Always be wary of nested exchanges. Here are some reasons why ⤵️
A nested cryptocurrency exchange provides its customers with crypto trading services through an account on another exchange. It does not facilitate trading directly itself. Instead, it acts as a bridge between users and other service providers. Nesting is commonly used in traditional banking to provide services a specific bank can't, such as international transfers.
When you trade with a nested exchange, you are trusting it with the custody of your assets. They provide less security and fewer guarantees than a compliant centralized or decentralized exchange. You can also face legal issues for dealing with sanctioned nested exchanges. While some may be legitimate decentralized exchanges, others could be nested exchanges that handle stolen and laundered funds. Your funds are never guaranteed to be safe with a nested exchange. To make sure you keep your crypto secure, it’s important to understand what nested exchanges are, what they do, and how you can recognize them.Nesting occurs when a financial service provider creates an account with another financial institution to use their services.
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