Are cryptocurrency exchanges safe?
That’s the million dollar (or btc equivalent, heh) question! On the one hand, this much is certain: people need to buy crypto from somewhere and cryptocurrency exchanges are reasonably easy to use, so they represent a popular option.
However, if you truly care about how safe your BTC, ETH, LTC or XRP is, you need to understand the inherent risks associated with using such companies.
Simply put: yes, you can use crypto exchanges if they pass your due diligence process but it would be wise to avoid keeping too much crypto or fiat there.
Buy and transfer to your wallet. Sell and transfer to your bank account. Simple enough?
Sure, you can keep some BTC (or ETH, XRP, LTC and so on) or fiat currencies within reach and accept the counterparty risk which comes with that but, again: balance is the operative word.
More specifically, finding the right balance between the convenience associated with being able to quickly buy or sell cryptocurrencies and the risks associated with keeping assets on potentially risky platforms.
Fair enough?
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to oneminuteeconomics@gmail.com, any and all support is greatly appreciated!
Oh and I’ve also started playing around with Patreon, my link is:
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we’re talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon –
Barnes & Noble –
iBooks (Apple) –
Kobo –
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon –
Barnes & Noble –
iBooks (Apple) –
Kobo –
Last but not least, if you’d like to follow me on social media, use one of the links below: