A friend who just started using crypto asked me if it's ok to have his Bitcoin and USDT on Binance or other exchanges for a long time. He was worried about safety, government issues, and whether it's better to move his crypto to a personal wallet.
Honestly, I didn't have a clear answer for him, so I thought to ask here.
Do you leave your crypto on exchanges or do you move it immediately?
What risks should people in Nigeria consider when deciding?
Is there any safety to use for exchanges or wallets?
I believe, your advice will not just help him but others here too who may have the same question.
this depends on the individual priorities and what they do with their crypto on a daily.
a day trader can leave their crypto on the exchange since they trade daily.
but the case of your friend is different from that of a day trader, so he should hold his bitcoin in his personal wallet.
I advice people about not-your-keys, not-your-coin and yet i have held a particular coin on binance for over 5 years. the coin is still there, and binance is still there. not everyone practices what is preached online but the most important thing is willingness to accept the consequences of your action.