A crypto exchange based in Hong Kong, CoinEx, is dealing with a security breach. They've lost a significant amount of ETH and TRON from their hot wallets (4,946 ETH and 354,762 TRX so far). The company is looking into it and has promised to reimburse affected users.
I know nothing about the exchange, but as we can see, that’s one of the reasons why we shouldn’t leave our coin on the exchange. Anything can happen to any exchange at any particular time, so leaving our coin there is really risky and dangerous. The exchange might not be popular, but even popular exchanges with good reputations and security are being hacked, so to be on the safer side, just get a non-custodial wallet and store your coin there. If the wallet is properly secured, then nothing will be wrong with your coin, and you will have total control of your coin, not that anyone will be controlling your coin.
Yes true, but people do trade as well, so when we are talking about exchanges being a bit of a trouble but also talk about trading, that means that you have to leave at least some money in there so that you could keep trading.
You can withdraw it every single night if you want to before sleep, but while trading you have to deposit that money back in and trade. They are not going to allow you to trade without having your money in there, and that means it is going to be a bit of a trouble. I hope that people could do a lot better on the long run, it should be great and could help you out a lot, we should definitely consider exchanges to be helpful in these cases, such as coinex allowing people to withdraw easily.