Reason I prefer saving my money in exchange to Bank

[Anayochukwu]

Bank normally is supposed to help people whenever they are in need of cash but nowadays reverse is the case, I don't know if I will say it is because of the government and currently bank charges is becoming something else, whether you do transaction or not they will charge you. Below is the reason I prefer saving in exchange to Bank

Access and liberty: money saved in exchange is very accessible provided you have your internet connection and you can transact anytime, any day, any hour if you wish to unlike Bank that sometimes will deprive customer from making use of their own money because of maintenance and some careless network issues, yes nothing is wrong with maintenance but it should be done in a way it won't affect customers and to be honest I feel relaxed and free whenever my money is in exchange because it very hard to get my seed phrase, pass key and the rest of them unlike Bank that someone can just penetrate without Bank sending you an OTP.

I can remember the last time I had little issue with bank and I was in need of that money, omor I nearly mad because they were frustrating me knowing fully well that I'm the owner of the account. The crypto space has been a blessing I mean it is always available and reliable.

It can be really frustrating sometimes with the bank issues and yeah I understand why you prefer saving money in exchange, but however, you can't erase the bank completely in your life. There are micro financial banks now with top notch customer service that you can use anytime you want unlike our old tradition bank that isn't improving but instead charging their customers endlessly. Exchange has it own issues too so that isn't much of a difference between them, you said that with internet connection you can access your money in exchange, have you forgotten that even internet connection have its issues too that could also prevent you from accessing your money? Between exchange and bank I think they both aren't perfect, I use both to save my money and bank is even more accessible for me when ever I'm doing my daily transactions.

[rachael9385]

Banks can be very frustrating when it comes to running your daily transactions but it all depends on the type of bank that you are making use of. If you are having a hard time with commercial banks then you should try microfinance banks or online banks, so far I have not heard anyone complain about a slow transaction when using these banks. They are fast, reliable and better compared to commercial banks

[AmaGold70]

I dey with this thing wey you talk @OP, banks are so annoying most times especially when you have an emergency that needs urgent transaction, I also prefer saving my money in exchange as I feel like it's safer there from unnecessary charges and it's away from possible scam issues. Commercial bank have locked me out from my own money many times and if I must use bank for any transactions I use microfinance bank because our old commercial bank seem outdated as they are not fast, or reliable and their services is just too slow to use.

But regardless of how unreliable the commercial bank is, we still can do away with it because we would still use it when ever we move money from our exchange account and also I believe that the microfinance banks are doing a great job in terms of reliability and fast transaction.

[Samlucky O]

The truth of the matter is that you can not completely rely on exchange for the sake of bank frustrating you. Don't forget too soon that keeping money in exchange is also completely a risk because you don't have full access to that fund. Exchange according to how the name implies means centralized exchange (CEX) Meaning you don't have total control of your coins. You don't have privacy because if anything should affect that exchange, it directly affects your fund. Instead you should prioritize decentralized (dex )over cex. Because it deals with privacy. And secondly you don't make use of the seed phrase in exchange rather the exchange has the seed, while you make use of passcode.

[Gost ms]

Bank normally is supposed to help people whenever they are in need of cash but nowadays reverse is the case, I don't know if I will say it is because of the government and currently bank charges is becoming something else, whether you do transaction or not they will charge you. Below is the reason I prefer saving in exchange to Bank

Access and liberty: money saved in exchange is very accessible provided you have your internet connection and you can transact anytime, any day, any hour if you wish to unlike Bank that sometimes will deprive customer from making use of their own money because of maintenance and some careless network issues, yes nothing is wrong with maintenance but it should be done in a way it won't affect customers and to be honest I feel relaxed and free whenever my money is in exchange because it very hard to get my seed phrase, pass key and the rest of them unlike Bank that someone can just penetrate without Bank sending you an OTP.

I can remember the last time I had little issue with bank and I was in need of that money, omor I nearly mad because they were frustrating me knowing fully well that I'm the owner of the account. The crypto space has been a blessing I mean it is always available and reliable.

This is really a bad thing. Because many times we need some money very quickly, then if there is any problem in the bank account, then it is really a bad thing. If the bank could have solved my account problem in some time, it would have been fine. But when it was known that there was a problem in my account, after 2 to 3 days, my account was able to solve its problem.

To deal with this problem, I saw one of my friends that he used to keep money in the bank account, along with keeping money with himself and he kept Bitcoin. So that he could withdraw his money very easily. If he invested in Bitcoin, it was very risky for him, but he kept it for a long time. Because when there was any problem in his account and he really needed his money, he would sell his holdings and withdraw the money.

[Sonia_123]

Saving your money in an exchange is not safe either because you are not in total control of that money, the exchange controls it for you, you don't own that money since it is not in your custody but the exchange custody, it's  more of not having your money in your possession like you are keeping the money in someone care or account, and so the exchange can do whatever they want with your money, and there is nothing you can do about it, what if the exchange computers get hacked, or decide to have maintenance exercise and in the process all you have is no more what will you do, who will be held responsible


Bitcoin was created and designed for you to have financial freedom and to be autonomous that is you having total control of your asset, that is why you are to withdraw your Bitcoin from an exchange into your wallet for safety and security purpose,you withdrawing means, having your keys that allows you to have total transaction and management control of your Bitcoin, which means no one else can control your asset other than you.

If you want to keep your money safe in the bank, it is better to use one of our Fintech banks like Palm pay and others since they make banking process easy, faster,less risky and interest friendly for cryptocurrency users, unlike GT, FIRST BANK and others that are always there giving you problems withdrawing your funds without interest, no matter how long you bank with them.

[Dulen007]

I know the bank as much flaw especially commercial bank like First bank, GT, etc. Thank God for fintech like Opay, Palmpay and Kuda. That aside, CEX has their own flaws.

They charges you fee that can be questionable sometimes depending on the service you want example:
Look how Bitget took advantage of the limited p2p exchanges available in Nigeria from top CEX and then charges 0.5% or 0.05% for every p2p transaction.

Also, another thing is that your coins in these CEX (Centralise exchanges) are not yours, since you don't own the seed phrase/key, NOT YOUR KEY = NOT YOUR COIN. While you can have your coins here, just has how bank may question where you received your funds and ceased till everything can be clarified, CEX is no difference, know this and avoid another danger.

The best is Non-Custodian wallet, where you have your key and full control of your coins and this is a better way of keeping funds rather depositing all  in the bank. It even gives an hedge against inflation and also a better ROI than what a bank may promise to give, and this is more likely when you invest in bitcoin, but all your funds there in case of emergency and then there is a dip or being in the bear market then you may end up selling in lost. Although, one thing is sure HODLing bitcoin for a long term( at least five years) is far better than any ROI from bank and many others.

Truly, CEX is better than banks in many cases when it comes to access, but it also comes with its own risks. Like you mentioned, “NOT YOUR KEY = NOT YOUR COIN.” Many people overlook this until something happens, and they realize they don’t have true control.
To me, I think the best approach is a balanced one: use non-custodial wallets for your main savings to stay in control of your keys, and only keep a small portion on CEX for quick transactions or trading. This way, you enjoy easy access without risking everything to CEX policies or sudden account freezes.
And as you said, long-term holding is the best way to beat inflation and poor ROI from banks, but planning is also important so you won’t be forced to sell at a loss during emergencies.

[God Tim]

Banks can be very frustrating when it comes to running your daily transactions but it all depends on the type of bank that you are making use of. If you are having a hard time with commercial banks then you should try microfinance banks or online banks, so far I have not heard anyone complain about a slow transaction when using these banks. They are fast, reliable and better compared to commercial banks

Your comments show say e dey important to check different banking options make you fit find the one wey go meet person needs well.

- Frustration with commercial banks: You dey talk say commercial banks fit dey frustrating sometimes, especially when e come to daily transactions.

- Alternative banking options: You dey suggest say microfinance banks and online banks fit give better experience, with faster and more reliable transactions.

- Comparison of banking experiences: You dey imply say the kind bank wey person dey use fit really affect the quality of service, with some banks dey more efficient and user-friendly pass others.

[DPHOR]

I can remember the last time I had little issue with bank and I was in need of that money, omor I nearly mad because they were frustrating me knowing fully well that I'm the owner of the account. The crypto space has been a blessing I mean it is always available and reliable.

Do you know that the exchange you mention is like banks as well?
Okay let me just draw your attention the reason why I said they are likely to be the same; In bank they have full control of your money and if hack or penetrated your money is gone, same goes to the exchange (Centralized exchange) they have full control of your assets, meaning if hack or penetrated your money is gone and you have no private keys to that exchange rather than just password, same goes to your bank. You only have your ATM pin to make withdrawal from ATM machine or you go inside to make withdrawal through withdrawal slips, at some point you could be questioned for the reason why you are requesting to withdrawal of such huge amount.

My advise is; do not save money in exchange rather it's advisable to make deposit to exchange whenever you want to make use of it, save your coin in a safe custodial wallet where only you have your private keys and seedphrase than saving it in exchange. Exchange and Banks posses the same risk.

[Mehmet69]

Bank normally is supposed to help people whenever they are in need of cash but nowadays reverse is the case, I don't know if I will say it is because of the government and currently bank charges is becoming something else, whether you do transaction or not they will charge you. Below is the reason I prefer saving in exchange to Bank

Access and liberty: money saved in exchange is very accessible provided you have your internet connection and you can transact anytime, any day, any hour if you wish to unlike Bank that sometimes will deprive customer from making use of their own money because of maintenance and some careless network issues, yes nothing is wrong with maintenance but it should be done in a way it won't affect customers and to be honest I feel relaxed and free whenever my money is in exchange because it very hard to get my seed phrase, pass key and the rest of them unlike Bank that someone can just penetrate without Bank sending you an OTP.

I can remember the last time I had little issue with bank and I was in need of that money, omor I nearly mad because they were frustrating me knowing fully well that I'm the owner of the account. The crypto space has been a blessing I mean it is always available and reliable.

Nowadays, depositing money in banks has become very dangerous. In the modern era, various methods of saving money have been developed. Among these, crypto is a very easy and reliable medium. Earlier, people were forced to save money in banks because technology was not so advanced. But now in the era of crypto, most people are thinking of saving their money and investing in crypto. I also save money in crypto.

If you save money in banks, the price decreases a lot over time due to inflation. Banks sometimes go bankrupt due to many bank scams. If someone keeps saving more money in the bank, the bank wants proof of the purity of our income. Despite all this, the amount of profit given to banks is very low.

But on the other hand, crypto gives us all kinds of benefits. Crypto gives us financial freedom. There are thousands of investment channels. We can withdraw and deposit money whenever we want. The government or administration can never question us. The rate of return in crypto is very high.

For all these reasons, most people have started keeping their money in different wallets instead of keeping it in the bank. In this era of progress, financial freedom is very important. Which banks will never give us.

[DaNNy001]

Keeping money in your account isn't a hundred percent safe, a lot of commercial banks now have been compromised by a lot of fraudsters... people are getting debit alerts on bank transfers that didn't initiate, the banking system is now something else... talking about the rate at which transactions take time to process is another thing that can be very frustrating... using an exchange is mot preferable