Why should I not keep my crypto on an exchange?

I've heard that keeping my crypto on an exchange is convenient, so why should I avoid it?" I understand the appeal of keeping your crypto on an exchange. It's certainly convenient to have all your assets in one place and be able to trade them quickly. However, there are several reasons why you should consider not keeping your crypto on an exchange. Firstly, exchanges are centralized platforms. This means that they are controlled by a single entity, which poses a significant risk. If the exchange is hacked or goes bankrupt, you could lose all your crypto. This is why it's always important to diversify your holdings and keep your crypto in multiple locations. Secondly, exchanges often charge fees for deposits, withdrawals, and trading. These fees can add up over time, reducing the overall value of your crypto holdings. By keeping your crypto in a personal wallet, you can avoid these fees and keep more of your profits. Lastly, exchanges may have restrictions on certain cryptocurrencies or trading pairs. This can limit your ability to trade freely and may prevent you from accessing certain opportunities. By keeping your crypto in a personal wallet, you can have more flexibility and choice in how you manage your assets. So, while it may be convenient to keep your crypto on an exchange, there are several reasons why you should consider alternative options. By taking the necessary precautions and managing your crypto securely, you can reduce risk, save money, and maintain more control over your assets.