Is it safe to put the tokens on the exchange?

[Z-tight]

However, people sometimes prefer to put tokens on exchanges because they will be easy to trade the tokens on the exchanges.

If you are an active trader, then i can understand your reason for leaving your coins in an exchange. However, if you are using the exchange wallet to store your coins, not that you are trading with the funds, then you are taking a very big risk and the safe option will be to move it to a wallet that you have the keys to. If you believe that you cannot store your own keys safely, then maybe you should not be using BTC yet.

[Sim_card]

However, people sometimes prefer to put tokens on exchanges because they will be easy to trade the tokens on the exchanges.

If you are an active trader, then i can understand your reason for leaving your coins in an exchange. However, if you are using the exchange wallet to store your coins, not that you are trading with the funds, then you are taking a very big risk and the safe option will be to move it to a wallet that you have the keys to. If you believe that you cannot store your own keys safely, then maybe you should not be using BTC yet.

Bitcoin was not created to be stored in an exchange, but rather a private wallet, and a lot of people out there does not understand that exchanges are not wallet but an account for transactions, either for buying and selling crypto. Keeping your funds with the shows the immaturity of that person in keeping his bitcoin save. This is because you are theonly person that can keep your bitcoin save.

[armanda90]

Actually for token or altcoin is not really secure, first depend on not your key is not your coins and secondly many exchange delisting some token without any permission and potential loss your coins if not withdrawal depend on their deadline days. I had bad experienced when trading with meme token on Hotbit exchange, giving few days left for withdrawing the delisting token and so busy without checking the new update of Hotbit announcement until my token holding delisting on exchange market for trading but not appear yet in my fund. If you want hold meme coins or token better hold in your wallet and not recommended on exchange wallet.

[Charles-Tim]

Bitcoin was not created to be stored in an exchange, but rather a private wallet, and a lot of people out there does not understand that exchanges are not wallet but an account for transactions, either for buying and selling crypto. Keeping your funds with the shows the immaturity of that person in keeping his bitcoin save. This is because you are theonly person that can keep your bitcoin save.

Many people are just so ignorant. But from the name 'exchange', I think they should know that exchanges are platforms cryptocurrencies trading are taking place and not wallets which are used for the actual storing of the cryptocurrencies. But I later realised some years ago that Google is part of the problem. If you search for wallet on Google, it will bring up many exchanges along.

[akeemqaz]

It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.

[Charles-Tim]

It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.

What is the meaning of verified exchanges? Do not believe in proof of reserve. If it is not your key and it is not your coin on blockchain which means you do not have the full control but the exchanges that have the private keys have the full control over your own money. Also exchanges can be hacked. Only hold on noncustodial wallet.

[JISAN]

It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.

Exchanger is used to convert tokens or coins. But it is not a wallet.  If you want to hold your token then it is better to use a wallet in this case but if your intention is to trade or exchange your token then you can certainly use an exchanger. When using an exchange, you should use a reputable exchange platform like Binance, Kucoin, etc. If the tokens you have are not listed in these exchanges then you can exchange them in any exchange and withdraw the Dollers immediately.

[joniboini]

Diversifying storage is a balanced approach.

Even if you're referring to making multiple cold-storage wallets, I still think it is risky compared to using one wallet with multiple secure backups, or a multi-sig. Not to say you can't do that, but the effort to keep the backup of your seeds would increase based on how much storage you have. Are you sure there are techniques suitable for everyone for that purpose? Personally, I'd rather focus on making sure that I secure my backups properly instead of making multiple wallets to store my assets, including not using exchanges to store my funds.