Are Our Portfolios Safe on Exchanges?
Well this question came to my mind when a few days ago I tried to open my Binance account and I couldn't login to my account as it was saying that my username or password is incorrect.
I tried to recover my password but Binance was not responding and not moving forward so that I could recover my password. Like it took probably 2 or 3 days trying to recover my password on Binance but the same happenend.
But then luckily I remember that I have to check my email address and see if I could see an email from Binance because that would confirm on which email I have signed up on Binance.
And then I was able to sign in on my Binance account.
I also tried to make an account on other exchanges as well well but some of them were not operational in my country which was sort of frustrating.
That got me thinking what if someone had his funds on these exchanges and they stop operating in that particular country or country bans it? How would that particular account recover his funds?
What if the exchange is hacked and the hacker steals all the money?
I don't think that these exchanges are providing any insurance.
These are some of the questions that are going through my mind.