Original archived Re: Reason I prefer saving my money in exchange to Bank
Scraped on 18/07/2025, 22:39:46 UTC
Also, another thing is that your coins in these CEX (Centralise exchanges) are not yours, since you don't own the seed phrase/key, NOT YOUR KEY = NOT YOUR COIN. While you can have your coins here, just has how bank may question where you received your funds and ceased till everything can be clarified, CEX is no difference, know this and avoid another danger.
Not your key not your coin means the coins are not his
on the blockchain
, which makes him not to have full control over his own coin, the exchange has the full control. They can decide not to give the person the coin and disable withdraw for certain reasons, unlike while using a noncustodial wallet which give the full control.