I personally think exchanges is safer even though you might have to provide your KYC. Somehow I dont trust exchangers much and the price difference isnt too massive for me to actually use one. I'll stick to exchange or P2P transactions.
Why do you think that it's safer? They can block your account, f.e.
If they block you for no reason then you can ruin their reputation and can turn their million dollar business into nothing so if you are choosing a best exchange with much trading volume then you are not going to get blocked.
Do you know how many negative reviews about Bittrex? They block accounts without giving reasons, but many still use them and consider them an excellent exchange. In most cases, the problem of one person simply dissolves, so he can not cause great damage to reputation.
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