Post
Topic
Board Nigeria (Naija)
Re: Is It Safe To Keep Crypto On Exchanges??
by
Doan9269
on 24/07/2025, 14:53:18 UTC
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.

No and never try this, under wallets, we have custodial wallets and non custodial wallets, try to read them and know the difference and why you should avoid centralized exchanges under a custodial wallet, to push further, why not take your time in going through this thread

Understanding CEX and DEX
https://bitcointalk.org/index.php?topic=5447152.msg62015622#msg62015622

Do you leave your crypto on exchanges or do you move it immediately?

I may use the exchanges in buying bitcoin, but once this is achieved, then i moved immediately my personal wallet, which is a non custodial wallet.

What risks should people in Nigeria consider when deciding?

KYC challenges
Not your keys not your coins
Government regulations
Exchange Hacks and attacks
Data leakage form Exchanges
No freedom and privacy

Is there any safety to use for exchanges or wallets?

Decentralized exchange recommended

https://bisq.network/
https://hodlhodl.com/

wallets for security and privacy
Bitcoin Core
Passport
Electrum
Sparrow
Bluewallet