In addition to the obvious risk that the value of investments may fall, there is also the risk of accounts getting hacked, exchange getting hacked, exchange going bankrupt, etc - potentially causing all holdings on binance to disappear.
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Definitely! Don't put all of your crypto eggs in one digital basket. I would suggest people HODL lots of it in secure hardware wallets and only trade with a responsible percentage of their whole portfolio, and don't use just one exchange if you can avoid it.