It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?
Whether you are using a cold wallet or an exchange, risks is necessary so we all should get ready for any funny outcome. If you lose the recovery phase of your wallet...crypto assets all gone, but when it comes to exchange, you can recover your account back if you eventually lose your password.
If an exchange is hacked, there is good chances that your funds are gone.