Centralized exchanges have been the go-to for many crypto traders and investors, but recent security breaches and the lack of transparency with how centralized exchanges operate can make them untrustworthy.
The best thing you can do is to only keep the amount of cryptocurrency you need on the exchange, and to always use two-factor authentication when available. You should also make sure to use a unique password for each exchange you use.
It’s also important to keep your private keys safe. If you’re using a decentralized exchange, you’ll have access to your private keys. However, if you’re using a centralized exchange, you won’t have access to your private keys and should be sure to use a secure wallet to store them.
Finally, it’s important to understand the regulations governing the exchange you’re using. Some exchanges might be more compliant with certain regulations than others, so it’s important to do your research to make sure you’re using an exchange that follows the laws and regulations of your country.
Overall, it’s important to take the necessary steps to protect your funds, whether you’re using a centralized or decentralized exchange. Be sure to do your research, use two-factor authentication, and keep your private keys secure.
