Not Your Keys, Not Your Coins - what is it?

“Not Your Keys, Not Your Coins” is an idiom that expresses the specifics of owning cryptocurrency assets.

Many newcomers to cryptocurrency trading start working through cryptocurrency exchanges. Here, on the one hand, very favorable conditions are offered to immediately obtain the necessary knowledge and skills and understand the processes and essence of trading. In addition, the range of available types of currencies is very wide. Everything looks transparent and promising, except for one nuance - Not Your Keys, Not Your Coins. Simply put, no private keys, no coins. This idiom is often used in various forums, where various aspects of working on a cryptocurrency exchange are revealed to beginners.

The essence of the problem

The main disadvantage of working through a cryptocurrency exchange is that when purchasing various assets, they are sent to the wallet of the trading platform, not the user. And from it, the client receives these assets as if they are for rent. There is no right of full use when trading cryptocurrencies through the exchange. The direct owner is the company that provides intermediary services. Accordingly, it is also possible to withdraw profits only in the currency approved during registration, not in the selected digital coins used for trading.