wallets after purchase, and transferred out when you want to sell them. It takes less than 10 minutes. Remember, if you don't have the keys, it's not your coins.
This is a good suggestion. But what if a guy always trade big bulks of tokens and stablecoins? He should pass the level or the minimum withdrawal he can only do and stick to that everyday. (Im talking about a lot of money or whales). Also possibly that liqudity on dex might not be enough. Usually big pool or the market is on cex due to trading volume. But what you said is right, as much as possible keep on non custodial wallet. 
Seriously, most exchanges today have great looking UIs that it gives the impression that there's nothing that can go wrong with the platform.
Exactly, but they can be hacked. Manynkf their coins are on hot wallets, they are handling customers coins and large in number, the reasons hackers do more work for haxk exchanges.Hackers will find it more difficult or more impossible to hack if they use cold wallets.
The best is to just setup a cold storage. If you want it to be online, multisig will be perfect. Combining multisig on cold storage or hardware wallet are most perfect.
Noncustodial wallet gives full control.
I really don't understand why would anyone use a CEX these days. Especially for "normal" spot trading. I understand that Ethereum fees are still too high to use Uniswap for a daily trading but there are bunch of L2 solutions that users can trade one with very little gas fee.
And then there is leverage trading. Before it wasn't that easy to do leverage trading on a decentralized exchanges but lately there is an increased popularity in DEXes where users can do leverage trading.
And additional benefit is that no one is forcing you to do KYC on a decentralized exchange while on some centralized exchanges KYC is mandatory.
And then there is leverage trading. Before it wasn't that easy to do leverage trading on a decentralized exchanges but lately there is an increased popularity in DEXes where users can do leverage trading.
And additional benefit is that no one is forcing you to do KYC on a decentralized exchange while on some centralized exchanges KYC is mandatory.
Quite a good analogy. The same reason how you immediately get your money on money remittance centers and not leave them there unnecessarily just because you're lazy.
Seriously, most exchanges today have great looking UIs that it gives the impression that there's nothing that can go wrong with the platform.
Seriously, most exchanges today have great looking UIs that it gives the impression that there's nothing that can go wrong with the platform.
Dear newbies, please treat exchanges, such as Binance, KuCoin, Kraken, Huobi, OKX, and Coinbase, as marketplaces. What do I mean? Just as you do not leave your goods on the market after you have paid for them, you take them home with you. Consider your coins as the goods you bought at the marketplace. Your bitcoins should only be stored in cold storage wallets after purchase, and transferred out when you want to sell them. It takes less than 10 minutes. Remember, if you don't have the keys, it's not your coins.
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