Quote from: Russlenat on Today at 09:30:17 PM

Quote from: goldkingcoiner on February 02, 2023, 10:34:20 AM

Quote from: Charles-Tim on February 02, 2023, 09:41:53 AM

Never leave you coins on an exchange, Binance is an exchange. To have full control over your asset, use noncustodial wallet. Cold wallets are safest wallet type.

Exactly what I wanted to say.

If you value your money, then do not leave it in the hands of someone who is not you. And do not leave it in a wallet, like that of an crypto exchange. Because the reason is that you would not be the only person who has access to that wallet. In the case of crypto exchanges, you are trusting them with your money. This goes against the very nature and concept of cryptocurrency, which is TO BE YOUR OWN BANK.

But people still do it. And they think nothing bad will happen to them until it finally does happen.

For amateurs like OP, its understandable that they would likely to trust centralized exchanges than their own wallet but until they start losing, thats when they realized that exchanges are not safe at all. So hopefully, you should create your own wallet OP so you can have the full control of your own money. That way, when that exchange will be hack or whatever in the future who knows, your funds will never get lost from you. You should have thought that before trusting an exchange.

This is his first purchase and it takes little time for him to understand and move funds to the non custodial wallets. Centralized exchanges provide the ease of buying bitcoin, maybe that's the reason why new entries into crypto space prefer centralized exchanges. Small purchase and this needs to continue to experience big things out of bitcoin growth.