Must read: Storing XLM in an exchange wallet
One other option you may consider is storing your Lumens in the wallet attached to your account on a cryptocurrency exchange. If you’re planning on placing a trade using your XLM, this option ensures that your funds can be quickly accessed whenever you need.
However, storing cryptocurrency on an exchange does expose you to security risks. Not only is there the risk of your account being hacked, but there’s also the distinct possibility that the wallet is actually owned by the exchange and not by you. This means the exchange could theoretically close your account at any time.
As a result, it’s generally recommended that you store your digital currency in a private wallet that you own and allows you to retain control of your private keys.