Which is safer to hold your Bitcoin in wallet or Exchanges?

[Learn Bitcoin]

Holding in exchanges might be risky

It's not might be risky, IT IS RISKY.
You never know if your exchange freeze your account by saying you received the funds from a bad source. They may say it's stolen money, and they may ask for your money's document. You never know that. Do you know what happened with a Sinbad mixer participant? He was receiving his signature payment to his Binance address and recently, Binance freezer the funds and sked for some documents. The government started to shutting down some mixers saying they are illegal while mixer is not illegal at all. Some users may have used them for bad purposes, but an entire service cannot be illegal because of that.

[LDL]

If you're holding bitcoin for the long term, I think it's better to put it in your hardware, or if you don't have HW, you can just keep it in your electrum or sparrow wallet instead of a centralized platform.

But if you often carry out trading activity in CEX, I think it's fine as long as, when you get a profit, you take it out immediately so that at least you can maintain what you are doing, which is producing profit in bitcoin assets.

Of course you are right.
Currently, centralized exchanges are out of people's minds, mainly due to hacking and bankruptcy. Moreover, the Securities Exchange Commission's lawsuit against CZ, the owner of the Binance exchange, has made investors increasingly hostile to central exchanges. Investors should therefore refrain from storing cryptocurrencies on central exchanges for the time being.

[xSkylarx]

Just remember this phrase: "If you didn't own the seed phrase or did not know it, then it would belong to someone else." As long as you haven't gotten a copy of it, Bitcoin could possibly be taken away from the person who owns it, so it is better to hold it in your own physical wallet and not on exchange. You might hear that a couple of exchanges this year were closed and hacked and people were unable to get their money so if you don't want to end up like them then you should store it on your own.

[Gladitorcomeback]

Just remember this phrase: "If you didn't own the seed phrase or did not know it, then it would belong to someone else." As long as you haven't gotten a copy of it, Bitcoin could possibly be taken away from the person who owns it, so it is better to hold it in your own physical wallet and not on exchange. You might hear that a couple of exchanges this year were closed and hacked and people were unable to get their money so if you don't want to end up like them then you should store it on your own.

There is a big difference between keeping your assets in your own pocket and keeping your assets in someone else pocket.The majority of people who buy Bitcoin know where it can be stored.Hard wallet is also the most secure of personal wallets where hackers have difficulty entering. Of course, keeping your assets in exchanges is not without risk, but we still have to resort to exchanges.

People who buy short-term often hold their assets on exchanges, as wallets sometimes charge high fees when making transactions. However, personal wallets are also at risk, as people often link their wallets to other applications or websites, which often allows hackers to steal the data. So one needs to be very careful with the risk on the exchange as well as with your personal wallet.

[Learn Bitcoin]

People who buy short-term often hold their assets on exchanges, as wallets sometimes charge high fees when making transactions. However, personal wallets are also at risk, as people often link their wallets to other applications or websites, which often allows hackers to steal the data. So one needs to be very careful with the risk on the exchange as well as with your personal wallet.

Who connects their wallets to a random website? Who uses a Trust wallet or meta mask to hold their coin even though they are non-custodial wallets? I don't think a person who has been in crypto for more than a year uses their Meta mask or Trust wallet to hold their coins, which they also use to connect on random websites. General users won't connect their wallet to a random website unless they are bounty hunters.

Bounty hunters also become smart these days. They know about phishing. They use one wallet to do the bounty and daily things, and then they use another wallet to hold their earnings. No, If someone is stupid enough to do all these things with a single wallet, who can save them from being scammed?

[Gm Jutt]

Connecting your wallet to random websites can be risky. But not everyone knows about the dangers. Some people are new to cryptocurrency... and dont understand the risks. Sometimes you might need to connect your wallet to a website for a good reason... like using certain platforms or features.
But it is always important to be careful and watch out for scams. It is a good idea to use wallets like Trust Wallet or MetaMask because they give you more control over your money. It is also smart to use different wallets for different things... like bounty hunters using separate wallets for their earnings.

[Mohd Alman]

Ensuring the security of your cryptocurrency is of utmost importance. While both exchanges and wallets play crucial roles in the crypto space, it's crucial to recognize the distinctions in their security features.

Crypto wallets, especially hardware wallets like OneKey, offer a higher level of security compared to exchanges. Here's why:

Full Control Over Private Keys:

OneKey provides users with complete control over their private keys. Your private keys remain offline, significantly reducing the risk of exposure to potential online threats.
Enhanced Protection with Hardware Wallet:

OneKey is a hardware wallet, ensuring an extra layer of security. The private keys are stored in a secure physical device, making it resistant to online hacking attempts.
Protection Against Exchange Vulnerabilities:

Exchanges can be susceptible to cyber-attacks, and users' funds are stored in hot wallets, making them potential targets. With OneKey, your assets are stored offline, mitigating the risk of being compromised due to vulnerabilities in exchange platforms.
User-Friendly Security Measures:

OneKey combines robust security with user-friendly features. It provides a secure and seamless experience, making it an ideal choice for both beginners and experienced crypto enthusiasts.
Reduced Risk of Unauthorized Access:

With a hardware wallet like OneKey, the risk of unauthorized access is minimized. Your assets are safeguarded by physical possession of the device and secure authentication methods.
In summary, while exchanges serve as platforms for trading, a hardware wallet like OneKey offers a secure and offline storage solution. The combination of full control over private keys, physical security, and user-friendly features makes OneKey an excellent choice for safeguarding your crypto assets.

[Learn Bitcoin]

Connecting your wallet to random websites can be risky. But not everyone knows about the dangers. Some people are new to cryptocurrency... and dont understand the risks. Sometimes you might need to connect your wallet to a website for a good reason... like using certain platforms or features.

People who are new in the crypto space are unlikely to have a big amount of money in their wallets. A large percentage of crypto users got hacked or tricked at some point. But that's where you learn from. I do not connect my wallet anywhere that I do not trust. If I want to check any website or it's features, I won't use my regular wallet. This should be a common practice for crypto users. I think we are discussion something else in this topic even though the topic is about exchange.

Ensuring the security of your cryptocurrency is of utmost importance. While both exchanges and wallets play crucial roles in the crypto space, it's crucial to recognize the distinctions in their security features.

Crypto wallets, especially hardware wallets like OneKey, offer a higher level of security compared to exchanges. Here's why:

You are not helping yourself by publishing AI-generated content. I am leaving you neutral feedback for now!
Oh, oh, I am not allowed to leave a feedback yet.

[Coinmama7824]

Wallets are always safer to hold and store your bitcoin, especially the hardware wallets, those are believe to be the safest, but if you must use an exchange, then it should be a Decentralized exchange not a centralized exchange.

[vegasus]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

When talking about security, of course private wallets, especially hardware wallets, will be safer than exchanges. In this case I say it's safer, but that doesn't mean it's 100% safe without any risks. because wherever we store it, there will definitely be risks. Whether it's because of lost access, fraud, malware, and so on. So we really must have knowledge and insight regarding the security system of our storage wallet. However, if it is used for trading, then just exchange it, especially if the nominal amount is small.

[Coinmama7824]

I understand that you are worried about keep your Bitcoin safe on exchanges. Exchanges have advantages like easy trading and lots of money available but there is a risk of hackers stealing your money and the bankruptcy of a exchange. On the other hand using a wallet is more safer especially if you keep your security phrase safe. But remember no storage method is completely safe and both options have risks.
I will recommend that you should use hardware wallet for this purpose. Which I think more safe.

Why use a hardware wallet? Electrum can provide similar security through cold or multi-signature options, it is free, unlike a hardware wallet which comes at a cost. When it comes to storage, it is better to keep everything in your own wallet rather than on an exchange. If you want to earn interest, you can stake some of your funds on an exchange or deposit them in a pool, but this cannot be considered storage.

Hardware wallets have the advantage of being fully offline and being less susceptible to malware and hacking, even though Electrum and other software wallets can provide robust security protections. Furthermore, the price of a hardware wallet can be justified as an investment in security, and for people who are worried about the protection of their money, the piece of mind it provides might be worth it. As you pointed out, whether you use a hardware or software wallet, it is always safer to keep your money in your wallet than to leave it on an exchange.

[owlest]

Wallets are always safer to hold and store your bitcoin, especially the hardware wallets, those are believe to be the safest, but if you must use an exchange, then it should be a Decentralized exchange not a centralized exchange.

Which decentralised exchanges interact with real bitcoins? Most platforms work with bitcoins wrapped in other networks, but this increases the risk of signing a transaction with a maximum spend. It is important to ensure that coins are not stolen by fraudsters.

[KryptoBull]

Exchange is a place to exchange/trade, not to store assets. So, the best and safest way is to store our crypto in a hot wallet or better yet, a cold wallet and become own bank. Currently, exchanges have very good security mechanisms to protect users' assets, but hacks still continuously occur, worse than scams like FTX. I think we should only keep a small portion of assets on exchanges.

[Learn Bitcoin]

Which decentralised exchanges interact with real bitcoins? Most platforms work with bitcoins wrapped in other networks, but this increases the risk of signing a transaction with a maximum spend. It is important to ensure that coins are not stolen by fraudsters.

You have pointed out a good thing. I don't know any decentralized exchange that provides on-chain real Bitcoin. All we see is wrapped bitcoin on shitcoin chains. BTC on BNB chain or ETH chain is not Bitcoin anymore. It is considered as altcoin. But, there are some centralized exchanges that do not require KYC prior sign up. Users can buy Bitcoin from these exchanges without compromising their Identity. Also, there are exchanges like agoradesk, localmonero and many more. For those, who are interested to know some non kyc exchanges, you can check https://kycnot.me

[doc]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

I think wallet is safer than exchange,  we should use exchange for trading or hold for short term.
But must safe at reputable exchange, because there are many exchange now.
So, always be careful, any fake exchange there.