We all acknowledged about that crypto is the future money of future world. And I am quite sure that very few person exist here who will deny about it . Little or more we all have some knowledge about crypto . It's because whenever we are getting rewards because of our writing we are receiving in crypto . So we use exchanger to make it fiat money. And we are used to do it.
They are also exist many investors and traders also. They use exchanger regularly. The exchanger could be Binance, Kucoin,FTX ,Coinbase ect ect..... We mostly store our crypto in those kind of wallet until we don't need any physical cash money. So there is a question that is crypto exchanger is safe?
When I asked this question several people some gave me answer that Binance & FTX is 100% safe for storing our fund. And others give me some proper answer and gave me some guidelines also.
After making a survey and analysing I get the answer of that question. The answer is "NO". No exchanger is 100 % safe for holding our asset. And now I am giving explanations about it .
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With the development of technology people started to steal the data of others from online. And crypto is such kind of thing which don't have any real existence. It only exist in online. At the same time many hacker also exist here also who always try to make trap for us to still our asset. At the same time no exchanger is safe from hackers also. They always trying to find a weakness in system of exchanger. So it's not impossible to hack any exchangers and we have seen many exchanger already hacked several times and stole the asset from there. If you read news , then I think you heard many times about The hacking of crypto exchanger.
image source: unsplash
Many times many crypto exchanger freeze our fund saying various kind of security purposes. During the time we are unable to use our crypto. But I think everyone at least know about it that crypto invented for the freedom of our asset. So if exchanger freezing our fund ,that means also they are freezing our freedom!!! Because of it our fund can get stuck in exchanger.
At the same time exchanger authority can ban us or block us in any kind of moment showing security issues. They can suspend withdraw also for the same issue.
Most of exchanger don't take easy password. So most of time we have to use a strong password to keep our account safe. Sometimes we forgot password of it we face trouble to retrieve it. If we have lack of evidence we are unable to login there. I know it's happening because of our security purpose but sometimes we also face the problem. If you can't login in your account then how you can use your asset.
Two factor authentication used for secure our account. Expert recommended it to everyone because of security purpose of exchanger account. But sometimes some account don't receive the authentication code . Sometimes some receive the authentication code but when they enter the code exchanger say that the entered code was the expired one. Personally I have never faced this problem but i have seen many people facing this problem several times.
I wanna clarify one thing that I am not trying to say anything against any exchanger here and I am not trying to manipulate others not to use exchanger. I'm just tried to say that what I know about it and I wrote this only for security purpose. So don't get me wrong and correct me if I am wrong in anywhere.
Thats all for today.
