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What are the security risks of exchanges?

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When you store your funds on an exchange you don't hold the private keys. When you hold your funds in an Ethereum ERC20 compatible wallet where you own the private key you have full control of your funds.

In the past some exchanges have suffered security breaches and other issues. It makes sense not to see an exchange as a wallet to store your currencies, but a place to exchange when you need it. We advise taking a cautious approach to storing a large amount of your holdings on exchanges, and using secure devices like Trezor and Ledger to manage funds.

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