I’ve talk to many people who bought Bitcoin, Ethereum and other cryptocurrencies leaving their crypto assets on the exchange being at risk of possibly losing them.
Why am I saying this? Because of what happened to Mt. Gox in 2014 used to be the largest Bitcoin exchange in the world. $460 million worth of Bitcoin were stolen by hackers from customers accounts.
In my opinion, it can happen again even with the modern cryptocurrency exchanges we use today.
It is important to know how to safeguard our crypto assets by transferring it off the exchange to a wallet. Technically, by having your cryptocurrency in the exchange you do not own the private keys!
There are different types of crypto wallets out there you can use. I currently use two hardware wallets.
I have the Ledger Nano S and Trezor.
Source: Mt. Gox