Re: After FTX collapse, some call for a return to decentralized roots
What good does it make to use a hardware wallet when you'd need to eventually move your coins for trading? The security lies in the exchange itself. Not your wallet. Your best bet would be to only send the amount your willing to sell in a centralized exchange. For large amounts, decentralized exchanges (DEXs) would be the way to go.
People just need to follow proper security measures to avoid losing it all in an instant. It's just that the majority is not willing to put their time and effort to do this. Everybody wants "the easy route". Convenience goes on top of everything else, right? Hopefully, people will realize CEXs aren't as safe as they claim to be. As long as decentralization wins, nothing else matters.
People just need to follow proper security measures to avoid losing it all in an instant. It's just that the majority is not willing to put their time and effort to do this. Everybody wants "the easy route". Convenience goes on top of everything else, right? Hopefully, people will realize CEXs aren't as safe as they claim to be. As long as decentralization wins, nothing else matters.
Trading on dex from a non custodial wallet is the best security wise but they have their own challenges. They are limited with coins that you can trade, they may lack volume too and in the process of trading, bots can outrun your trade with high slippage. The biggest problem of them is bridging between chains to trade, for example, if you want TRX and you have ETH, you will have to bridge in between chain to be able to swap between TRX and ETH or any other altcoins. Some bridges are not also safe, you can lose your funds if you communicate with the wrong contract execution.
Each exchange have it's own advantage and disadvantages but for non traders, there is no any reason to keep your coins on exchanges, personal/non custodial wallet is the best of them and if you must trade everytime, don't put all funds in a single exchange.