Which exchange is safest for storing crypto?
I'm scared to leave my money on an exchange after hearing stories about hacks. Is there one that's actually reliable or is it better to withdraw it to my own wallet?
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★ Best answer
The big exchanges like Coinbase, Kraken and Binance have decent security, but that doesn't mean you're 100% protected. The thing is, even with two-factor authentication and all that, you're trusting that the platform won't get hacked or go under (and there've been some pretty bad cases). If it's money you're planning to leave sitting around for a long time, it really makes more sense to move it to a personal wallet, like a cold wallet or hardware wallet - then you're actually in control of the key. Just keep what you're actively trading on the exchange.
The golden rule is: if you don't control the private key, you don't control the coin - so moving it to your own wallet (hardware wallet or even a well-secured cold wallet) is always safer than leaving it on an exchange. Big exchanges like Coinbase or Kraken have insurance and better reputation, but even the "reliable" ones can get hacked or just vanish overnight.
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