With the news of a serious hack on bybit a popular exchange wallet most us here uses, even though it has nothing to do with bitcoin directly yet I find it necessary to remind you all that leaving your coins or assets in an exchange wallet is a big red flag and for every reason always find a way to move your coins to a safe open source wallets.
Coin security should be a priority. buy bitcoin and never leave them on an exchange wallet or any wallet that does not guarantee good percentage of security.
With the hack that happened on the Bybit exchange yesterday, it will serve as a lesson to those investors who don't want to take the phrase "not your key, not your coins" seriously now because they would put themselves in the shoes of those investors who lost their assets on the Bybit exchange. For the newbies in this thread to get it clear and also do the right thing by keeping their bitcoin safe from centralized exchanges, there's nothing like an exchange wallet, but centralized exchanges, so newbies should help themselves and stop keeping their bitcoin on a centralized exchange like Binance, Kucoin, Gate, Bitget, and so on for a very long time so that they will avoid this type of bad news in the future.
Thank you so much boss for this crucial information, that is how one of my guy lost is entire assets some time ago on one of the exchange you mentioned.
Please help me recommend some save and reliable exchange best for save gaurding of your assets or coin.
Thank you
There is no reliable exchange.
That is part of the point. You need to figure out ways to keep most, if not all of you value in self-custody, rather than relying upon third parties to hold your coins.
If you are leaving your coins on exchanges, or you are buying other products that require that you keep your coins with third parties, you are taking chances.
In the very beginning of your bitcoin journey, you may well keep coins on exchanges while you are figuring out ways to keep your coins privately, and if you are buying coins on exchanges, you may well choose to ONLY periodically transfer your coins to self custody, such as once they reach more than $500, especially if you might be makng relatively small purchases of less than $100 on a regular basis.