Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of
$190 million worth of BitCoins with him.I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.
I did a detailed study of what exchanges to use and what wallets to use -
- Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
- Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet
Let me know what you guys think.
Exchanges are often targeted by hackers because it holds many coins in their wallet.
Therefore, using exchange to store your coins is absolutely out of recommendation.
Using Ledger NANO is a good idea because it is your own wallet, not like exchange wallet. Just use exchange wallet when you want to trading.