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?
Hmm you make a good point, but I think it also depends when you got started pre-2015 you had to do your own thing really, it was only after 2017 did we see measures taken in my opinion for exchanges to consider the individuals and the security of their assets. That might have something to do with regulation coming about.
I still do not trust the majority of exchanges, not just because of data, but also because of fees. Utilising my own wallet gives me a little more control.