Exchanges are the least secure method of storing your Nano.
To ensure you have ownership of your Nano, you need to have the private key(seed)of the account on which it is stored. When your Nano is on an exchange, you do not own it.
Another critical benefit of withdrawing your Nano from exchanges is that it can contribute to the decentralization of the network.
So I implore all Nano users to withdraw your Nano from exchanges and into personal wallets and to change your wallets representative. It is easy and takes minutes!
First, you will need to withdraw from the exchange, into a personal wallet. You will need to choose a Nano wallet, many of which have very similar setup instructions, many people use Natrium(available on iOS and Android) on mobile or NanoVault on desktop.
Follow all advised steps when signing up. The seed is extremely important and you should write it down and keep it safe, it is the key to your wallet if you forget your password. Your funds will be irrecoverable if you forget your seed. Once you have set-up your wallet, you will have a wallet address assigned. Your wallet address will begin with xrb_ or nano_(they are interchangeable).
If your Nano is stored on Binance, navigate to Funds — Withdrawals — Select NANO — then enter your newly created wallet address into the form and withdraw all your Nano to your new Nano wallet address. It will arrive in your Nano wallet immediately and is now safe and secure.
(These steps are very similar across exchanges on which Nano is traded)
For bonus points, you should then change your accounts representative, which is a quick and easy process and is described thoroughly in this quick and easy to understand video from the NanoCenter.
If you would like a more thorough explanation of the various methods available for storing your Nano, check out this comprehensive and accessible guide written by Nano community moderator and enthusiast Joohansson
I do not endorse or approve products and/or services used or developed by third parties. Any links to third party software or sites are for informational purposes only. I bear no responsibility for the operability, accuracy, legality or content of third party products and/or services. Any questions regarding third-party material should be directed to that party.
