Study Notes | Exchange Accounts and Self-Custody Wallets
① When you withdraw from an exchange to an on-chain address, the platform actually initiates an on-chain transaction and deducts a network fee.
② You keep the private keys to a self-custody wallet yourself. Transfers don’t require approval from any platform, and no one can help you recover a lost recovery phrase.
③ Remember to enable two-factor authentication and a withdrawal whitelist on your exchange account. These provide far better protection than relying on a password alone.
$BNB 741.53（+1.29%）
① When you withdraw from an exchange to an on-chain address, the platform actually initiates an on-chain transaction and deducts a network fee.
② You keep the private keys to a self-custody wallet yourself. Transfers don’t require approval from any platform, and no one can help you recover a lost recovery phrase.
③ Remember to enable two-factor authentication and a withdrawal whitelist on your exchange account. These provide far better protection than relying on a password alone.
$BNB 741.53（+1.29%）