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What are the risks of storing crypto on exchanges?

Keeping crypto on exchanges is convenient but carries significant risks. Centralized exchanges are frequent targets of hacks, and if compromised, users may lose their funds. Exchanges can also freeze withdrawals due to compliance checks or liquidity problems. In extreme cases, platforms may collapse or commit fraud, leaving customers with no recourse. While reputable exchanges use cold storage and insurance, ultimate safety lies in self-custody. For long-term holdings, hardware wallets or other non-custodial solutions are far safer. Exchanges should only be used for active trading, not as primary storage.