Is it safe to store my tokens on a token exchange or should I use a separate wallet?

3 answers

• May 05, 2022 · 3 years ago
  It's generally considered safer to store your tokens in a separate wallet rather than on a token exchange. While token exchanges provide convenience for trading, they also present a higher risk of hacking and theft. By using a separate wallet, you have full control over your private keys and can ensure the security of your tokens. However, it's important to choose a reputable wallet and take necessary precautions to protect your private keys.
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• May 05, 2022 · 3 years ago
  Storing your tokens on a token exchange can be convenient for active traders who frequently buy and sell tokens. However, it's important to note that token exchanges have been targeted by hackers in the past, resulting in the loss of users' funds. If you choose to store your tokens on an exchange, make sure to enable two-factor authentication and use a strong, unique password. Additionally, consider keeping only a portion of your tokens on the exchange and transferring the rest to a separate wallet for added security.
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• May 05, 2022 · 3 years ago
  At BYDFi, we prioritize the security of our users' tokens. We employ industry-leading security measures, including cold storage and multi-factor authentication, to protect against hacking and theft. However, it's always recommended to store your tokens in a separate wallet for maximum security. This way, you have full control over your private keys and reduce the risk of losing your tokens in the event of a security breach. Remember to research and choose a reputable wallet that supports the tokens you own.
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