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Crypto currencies

Moving my crypto

By garethvjones | Crypto Nomad | 15 Nov 2022


I'm sure that many of us smaller investors are a little more anxious and a little more cautious following the collapse of FTX. I'm also pretty sure that a lot of us have many questions regarding the safety and security of our crypto currencies in the exchanges that we use.

I personally use crypto.com to store all my crypto. I'm not entirely sure that this is the best option for me anymore. And looking at Twitter, a lot of others a feeling the same way as withdrawals from crypto.com are on the rise. Their CEO says that their balance sheets are strong and that people don't need to worry, but it is looking more and more likely that there's a mass exodus of funds from crypto.com.

Should we be jumping ship so quickly though? If their CEO are telling us everything is fine, should we trust him? Isn't this what any CEO would do in a time of crises? 

Today, I received an email from Wealthsimple. They were telling me that I should transfer my cryptocurrencies to them, as they are a Canadian company and are regulated, but they only support 48 tokens as of the time of writing this post. I do use Wealthsimple to invest in stocks and have been happy with the service I've received from them for the past three years. 

Is it a prudent move to transfer some of my crypto currencies into a regulated exchange rather than having them all in one place? I mean if crypto.com goes up in smoke tomorrow, I'm assuming all would be lost. Despite what their CEO is saying, I'm not entirely convinced.

What are your thoughts on this? Let me know in the comments.

Photo credit RODNAE Productions

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