05-09-2022

Heya to all read Fam, it's me Hehe back with another based on my own personal experience topic.

It's a new week and also new start is going quite at slow pace. Somehow I'm busy in real life and wasting lot of my time stressing out about thing's what matter most for me.

That's kind of part of life so nothing to say much about.

Well, in crypto we see everyone is there for own personal benefits and getting rich. So that's why everyone is doing business except platforms like Read, Noise or hive etc they're non profit and for a Good purpose.

Just like that Exchanges is a business and it's not easy to run a exchange but there's whole lot of exchanges in the space.

Lot of Exchanges in this space

Everywhere i go, I just see exchange I never heard of before. Exchanges from different countries like India Got wazirX and so on.

The one who's most popular exchanges are Binance, Kucoin, coinbase and many more.

We all know what exchanges are for but some peeps don't know what they're risking keeping money in exchanges.

Exchanges are there so we can just trade and make profit or loses from coins even lending or for peer to peer money into fiat purpose.

It doesn't make these exchanges our saviour but instead we get Reckt somehow whether it's getting liquidated because of exchanges bug or stuff.

Exchanges Got so many problems to deal with and it's never safe to keep funds in there.

Now coming back to based on my real life experience.

I Lost my funds on not so popular Exchange

Yea, it's true that I lost my funds in a exchange you've only heard once from me and the reason I kept fund on that Exchange is way more dumb than losing money.

If you remember I told you about "Hotbit" exchange and the reason why I transferred some funds there.

The reason why I transferred some funds in Hotbit was like for "PUMPs and DUMPs". I was told by another business where people give signal or buy and sell to install Hotbit and keep some funds.

Wait for the coin name to get revealed and it will pump like 30,000% and after seeing people response, I was like oh cool let's do this.

I Got nothing like Hotbit exchange doesn't have limit order thing so it was quite complicated to catch a pump call and then I kept waiting or waiting for a day to make those money 2x, 3x or more so I can take my initial investment back into safe place.

But eventually in the end I lost my funds because I can't move funds anymore.

Exchanges are Never safe to keep funds

It's not like you can't keep Funds there but not every exchange is safe for you. Especially I see lot of small, unpopular exchanges are the worst place to keep funds.

Don't even think that an unpopular exchange will ever come to popular level. It's because popular exchanges are those who stayed for a long time and even after facing Government restrictions or etc they still remains firm.

These unpopular exchanges are like one swap of Thanos and won't even exist anymore.

Same thing happened in my case. I don't have any hope to get back funds from Hotbit and also Coinflex is another example why keeping money in exchanges aren't safe.

Also choosing an exchange wisely Is what matters most. Binance like are quite safe than as compared to non popular but it is still not 100% safe.

Fin.

Whatever exchange you're choosing to keep funds should be a better or wise choice. Like majority of people prefer binance and so you should also do same.

Or if it's like not available in your region than you must have a popular exchange of country so that one would be a better option.

But remember majority of people were into project like Luna or UST and the rest is history so it's always unpredictable where I can't say anything except telling the fact that it is not safe nor will be.

Wallets are way better option or maybe the best option. Don't sink everything in DeFi it's not even a heaven or safe. There's always lot of happening and scams or exchanges running everyday, making people go bankrupt and so on.

Living In a time (era) where we just can't afford to take bad decision or any risk of losing funds.

Thought this one would help those who keep funds on unpopular exchanges to move into a safer place.