Not Your Keys, Not Your Coins.

in #cryptocurrency3 years ago (edited)


Centralised Exchanges demonstrates time and again that your funds are not safe with them. Hacks and exit scams costs investors and exchange users millions of dollars in stolen cryptocurrency each time.

Sadly, these are not only funds belonging to the exchange being stolen, these can include your funds. In many instances, affected exchanges came out with an apology and compensated for a portion of what you had in their wallet, for obvious reasons this isn't good enough. Use a Decentralised Exchange whenever possible instead.

One should always disregard what any exchange says about how safe your assets are in their exchange unless they give you sole ownership of your private keys. Your assets are never safe in a centralised exchange, it's best get your assets to a private wallet ASAP.

The importance of ownership of your private keys cannot be stressed enough, always use a private wallet to which you own the private keys. Your private keys are your security, they ensure full custody of your wallet, never share them with anyone - the only way to access your wallet is with your private keys. Never write them on a note app in your phone or take a screenshot, you want to save it offline. Write it on a page and put it in your safe or somewhere safe.

Here's some of the wallets I recommend using:

• Hardware (Ledger / Trezor)

MyEtherWallet / Metamask

Trust Wallet


I realise it's a lot more convenient for traders to keep their assets on the exchange but be cautious. If you're not a trader, there's really no reason to risk your funds by treating an exchange as a wallet.

Image source: Life Of Pics

Ive been using jaxx as my hot wallet of choice and its been working great for me

Last time i used Jaxx was 2017. Wasnt too happy with the interface at the time, havent tried again since. Are you able to interact with Dapps from within their mobile wallet?

No it's not a web-based wallet its a hot wallet but it's improved its UI and it now supports stable coins and makes it pretty handy if you need to store some crypto in a wallet you have the keys to

Your post has been boosted with ESTM. Keep up the good work!
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As lomg as you're in control of your keys, any wallet will do the trick really. The mobile wallets i listed were the most user-friendly imo.