Exchanges are great places to buy and sell cryptocurrencies, but they are not necessarily the best place to store your coins. Most people recommend keeping your coins in cold storage if you plan to hold them for a long time. Cold storage simply means they are not being kept online or in an exchange. A great way to do this is to purchase a cold storage device that allows you to store your coins much more safely than just leaving them inside an exchange.
These cold storage options have even sold out at points, so if they are currently available (which they are at the time of writing this) then you definitely want to make sure you can get your hands on them. You may even feel that it’s not necessary because you are planning to only invest a small amount into cryptocurrencies at the moment, but in previous bull markets, we’ve seen coins go 10X or 100X quickly, so your “small investment” might suddenly be not so small and at that point, you’ll be glad you planned ahead to protect your investment. Exchanges have been hacked in the past. It’s better to protect your investments from day 1. Right now TREZOR and Ledger are the industry standard in security.