Why You Shouldn’t Keep Your Crypto on an Exchange

As the CEO of a crypto exchange, it may surprise you to hear me say this: you shouldn’t keep your crypto on an exchange. That’s right. While exchanges play a crucial role in buying crypto and selling crypto, they are not designed to be long-term storage solutions for your funds.

At Mybitstore, we’ve built the best crypto platform that makes it easy and convenient to buy Bitcoin and other cryptocurrencies, as well as sell bitcoin and other cryptos. However, I strongly advise our users and anyone in the crypto space, not to store their assets on any exchange for extended periods.

Crypto exchanges handle massive volumes of digital assets, making them attractive targets for hackers. Over the years, we’ve seen several high-profile exchange hacks where users lost millions of dollars. Even with top-tier security measures in place, there’s always a risk. If your crypto is stored on an exchange, you don’t fully control it.

A golden rule in crypto is: “Not your keys, not your coins.” When you keep your assets on an exchange, the exchange holds your private keys, not you. This means you’re trusting a third party to safeguard your funds. If the exchange is compromised, goes offline, or faces regulatory issues, you could lose access to your assets.

Even legitimate, well-established exchanges occasionally experience system outages, withdrawal freezes, or liquidity issues. In extreme cases, some exchanges have shut down or gone bankrupt, leaving users unable to access their funds. When your crypto is stored in your own wallet, you remain in control, no matter what happens to an exchange.

Exchanges serve an important purpose: they provide liquidity and make buying and selling crypto easy. That’s exactly what they should be used for. But once you’re done trading, it’s safer to withdraw your assets into a private wallet where you have full control.

For long-term storage, consider using hardware wallets like Ledger or Trezor, which keep your assets offline and secure. Non-custodial wallets like Trust Wallet and MetaMask also provide control over your private keys.

As CEO of Mybitstore, I always prioritize security and user education. While Mybitstore exists to facilitate seamless crypto transactions, we also want you to take full control of your assets. Keep your crypto safe, trade on exchanges, but store securely in your own wallet.