๐ Today's practical tip: Exchange accounts and self-custody wallets
Assets held on an exchange are custodied by the platform. The platform holds the private keys, and the balance shown in your account is a record in the platform's ledger.
Before transferring a large amount to a self-custody wallet for the first time, back up your seed phrase and test restoring it.
Don't rush to click unfamiliar links, and read the details carefully before signing.
The $BNB in your Binance account is custodied by the platform; only after transferring it to a self-custody wallet do you control the private keys yourself.
Assets held on an exchange are custodied by the platform. The platform holds the private keys, and the balance shown in your account is a record in the platform's ledger.
Before transferring a large amount to a self-custody wallet for the first time, back up your seed phrase and test restoring it.
Don't rush to click unfamiliar links, and read the details carefully before signing.
The $BNB in your Binance account is custodied by the platform; only after transferring it to a self-custody wallet do you control the private keys yourself.