While an exchange may be sufficient for short-term storage, it is not safe for long-term storage. Nor is it safe for digital asset holdings of significant value.
In bitcoin's short history, several exchanges have already been hacked, resulting in the loss of customer funds. When you store bitcoin on an exchange, you do not have control over your private keys. The exchange, acts as a third-party custodian when it holds your private keys. Thus, you are the mercy of the exchange and any malicious actor who successfully attacks it. The exchanges are also a target, as it is well known that they hold customer funds.
Take control of your private keys, cut out the middle-man, and become your own bank.
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