When Binance futures went down earlier today, it reminded the risk of relying solely on a single exchange. Though I didn’t have a position opened on it at that period because i already placed a trade on Bitget at the time but i know those who were stuck. This just shows why you should have options open as a form of risk management because this can happen to any exchange at any time.
Using centralized exchanges and accounts on those exchanges as your wallets is risky and from using a single exchange to using multiple exchanges, you can not get rid of this risk. It exists when you use CEX and store your bitcoin there because they provide you custodial wallets with which you don't have Bitcoin private keys. While the fact is "It's not your keys, it is not your coins" so hopefully now you see why this practice is very dangerous.
You can only avoid this risk if you use open source and non custodial Bitcoin wallets for storing your bitcoins.
I still stand on ‘no exchange is perfect’ but having a backup to spread your activities on would definitely save some stress when the unexpected happens which is why OKX is my third one.
OKX is a centralized exchange and it is not a good exchange with shady KYC and account freezes reported.
OKX frozen my account and required me to KYC with a less than $1,000 deposit.