Wallets and Security | What’s the difference between keeping coins on an exchange and in a self-custody wallet?
Transfers between users on the same platform are usually recorded only on the platform’s ledger, not on-chain, so they’re often fast and don’t incur network fees.
Self-custody means that control and responsibility are entirely in your hands: there’s no platform-level risk, but there’s also no “forgot password” recovery. Mistakes you make during transactions often can’t be undone.
The $BNB in your Binance account is held in custody by the platform. After you withdraw it to your own wallet, you’re responsible for safeguarding the private keys. Current amount: 689.39.
Don’t take screenshots of your recovery phrase, and never store it in your chat history.
#BNB
Transfers between users on the same platform are usually recorded only on the platform’s ledger, not on-chain, so they’re often fast and don’t incur network fees.
Self-custody means that control and responsibility are entirely in your hands: there’s no platform-level risk, but there’s also no “forgot password” recovery. Mistakes you make during transactions often can’t be undone.
The $BNB in your Binance account is held in custody by the platform. After you withdraw it to your own wallet, you’re responsible for safeguarding the private keys. Current amount: 689.39.
Don’t take screenshots of your recovery phrase, and never store it in your chat history.
#BNB
