Most people think exchange accounts and self-custody wallets are simple, but here's where it's easy to get things wrong:
With a self-custody wallet, you keep your private keys yourself. You can transfer funds without any platform's approval, and no one can recover your lost recovery phrase for you.
The old saying, “Not your keys, not your coins,” means that when assets are held by a platform, whether you can use them ultimately depends on the custodian.
For exchange accounts, enabling two-factor authentication and a withdrawal whitelist is far more secure than relying on a password alone.
The $BNB in your Binance account is held in custody by the platform. Only after you withdraw it to a self-custody wallet do you hold the private keys yourself.
#BNB
With a self-custody wallet, you keep your private keys yourself. You can transfer funds without any platform's approval, and no one can recover your lost recovery phrase for you.
The old saying, “Not your keys, not your coins,” means that when assets are held by a platform, whether you can use them ultimately depends on the custodian.
For exchange accounts, enabling two-factor authentication and a withdrawal whitelist is far more secure than relying on a password alone.
The $BNB in your Binance account is held in custody by the platform. Only after you withdraw it to a self-custody wallet do you hold the private keys yourself.
#BNB