Crypto currency purchases and investments does not just end there on the exchange platform. You have to make sure that your catch is safe so that you will not regret later on when you lose your altcoins. There are possible risks concerning safekeeping of crypto assets acquired.
In this article i am going to look at some of the possible risks in storing cryptos on exchange platform.
Hacking of exchange platforms
Closing of exchange platform
Hacking. There has been so many cases of exchange platforms being hacked and investors lose millions of their crypto currencies stored on the exchange. Hackers target exchange platform because they know large sums of altcoins are stored there, so if it happens that the exchange is hacked while your altcoins are still in there then there are chances that you will lose you coins.
If you are into buying and selling, more like a day trader maybe you can store them there so that you avoid withdrawal charges and network fees when you redeposit but if you are someone who just buys and HODL then you have to make sure you just buy then withdraw and store them on an independent wallet.
Closure. Then there is another case when exchange platforms just close for some reasons and you might be a victim aswel. There are cases where owners of the exchange platform close the exchange and run away with investors money. So this is another reason to keep them out so that you will be safe when such things happen.
I have been a victim of exchange platforms,m i lost my coins to coinexchange.io and cryptopia, i could have been a millionaire because i store millions of coins there not knowing that they can close anytime. So no-matter how much you trust an exchange platform it is not safe to store coins in their wallets , use independent wallets.
Thanks for the information,I hold and buy only but still I didn't try to withdraw to bring my independent wallet