Do I own my cryptocurrency tokens if I use exchange platforms to store them?

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(Edited)

Most of us are trading cryptocurrencies and we either hold them on exchanges for convenience or transfer them to a local or hardware wallet. But from these posibilities a question comes to mind...

Do I own my cryptocurrency tokens if I use exchange platforms to store them?

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(Edited)

The short answer to this question, is no.

The only way that you can truly be in control of your crypto, is to remain in control of your private keys.

If your coins are held on an exchange, then you forego this control and are essentially trusting a third party with your assets.

Remember the Mt. Gox fiasco? Or more recently the Steem drama with Justin Sun and Binance?

There's a saying that crypto investors have for this:

"Not your keys, not your crypto."

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Indeed you might be right on that, only that I find it easier to keep the crypto on exchanges...
At the same time I understand the risk for doing so and if anything happens with the exchange it is a long process until and if you recoup something.

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