In my opinion, those who have large amounts of crypto should use the cold wallets. What happened to cryptopia discouraged me
from storing large amounts of crypto on exchanges. As the number of exchanges successfully hacked grew, even big exchanges
like Binance has been hacked before. So it is not feasible to take risks for small profits.
That is the way it should be but many times people take the most conformable option over the most secure one, it is true that an exchange wallet can be very convenient but you are exchanging your security over that convenience, and while there may be circumstances that may make that trade worthwhile when it comes to cryptocurrencies I do not see how, except for trading your assets, leaving your coins there for the long term can be justified.
There have been many examples on the past of people losing their money due to hacks or irrational KYC procedures and yet somehow we are to believe exchanges are a better option than cold storage? I am simply not buying it.
