If you aren't the sole controller of your private keys, you don't have any bitcoins.
That is just it! And I still do not know why a whole lot of people still do not understand this fact that they really need to be in charge of their private keys as the security of their funds isn't guaranteed except with that even despite all they have been reading from this thread. Centralized wallets are just like banks and they have full control over their users fund and as you already said, it is more like not even having bitcoins at all.
