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What is the difference between a crypto exchange and a wallet?

Crypto wallets are used for storing, receiving and sending crypto, while exchanges are marketplaces for users to buy, sell, and trade crypto. Centralized exchanges also offer their users crypto storage solutions, although private keys will be held by the custodian (the exchange).

Should you keep crypto in a non-custodial wallet?

Keeping crypto in a non-custodial wallet, where you control the private keys to your crypto assets, is widely considered to be a safer option than keeping crypto on an exchange. When you store crypto on an exchange, a third-party holds the keys, and therefore has control over those assets.

Should you store your Crypto on a cryptocurrency exchange?

However, storing your crypto on exchanges usually means the business retains control (or ‘custody’) of the assets and users can’t access the private keys. This is what’s known as a custodial wallet, or sometimes a hosted wallet. You have to trust the company running the exchange to take care of your assets and run a tight ship.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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