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General Discussion / Storing cryptos on exchanges - A regretable choice
« on: June 24, 2019, 03:28:47 PM »
When one's storing cryptos, many would go for exchanges. But with the recent changes in some of the exchanges and their sudden demand for KYC and zillions of documents, they're in a way violating user's privacy. And not just that, but it's also a trick to withhold their funds. There are some exchanges that were famous and so widely used because of their policy of not demanding KYC. But now even they are demanding and that too without any prior notice. So many users were harassed, their funds withheld, no proper customer support and many other such issues.
These are the main reasons I personally don't store all of my funds on an exchange or even an online wallet. I store about 70% of my funds on Ledger and the rest on an online wallet. When choosing an online wallet you need to select only that wallet where you're the one storing the private keys and not a wallet or an exchange. This prevents the wallet or exchange from stealing withholding your funds in the name of 'not following our guidelines or providing KYC'.
Honestly, it's shocking and sad even, that so many users have to go through all the hassles just to withdraw their own funds. These exchanges are allowing deposits but blocking withdrawals. And it's not just an insubstantial amount that these 'hit' exchanges are withholding, but many people have life-changing worth funds on their platform.
Storing cryptos in a cold storage wallet would be the safest option. That way, you'll never have to worry about hacks or atrocities of exchanges. What I do for trading is use an exchange that doesn't require KYC (I know there are hardly any trustable exchanges left that won't demand KYC). This exchange - Coinswitch - doesn't require KYC or even login and seems pretty good. Well, I have used it a few number of times and it seemed fine enough. Also, the transactions were faster, compared to other exchanges, where, oh never mind.
Anyways, whichever exchange or wallet you use, make sure to always check the reviews first. Know what the users have to say and what their experiences were like, and also their disadvantages.
These are the main reasons I personally don't store all of my funds on an exchange or even an online wallet. I store about 70% of my funds on Ledger and the rest on an online wallet. When choosing an online wallet you need to select only that wallet where you're the one storing the private keys and not a wallet or an exchange. This prevents the wallet or exchange from stealing withholding your funds in the name of 'not following our guidelines or providing KYC'.
Honestly, it's shocking and sad even, that so many users have to go through all the hassles just to withdraw their own funds. These exchanges are allowing deposits but blocking withdrawals. And it's not just an insubstantial amount that these 'hit' exchanges are withholding, but many people have life-changing worth funds on their platform.
Storing cryptos in a cold storage wallet would be the safest option. That way, you'll never have to worry about hacks or atrocities of exchanges. What I do for trading is use an exchange that doesn't require KYC (I know there are hardly any trustable exchanges left that won't demand KYC). This exchange - Coinswitch - doesn't require KYC or even login and seems pretty good. Well, I have used it a few number of times and it seemed fine enough. Also, the transactions were faster, compared to other exchanges, where, oh never mind.
Anyways, whichever exchange or wallet you use, make sure to always check the reviews first. Know what the users have to say and what their experiences were like, and also their disadvantages.