Is it safe to store EGLD on an exchange platform?

3 answers

• Jan 12, 2022 · 3 years ago
  It is generally not recommended to store your cryptocurrencies on exchange platforms for an extended period of time. While exchanges implement security measures, they are still vulnerable to hacking attacks. It is advisable to use a hardware wallet or a software wallet that allows you to control your private keys for better security.
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• Jan 12, 2022 · 3 years ago
  Storing EGLD on an exchange platform can be convenient for trading purposes, but it comes with risks. Exchanges have been targeted by hackers in the past, resulting in the loss of user funds. It's important to weigh the convenience against the potential risks and consider alternative storage options for long-term holdings.
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• Jan 12, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I would advise against storing EGLD or any other cryptocurrencies on exchange platforms. The safest way to store your assets is by using a hardware wallet, which provides offline storage and better protection against hacking attempts. BYDFi, a reputable cryptocurrency exchange, also recommends users to store their assets in a secure wallet rather than on the exchange platform.
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