If you bought cryptocurrencies that you don't have the private keys to, then you didn't buy cryptocurrencies. You are just a creditor in some company's database. When that company shuts down, all your money is gone too. Make sure you hold your own cryptocurrencies private keys.
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One guy asked me past week if he could get his pv keys on his wallet on the exchange, I told him more than 5 times, exchange address is not yours.
I guess that's "rule" no1. :)
Yes, that is a good rule of thumb. There are some centralized exchanges I trust somewhat, because they are more regulated. Coinbase and Kraken for example. But still, you're better off keeping your crypto in your own wallet.