The risks of trading cryptocurrencies are mainly related to the volatility of the cryptocurrency market, which represents a high risk, it is important that we understand the risks before starting an investment in cryptocurrencies. All financial assets carry high risk, whether through the use of leverage, susceptibility to cyber attacks and errors, unethical trading techniques, or target market volatility.
Aside from the risk of volatility, the exchanges are the biggest risk here imo. Since almost everybody uses centralized exchanges and we don’t know when will they get hacked, the user funds are always at risk when they are on the exchanges. You shouldn’t keep huge amounts of coins on the exchanges because you’ll never know what is going to happen to them tomorrow.