I think it is much more easier, convenient and even safer to use centralized exchanges for trades because we no longer have to pay for an external escrow and most times don't have to panic over the safety of our coins while indulging in trades.
What are you talking about? Centralized exchanges lock accounts, freeze coins, or just straight up scam/go bankrupt
all the time. You are handing complete control of your coins over to a third party, who can (and often do) do anything they like with them. With a good decentralized exchange like Bisq, the coins stay under your control until the trade is complete. There is no possibility for them to steal your coins since they never have them in the first place. A good DEX is exponentially safer than a CEX.
I basically don't store my coins in centralized exchanges but I trade most times on those exchanges like binance and I like the entire experience I get from there and there there also possibilities of stealing coins on those private exchanges ?
I would love to know the risk of associated with using private exchanges apart from not being a sole holder of your coins.
That depends on the exchange that you are using. If you are using Binance then I would say that it is as safe as it gets, most probably it is safer than using any type of wallet yourself, because binance can do security better than any of us can do.
However, if you are using some small volume place, they could just exit scam everyone and steal their money, that would be a troubling thing. I hope that it wouldn't really become something boring and risky, I hope that it does as well as hoped for, but that doesn't change the fact that I would not be doing anything risky. Just keep it at a safe place if you want to, but using Binance would be enough for you, unless you have millions of dollars, in that case find something that is even safer.
Exactly mate and I always find very safe and secure especially when using the two factor authentication and most times people forget that same person who owns binance also owns trust wallet and if anything happens to binance, it might at some point get to affect trust wallet and there is this new scam going on with trust wallet where the seed phrase is gotten and all the available coins wiped out, hence no where is safe except you practice the right security measures.