Just wanted to drop a friendly reminder that hits close to home: Not your keys, not your coins isn't just some catchphrase – it's real advice that I really wish I'd taken seriously before losing money in the FTX collapse.
Keeping coins on exchanges is convenient. It's easy to trade, the UI is slick, and cold storage seems like a hassle. But remember:
- Exchanges can freeze your assets
- They can get hacked
- They can go bankrupt (thanks, FTX!)
If you're holding any significant amount of crypto, please take the time to:
- Get a hardware wallet
- Learn how to use it properly
- Keep your seed phrase secure (not on your phone/computer)
- Only keep trading amounts on exchanges
I learned this lesson the expensive way in 2022 and I'm feeling like this advice needs to be repeated now that the next bull is coming. Don't be like me – protect your coins. The small inconvenience of self-custody is nothing compared to the pit in your stomach when you realize your exchange account is frozen and your funds are gone.
As someone in my similar r/cc post commented, CEXs must be used like public toilet. You go there, do your business and go home with your stuff - maybe scratch that last part when it's about toilets.
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